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Tue 6 Jul 2010 04:28 PM

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UAE looks to improve S America trade

'South American countries, especially Brazil, Argentina and Chile, have promising inv't opportunities.'

UAE looks to improve S America trade
ECONOMY MINISTER: UAE Minister of Economy His Excellency Sultan Bin Saeed Al Mansouri.

The UAE is looking to strengthen economic ties with South American countries over the coming months, UAE Minister of Economy His Excellency Sultan Bin Saeed Al Mansouri said on Tuesday.

“South American countries, especially Brazil, Argentina and Chile, have promising investment opportunities and are currently witnessing remarkable economic growth. The UAE is keen to build strategic relations with these countries which will be beneficial for our national economy and for further strengthening our position on the world map,” he said.

Al Mansouri was speaking following a meeting with HE Jean-Paul Tarud-Kuborn, Ambassador of Chile to the UAE.

Al Mansouri said a number of Chilean companies had recently expressed interest in investing in the UAE and in opening representative offices there.

“Many UAE companies have also showed strong interest to invest in various economic sectors in Chile,” he added.

Tarud-Kuborn said Chile was keen to negotiate a free trade agreement with the GCC block as well as a series of economic and technical cooperation agreements with the UAE to enhance bilateral trade.

“This will be beneficial to our countries as it will generate high rates of trade exchange with the UAE, also standing to benefit from the 21 FTA agreements that Chile has signed with 57 countries,” he said.

Chile and the UAE have enjoyed bilateral trade relations since 1970. In 2007 – the last figures available - Chile’s exports to the UAE were worth $162m, up from $61m the previous year.

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