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Thu 16 Nov 2017 01:41 PM

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Colombian president chases more investment from UAE firms

Juan Manuel Santos outlines opportunities in tourism, agri-business and renewable energy during Dubai talks

Colombian president chases more investment from UAE firms
Colombian President Juan Manuel Santos. (Daniel Deme/Getty Images)

Juan Manuel Santos, President of the Republic of Colombia, is chasing more investment from UAE businesses on tourism, agri-business and renewable energy.

His comments came during a meeting at Dubai Chamber where Santos and a high-level delegation from Colombia were received by Majid Saif Al Ghurair, chairman of Dubai Chamber, and senior Chamber officials.

Santos said that distance is not an obstacle to strengthening UAE-Colombian economic relations and establishing new joint partnerships.

As a leading logistics hub for the Latin America, Santos said that Colombia provides access to around 1.5 billion consumers.

Al Ghurair said the visit of Santos to the UAE reflects Colombia’s strong commitment to improving economic ties with the country.

He pointed out that the Chamber made a lot of headway during its trade mission to Bogota last month, where UAE delegates met with government and business leaders.

He called on Colombian companies to participate in Expo 2020 Dubai, and the Global Business Forum on Latin America 2018.

Hamad Buamim, president and CEO, Dubai Chamber, revealed that UAE-Colombia non-oil trade has grown steadily to reach $149 million in 2016, adding that Colombian exports to Dubai accounted for a majority of this volume.

He noted that fruits, nuts, vegetables, plants, flowers, precious stones and coffee, remain high-potential exports from Colombia to the UAE, adding that there is plenty of scope for the UAE to export ethylene polymers, fertilizers, copper and aluminium wires to Colombia.

Separately, Santos and Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, attended a signing ceremony for two agreements between the two countries pertaining to avoidance of double taxation and increase and protection of mutual investments.

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