Dubai International Chamber has emphasised the importance of enhancing investment and trade cooperation between Dubai and Chile following the signing of the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile.
This announcement came during a business forum at Dubai Chambers headquarters, attended by His Excellency Gabriel Boric Font, President of Chile, and a high-level government and business delegation.
H.E. Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, highlighted Dubai's role as a global trade hub, particularly through initiatives like the 'Foodstuffs, Fruits and Vegetables Market.' He noted that non-oil trade between Dubai and Chile reached approximately AED 5.3 billion over the past five years, and Dubai's FDI in Chile over the same period totalled US$ 45 million.
H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, discussed investment opportunities for Dubai investors in Chile, spanning sectors such as energy, agriculture, food industries, construction, financial services, and retail.
During the forum, a Memorandum of Understanding (MoU) was signed between Dubai Chambers and ProChile, represented by H.E. Mohammad Ali Rashed Lootah and Ignacio Fernández, General Director of ProChile. The MoU aims to enhance trade and investment cooperation, create promising business opportunities, and support company expansions in both markets.
The agreement includes initiatives in trade, innovation, sustainability, and entrepreneurship and aims to diversify the trade of goods and services between Dubai and Chile. Additionally, it facilitates the sharing of economic data to help companies understand market conditions and future prospects.
Ignacio Fernández expressed optimism about the strengthened trade relationship, viewing the UAE as a crucial partner for Chile in diversifying its export markets. The collaboration between Dubai Chambers and ProChile is expected to open new opportunities for companies in both countries.
News Source: Dubai Media Office
