September 18, 2023

DED hosts business forum to promote trade relations between Dubai and Latin America

DUBAI-The Department of Economic Development (DED) along with its agencies Dubai Exports and Dubai Investment Development Agency (Dubai FDI) organised a business forum in Quito, the capital city of Ecuador, as part of strengthening relations between Dubai and Latin American countries.

Group picA delegation from Dubai, comprising senior officials from DED, Dubai Exports, Dubai FDI, Dubai Multi Commodities Centre (DMCC), DP World and Emirates SkyCargo, held discussions with leading public and private sector representatives at the forum, which was organised with the support of PRO ECUADOR, the trade and investment promotion agency of Ecuador.

The delegation led by His Excellency Sami Al Qamzi, Director General of DED, was received by Their Excellences Richard Espinosa, Co-ordinating Minister of Production, Employment, & Competitiveness, and Francisco Rivadeneira, Minister of International Trade in Ecuador.

Addressing the Forum, Al Qamzi highlighted the increasing engagement between Dubai and Latin America, emphasising future prospects for companies to make use of Dubai and its strategic advantages to develop business and expand to new export markets. He added that Ecuador and Dubai can combine their strengths in critical sectors including sustainable energy and pointed to the need for reciprocal visits and familiarisation by businesses on either sides.

“DED supports its agencies in their efforts to address markets and investors overseas as it is an integral part of achieving Dubai’s growth vision. The leadership in Dubai is keen on enabling businesses worldwide to leverage Dubai’s competitiveness and connectivity,” said Al Qamzi.

Al Qamzi & Antonio RualesAl Qamzi also signed a co-operation agreement with PRO ECUADOR in his capacity as Vice Chairman of the Dubai Islamic Economy Development Centre. On behalf of PRO ECUADOR, Antonio Ruales, Executive Director, signed the agreement, which is aimed at providing support for the halal industry and improving investment opportunities in the sector.

“We have agreed to provide support and advice in the field of Islamic economy to businesses and investors from Ecuador. Dubai is planning a number of initiatives in this sector including a dedicated free zone and logistics facilities for the halal industry. We will also promote halal products through providing knowledge and training in best industry practices,” said Al Qamzi.

“We believe that, being naturally complementary countries, our bilateral trade can only grow significantly” Francisco Rivadeneira said, at the same time he stated Ecuador’s interest in increasing its exports to Dubai with quality products such as shrimp, tuna, bananas, flowers, tropical fruits, cocoa, coffee, chocolate, etc., specifically to the food service industry.

Ahmed Bin Sulayem, Executive Chairman, DMCC emphasised the importance of trade missions to Latin America, especially at a time when the economic weight is shifting East and South enabling fast growing economies to excel. He added that DMCC recognise the importance of supporting emerging markets to ultimately increase foreign direct investment whilst creating a sustainable, consistent environment for business.

“This was our first visit to Latin America and we will no doubt enhance the flow of commodities trade between Dubai and Ecuador as a result. It is by continuously strengthening our foreign trade that we can learn about further collaboration and new opportunities so that businesses can enjoy the mutual benefits ranging from access to bourses, Islamic finance trading platforms and free trade zones,” said Bin Sulayem.

“Emirates SkyCargo continues to expand its route network to offer customers new trade and business opportunities across the world. One of the key growth regions of the world is Latin America, and in December last year we launched a weekly freighter service to Quito, Ecuador. We use one of our Boeing 777 Freighter aircraft on the route which has the capacity to carry more than 100 tonnes of cargo per flight. Our service to Quito will open up new business opportunities for our customers, as well as strengthen and grow trade between the U.A.E and Ecuador,” said Nabil Sultan, Emirates Divisional Senior Vice President, Cargo.

Hussam Hassan, Head of the Ecuadorian Commercial Office in Dubai, commented: “The UAE, particularly the emirate of Dubai, is continuously strengthening its economic engagement with Ecuador. The visit of the Dubai delegation to Ecuador recently is set to increase the trade exchange between the two countries. The visit follows another by His Excellency Francisco Rivadeneira, Ecuador’s Minister of International Trade, to Dubai early this year and we look forward to have more such visits from both sides,” added Hussam.

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