Dubai and Sao Paulo reaffirm commitment to boost trade ties

Business Bureau, Gulf Today

Businesses in Dubai and Sao Paulo can by exploring untapped trade and investment potential in key sectors and areas of mutual interest such as agri-business, technology, innovation, transport and logistics, according to officials speaking earlier today at the Dubai-Sao Paulo Business Forum.

The forum, held at Dubai Chamber of Commerce and Industry’s premises, was joined by a high-level delegation from Sao Paulo led by João Doria, Governor of Sao Paulo State, as well as public and private sector stakeholders from the UAE and Brazil.

Doria and the visiting delegation were received by  Majid Saif Al Ghurair, Chairman of Dubai Chamber; Dubai Chamber board members, officials and directors.

Following a private meeting, Invest Sao Paulo, the investment promotion agency of Sao Paulo state, signed a memorandum of understanding with Dubai Chamber that aims to facilitate cooperation and knowledge sharing between the two entities and business communities. The agreement was signed by Wilson Mello, President of the Invest Sao Paulo and Omar Khan, Director of International Offices at Dubai Chamber.

Addressing delegates at the forum, João Doria noted that the trade mission to the UAE is the largest of its kind to be led by Sao Paulo’s government as 50 business leaders and 6 Secretaries of State joined the delegation.

Doria highlighted Sao Paulo’s expanding trade ties with UAE, and revealed that 25 percent of Sao Paulo’s exports were bound for the UAE in 2019, while 30 per cent of the Brazilian state’s imports came from the Gulf country. He added that the UAE has surpassed Italy to become one of Sao Paulo’s top trading partners.

In addition, Sao Paulo Governor invited UAE companies to participate in major agri-business exhibitions taking place in Brazil and called on Emirates Airline to add an additional flight to Sao Paulo, which he says, would be key to further boosting bilateral ties.

For his part,  Al Ghurair stressed the significance of the forum in creating channels of cooperation and open dialogue between government and business leaders from Dubai and Sao Paulo. He highlighted synergies shared by Dubai and Sao Paulo as leading business hubs for their respective regions, and explained the crucial role that Dubai Chamber’s representative office in Sao Paulo is playing in facilitating bilateral trade and investment.

Al Ghurair described the Dubai Chamber-Invest Sao Paulo agreement and the inauguration of investment promotion agency’s new representative office in Dubai as important developments that will take UAE-Brazil economic ties to the next level.

 “Dubai Chamber is building strong relationships in Brazil, and our representative office in Sao Paulo is a testament to our efforts to expand trade links with the Latin American country. We are fully committed to provide all necessary support to ensure that relations between Dubai and Sao Paulo continue to develop and flourish in the future,” added Al Ghurair.

The forum featured several informative presentations from officials joining the Sao Paulo delegation.

President of Invest SP, who provided an overview of Sao Paulo’s business landscape, investment opportunities and public-private partnership projects.

In addition, Omar Khan, Director of International Offices at Dubai Chamber, briefed delegates on Dubai’s economy, as well as the various competitive advantages that the emirate offers foreign companies and investors.

Brazil is one of Dubai’s largest trading partners in Latin America with bilateral non-oil trade reaching $1.5 billion in 2018. There are more than 130 Brazilian companies registered with Dubai Chamber. The UAE-Ethiopia Business Advisory Council recently held a meeting in Addis Ababa where it outlined plans to ease the investment process for UAE companies operating in Ethiopia and remove existing barriers to bilateral trade.

The council, led by the UAE Embassy in Addis Ababa and supported by Dubai Chamber of Commerce and Industry, was established in 2018 as a support system for UAE investors and Ethiopian businessmen.

The main responsibilities of the council include: identifying business opportunities for UAE investors in Ethiopia, addressing common challenges faced by UAE companies in the African country, promoting business exchange by facilitating companies’ participation in trade fairs and fostering constructive dialogue between public and private sector stakeholders.

The meeting was attended by representatives from the UAE Embassy in Addis Ababa, Emirates Airlines, Ethiopian National Bank, Dashen Bank and the Ethiopian Investment Commission who serve as members of the council’s steering committee in addition to members of the local business community, including representatives from UAE companies that maintain a presence in Ethiopia.