Dubai, Columbia to strengthen ties

Colom­bian pres­i­dent says coun­try is keen to at­tract UAE in­vest­ment

The Gulf Today - Business - - UAE -

DUBAI: Juan Manuel San­tos, Pres­i­dent of the Repub­lic of Colom­bia, called on the UAE busi­ness com­mu­nity to take ad­van­tage of at­trac­tive in­vest­ment op­por­tu­ni­ties that are open­ing up within Colom­bia’s tourism, agri-busi­ness, and re­new­able en­ergy sec­tors.

His com­ments came dur­ing a meet­ing on Sun­day at Dubai Cham­ber’s premises. San­tos and a high-level del­e­ga­tion from Colom­bia were re­ceived by Ma­jid Saif Al Ghu­rair, Chair­man of Dubai Cham­ber, and se­nior Cham­ber ofi­cials.

Dur­ing the meet­ing, San­tos said that dis­tance is not an ob­sta­cle to strength­en­ing Uae-colom­bian eco­nomic re­la­tions and es­tab­lish­ing new joint part­ner­ships. He ex­plained that Colom­bia has a lot of ad­van­tages to of­fer UAE busi­nesses, in­clud­ing a sta­ble in­vest­ment en­vi­ron­ment, a strate­gic lo­ca­tion, and steady for­eign di­rect in­vest­ment (FDI) lows Into THE Coun­try.

As a lead­ing lo­gis­tics hub for the Latin Amer­ica, San­tos pointed out that Colom­bia pro­vides ac­cess to around 1.5 bil­lion con­sumers, AND pro­vides GREATER lex­i­bil­ity For Dubai-based com­pa­nies that want to en­ter promis­ing mar­kets in the re­gion.

Ad­dress­ing the Colom­bian pres­i­dent and del­e­ga­tion, Ma­jid Saif Al Ghu­rair, Chair­man of Dubai Cham­ber, noted that the UAE and Colom­bia share a unique trade re­la­tion­ship which has strength­ened in re­cent years, sup­ported by high-level vis­its and re­newed com­mit­ment to boost eco­nomic co­op­er­a­tion.

Al Ghu­rair said the visit of San­tos to THE UAE relects 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.

Al Ghu­rair de­scribed Colom­bia as a mar­ket of strate­gic im­por­tance to Dubai, and ex­plained that the Cham­ber is cur­rently iden­ti­fy­ing op­por­tu­ni­ties in the Latin Amer­i­can coun­try that of­fer the most po­ten­tial for its mem­bers.

Dubai Cham­ber’s Chair­man con­cluded his re­marks by call­ing on Colom­bian com­pa­nies to par­tic­i­pate in Expo 2020 Dubai, and the Global Busi­ness Fo­rum on Latin Amer­ica 2018.

For his part, Ha­mad Buamim, Pres­i­dent and CEO, Dubai Cham­ber, spoke about key fac­tors driv­ing trade and in­vest­ment be­tween the UAE and Colom­bia in re­cent years. He 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.

Dubai Cham­ber’s Pres­i­dent and CEO noted that fruits, nuts, veg­eta­bles, plants, low­ers, pre­cious stones and cof­fee, re­main high­po­ten­tial ex­ports from Colom­bia to the UAE, and said that there is plenty of scope for the UAE to ex­port eth­yl­ene poly­mers, fer­tilis­ers, cop­per and alu­minium wires to Colom­bia.

Buamim added that Colom­bia is fast be­com­ing a pre­ferred in­vest­ment hub within Latin Amer­ica due to its com­pet­i­tive busi­ness en­vi­ron­ment, sta­tus as one of the re­gion’s largest economies, and re­cent re­forms in the coun­try that aim to at­tract for­eign di­rect in­vest­ment.

Ma­jid Saif Al Ghu­rair and Juan Manuel San­tos dur­ing the meet­ing in Dubai on Sun­day.

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