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Sat 10 Mar 2018 10:09 AM

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Dubai Chamber to invest $27m on Latin America promotions

Chamber chief says investments will support growing number of representative offices in region

Dubai Chamber to invest $27m on Latin America promotions
The chamber’s president and CEO, Hamad Buamim.

Dubai Chamber’s investments aimed at raising awareness about trade and investment opportunities in Latin America are expected to reach AED100 million ($27 million) over the next 10 years, it has been announced.

The chamber’s president and CEO, Hamad Buamim, made the announcement at the Global Business Forum on Latin America 2018 in Dubai.

Speaking during a panel discussion, Buamim noted that these investments will support Dubai Chamber’s representative offices in Latin America, various trade missions organised by the Chamber and market intelligence conducted in the region.

“Dubai’s strong infrastructure will enable companies to connect through here to many interesting markets,” said Buamim, adding that Dubai Chamber plays an active role in facilitating relationships and partnerships between businesses in Latin America and Dubai.

He revealed that the chamber is opening two new offices in Panama and Argentina this year, which will complement its existing office in Sao Paulo, Brazil.

As part of its continued efforts to strengthen relationships and presence within Latin American countries, Dubai Chamber of Commerce and Industry also signed a Memorandum of Understanding with the Bogotá Chamber of Commerce on the sidelines of the Global Business Forum on Latin America 2018.

The MoU will pave the way for stronger investment and trade ties between Dubai and the city-region of Bogotá, Colombia.

Monica de Greiff, executive president, Bogotá Chamber of Commerce – Colombia, added: “We don’t want people to come to Colombia and say they only want to invest. We want them to come here and build partnerships. Colombia can also be used as a hub to gain access to Latin America – we are part of the Pacific Alliance, which includes a combined population of 200 million people."

Both Buamim and de Greiff encouraged businesses in Dubai to visit Latin America, to see the potential that its markets offer.

“Food security, logistics and tourism are existing sectors that we can work together on, and there are a number of companies in Latin America that work within the areas of technology and innovation that we have a real appetite for. By communicating more about the reality and what can be done between us, we can attract more investments from the Arab World into Latin America,” added Buamim.

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