The Dubai Chamber of Commerce and Industry plans to allocate AED 100 million ($27 million) to raise awareness about trade and investment opportunities in Latin America and the Caribbean and plans to open a third office in the region, according to Dubai Chamber President and CEO Hamad Buamim.
In an interview with Arabian Business, Buamim said that the funds will be allocated over a 10-year period “to examine ways of diversifying the emirate’s trading relationship with the region into new sectors.”
“The trade and investment relationship between the UAE and the LAC region is on that is becoming progressively stronger, with Dubai Chamber as a key driver of this growth,” he said.
The Dubai Chamber has two offices in the region in Brazil and Panama, and is planning to open a third in Argentina in the near future.
“Argentina remains one of Dubai’s top trading partners within Latin America,” Buamim added. “There is hue potential to expand the scope of Dubai-Argentina non-oil trade beyond the $186 million accounted for in the in the first nine months of 2018.”
Buamim added that “businesses on both sides can benefit by cooperating on food security, tourism, logistics and renewable energy, among other high-potential sectors and areas.
According to Dubai Chamber statistics, Dubai’s non-oil trade with Latin America increased by 71 percent to reach AED 23.1 billion in 2017 ($6.29 billion), compared to AED 13.5 billion ($3.68 billion) in 2010. More than 400 Latin American companies are currently registered with Dubai Chamber.
“It is clear that our efforts in Latin America are bearing fruit,” Buamim said. “Relations between the UAE and Latin America are strengthening thanks to shifting trade patterns and economic reforms in Latin America that have led governments in the region to open their economies to foreign investors and diversify their export markets.”
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