Paganini hopes UAE-Uruguay economic cooperation will go to next level

Omar Paganini, Uruguay Minister for Industry, Energy and Mining, is optimistic that UAE and Dubai’s trade relations with the country will go to the next level in the near future.

Paganini, who was part of Luis Lacalle Pou's (President of Uruguay, delegation’s visit to Expo Dubai 2020, held talks with UAE authorities and discussed ways to explore economic and investment relations with the UAE, especially in food security and cooperation in research, development and innovation in various sectors for the benefit of the two countries and their investors.

On Monday, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, met with Lacalle Pou, President of Uruguay, who is currently visiting the country to participate in his country's National Day celebration at Expo 2020 Dubai.

The meeting was attended by Sheikh Maktoum Bin Mohammed Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.

Paganini also attended the meeting. "During the meeting, we discussed ways of developing relations between our countries, especially in economic, investment, and technology fields, as well as identifying new opportunities that help achieve the development goals of both sides," he said.

Dubai’s non-oil trade with Uruguay reached $14.6 million in 2020, accounting for a majority of the UAE’s trade with the Latin American country.

Uruguay positions itself as a South American business hub and a reference in agro-intelligent production, technologies, and clean energy.

"We strategically develop our partnership with the UAE as there are a lot of things in common between both countries. There is a sense of security in both countries, and like the UAE, we also believe in promoting dialogue, coexistence and peace globally. For us, the UAE is the gateway to the Middle East," said the Uruguay Minister.

"As per the healthy discussions with UAE authorities, we are currently focusing on having significant investments in the fields of renewable energy, food security, and real estate."

Uruguay has become one of the leading countries in renewable energy generation, with hydropower generation accounting for 60% of total renewable energy generation, with the remainder coming from wind, solar, and biofuels. During the period from 2000 to 2020, Uruguay dramatically shifted its energy matrix from petroleum-based electricity generation to renewable sources.

Paganini also stressed his country's desire to boost its economic and investment relations with the UAE, especially in digital startups, development and innovation in various sectors that will benefit the two countries.

The UAE's strategy to reduce carbon emissions by 2050 was unveiled in October last year, with Dhs600 billion set to be invested in clean and renewable energy sources over the next three decades.