Dubai Chamber of Commerce and Industry has opened new representative office in the Republic of Panama, as it looks to strengthen the organisation's presence in Latin America.
The office, its second in Latin America after Brazil, is part of Dubai Chamber's strategic plan to expand into promising markets, with other offices already established in Azerbaijan, China, Ethiopia, Ghana, Kenya, Iraq and Mozambique.
The affiliated operations support Dubai's economic diversification plans and strengthen the competitiveness of Emirati companies in global markets and assist in its expansion in key markets, according to Hamad Buamim, president and CEO, Dubai Chamber.
"We are committed to bolstering our presence in countries that provide opportunities for growth and expansion for our partners from Dubai's business community. Panama is a gateway to the Central American and Latin American regions and offers a host of opportunities, particularly in the logistics, finance and agricultural sectors," said Buamim.
"The Panama Canal international waterway also offers ready access to numerous other strategic global markets," he added.
Dubai Chamber's new Panama office aims to contribute to strengthening economic relations between Dubai and Panama's business communities and to facilitate an improvement of trade between the two regions, which has grown significantly over the past five years.
Dubai's non-oil trade between with Panama grew from $11 million in 2012 to $20.6 million in 2017, an increase of 87%.
Dubai's key imports from Panama include vegetable products and textiles, whereas the emirate's main re-export products to Panama include transport equipment, machinery and electrical/electronic equipment and parts, and chemicals and allied products.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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