Dubai and Costa Rica to boost investment, trade cooperation

Abdulaziz Al Ghurair, Chairman of Dubai Chambers on Sunday received a high-level Costa Rican delegation at Dubai Chamber’s headquarters, led by Costa Rican President Carlos Alvarado Quesada.

Quesada was accompanied by The First Lady, Claudia Dobles Camargo, Rodolfo Solano Quiros, Minister of Foreign Affairs and Worship; Pilar Garrido Gonzalo, Minister of National Planning and Economic Policy, Economic Coordinator of the Government; Victoria Hernandez Mora, Minister of Economy, Industry and Commerce; Agustin Castro Solano, Minister of Communication; Jumaa Al Rumaithi, Ambassador of the UAE to the Republic of Costa Rica; and Ambassador Francisco J. Chacón Hernández, Ambassador of the Republic of Costa Rica to the UAE.

Addressing delegates during a meeting, Al Ghurair spoke about the state of Dubai-Costa Rica trade relations and potential between the markets that has yet to be fully explored.  

“Despite global setbacks bilateral trade between Dubai and Costa Rica has increased by 12 per cent from 2019 to 2020, reaching $112 million.  Bilateral trade accounted for $64 million in H1, 2021 and Dubai is a net importer of goods from Costa Rica, which tell us that there are multiple opportunities for growth of Dubai exports, especially as a source of re-exports from Africa and South Asia,” said Al Ghurair.

He noted that Dubai Chamber has been working closely with the Costa Rica Trade Promotion Office to promote bilateral ties and identify opportunities that Costa Rican companies can benefit from, adding that the opening of this office in 2019 reflects Costa Rica’s strong commitment to enhancing its ties with the UAE.

President Quesada, in turn, praised the development of UAE-Costa Rica ties, expressing his deep appreciation to Dubai’s leadership and government for their constant keenness to strengthen mutual relations between them and encourage investment in vital sectors. He also applauded the way Dubai handled Covid-19 challenges and emerged from the pandemic resilient and stronger.

Alvarado Quesada expressed his gratitude to the Dubai Chamber and to Al Ghurair for the invitation, which he said represents an invaluable opportunity to Costa Rica to be present at Expo 2020 Dubai and strengthen e bilateral trade, adding that Costa Rica can offer strengths and opportunities in the areas of clean energy, conservation, innovation and green economy.

Al Ghurair also extended an invitation to the delegates to attend the Chamber’s flagship event, the GBF Latin America, which will be held on March23-24, 2022. The forum will provide an ideal platform for UAE companies and their Latin American counterparts to network, identify trade and investment opportunities, and foster cross-border partnerships.

Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.

Dubai Chamber of Commerce and Industry provides an integrated system of smart and electronic services that cover all the requirements of the business community, enabling businesses to complete all their transactions remotely easily, easily and according to the highest international standards. The Chamber is one of the pioneer provider of smart services, with smart transformation of 98 per cent of its core services, which can be accessed using the smart application of the Chamber or by visiting the website.

Meanwhile an analysis released by Dubai Chamber of Commerce and Industry (DCCI) highlights the vital role that countries from the Association of South East Asian Nations (ASEAN) can play in enhancing the UAE’s food security.

The release of the analysis comes ahead of the first-ever Global Business Forum (GBF) ASEAN, organised by Dubai Chamber in partnership with Expo 2020 Dubai on Dec.8th and 9th, 2021, at Expo 2020 Dubai.

The forum, which will be held under the theme “The New Frontiers”, aims to explore the changing dynamics of ASEAN countries and examine the opportunities to increase bilateral trade, business and investment between the regions.

Titled “Dubai Food and Beverage Trade with ASEAN”, the report analyses the areas where the 10 ASEAN member states can contribute to the UAE’s food and beverage (F&B) sector - something that the chamber says is highly significant because the UAE imports around 85 per cent of the total food it consumes.

“A key pillar of the UAE’s National Food Security Strategy 2051 is to diversify the country’s international sources of food - an imperative that was brought home during the coronavirus pandemic that had a major impact on global supply chains. As a country with a growing population and one that cannot grow its food at scale, identifying markets that can supply us with produce is a national priority. ASEAN countries represent one such important market,” said Hamad Buamim, President and CEO of Dubai Chamber.