The Dubai Multi Commodities Centre (DMCC), the world's leading free zone and Dubai's government authority on commodities trade, has reported a 21% increase in Colombian companies joining its network since the beginning of the year.
DMCC now hosts 23 Colombian companies among its 150 South American businesses.
The announcement coincides with DMCC's new Memorandum of Understanding (MoU) with the Bogota Chamber of Commerce, aimed at fostering deeper economic ties between Dubai and Colombia. The MoU will enhance the exchange of economic information and support business growth through targeted initiatives and event promotion.
This development follows DMCC’s successful Made For Trade Live (MFTL) roadshow in Colombia, which visited Bogota and Medellin, focusing on coffee, precious stones, and technology. The roadshow highlighted global expansion opportunities through Dubai.
The UAE-Colombia Comprehensive Economic Partnership Agreement (CEPA), recently signed, is expected to significantly boost non-oil bilateral trade, targeting USD 1 billion in the next five years. Colombia, a major exporter of coal, emeralds, coffee, and cacao, aligns well with DMCC’s commodities and Web3 sectors.
Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, emphasized the mutual benefits of the CEPA and the MoU, aiming to enhance regional connectivity and economic growth.
UAE Ambassador to Colombia, HE Mohamed Alshamsi, lauded the partnership efforts, while Ovidio Claros, Executive President of the Bogota Chamber of Commerce, expressed enthusiasm for fostering business expansion and deeper economic ties.
The DMCC roadshows, supported by the UAE Embassy in Bogota and Colombian business associations, successfully engaged over 400 Colombian business leaders, showcasing Dubai’s business potential and ease of operation. DMCC remains a key player in attracting foreign investment, contributing 15% to Dubai’s annual FDI inflows, with a notable increase in new company registrations in 2023.
News Source: Dubai Media Office
