The Dubai Multi Commodities Centre (DMCC) has reported a 21% increase in Colombian companies joining its business hub since the beginning of 2024. This brings the total number of Colombian companies within DMCC to 23, contributing to a wider network of over 150 companies from South America.
In conjunction with this growth, DMCC signed a Memorandum of Understanding (MoU) with the Bogota Chamber of Commerce, reinforcing economic ties between Dubai and Colombia. This partnership aims to facilitate the exchange of economic information and foster business expansion through targeted enterprise support and event promotion.
These developments were announced following DMCC’s successful Made For Trade Live (MFTL) roadshow in Colombia, marking its third visit in as many years. The roadshow, focusing on opportunities in coffee, precious stones, and technology sectors, took place in Bogotá and Medellín, highlighting Dubai's role as a global gateway for Colombian businesses.
This visit coincides with the signing of a historic UAE-Colombia Comprehensive Economic Partnership Agreement (CEPA), which aims to double non-oil bilateral trade to USD 1 billion over the next five years. Colombia’s diverse export potential in commodities such as coffee, emeralds, and gold aligns seamlessly with DMCC’s commodity-focused and Web3 ecosystems.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, emphasized Colombia’s significance as a key player in global commodities.
“Colombia’s vast resources, particularly in coal, emeralds, coffee, and cacao, present significant opportunities. The UAE-Colombia CEPA, along with our new partnership with the Bogota Chamber of Commerce, positions us perfectly to enhance regional connectivity and mutual economic growth,”
he said.
Mohamed Alshamsi, UAE Ambassador to Colombia, highlighted the growing bilateral relationship, commending DMCC’s efforts in strengthening economic ties through events like the roadshow. Ovidio Claros, Executive President of the Bogota Chamber of Commerce, echoed this sentiment, emphasizing the MoU’s role in fostering deeper market connections and facilitating Colombian businesses' expansion into new markets.
The two Made For Trade Live events, held in collaboration with the UAE Embassy, Bogota Chamber of Commerce, and ANDI, drew over 400 Colombian business leaders. The roadshows are part of DMCC’s broader strategy to attract Colombian businesses to Dubai, a key market for the organization.
DMCC’s ongoing roadshow initiatives play a critical role in promoting Dubai as a prime business destination, contributing 15% to the emirate’s annual foreign direct investment (FDI) inflows. In 2023, DMCC had its second-best year on record, welcoming nearly 2,700 new companies, further solidifying its reputation as a global business hub with over 24,000 companies from around the world.
News Source: Emirates News Agency
