Dubai, Latin America to explore new avenues of trade cooperation

Dubai International Chamber has opened its new representative office in Mexico City as part of efforts to strengthen the Chamber’s presence in Latin America and explore new avenues of bilateral economic cooperation.

This is the fourth office of the chamber in Latin America, which is tasked with identifying new business opportunities in the market that offer the potential for member companies in Dubai. It will assist Mexican companies that are keen to enter the Dubai market and leverage the emirate as a strategic gateway to expand their reach to markets across the Middle East, Africa and Asia.

Addressing participants during the ceremony, Ahmed Almenhali, UAE Ambassador to Mexico, described the opening as “a key factor that will boost trade and investment between the UAE and Mexico and align the strategic ambitions of both countries to further diversify their economies and drive sustainable growth in the post-Covid era and beyond.” He noted that the UAE’s embassy in Mexico had taken several steps to develop bilateral ties in recent years, such as introducing a visa waiver for citizens travelling between the two countries, launching direct flights, signing of strategic partnership agreements and facilitating Mexico’s participation in the World Logistics Passport - all important developments that have expanded bilateral economic cooperation and removed trade barriers.

Hamad Buamim, President and CEO of Dubai Chambers, stated, “Our presence in Mexico will further strengthen an already robust commercial relationship between Dubai and Mexico and identify and capitalise on new trade opportunities and investments in key sectors such as agribusiness, industry, automotive, manufacturing, logistics, infrastructure, digital economy, fintech, and tourism.” “Our team on the ground will focus efforts on building strong relationships with key public and private sector stakeholders and supporting Mexican companies that are keen to enter the Dubai market and expand internationally into the Middle East, Africa, and Asia markets through the emirate,” Buamim explained, describing Mexico as a “top target market” offering tremendous business potential that will open new doors for companies in Dubai that are keen to expand their footprint in Latin America.

Buamim added that the “strategic move” falls in line with Dubai International Chamber’s new three-year strategy, which aims to strengthen Dubai’s position as a global trade hub, attract multinational companies to the emirate and support local companies with international expansion.

The new Dubai International Chamber strategy aims to attract 50 multinational companies to Dubai within three years, supports the external expansion of 100 companies from Dubai to priority foreign markets within two years to improve the business environment in Dubai and make it conducive to business growth with a focus on multinational companies.

Mexico is Dubai’s second-largest trading partner in Latin America, and bilateral non-oil trade exceeded AED4.44 billion in 2021. Mexican exports to the emirate account for the largest share of the trade volume, which is dominated by commodities, passenger vehicles, multimedia devices, cargo vehicles, and avocados.

Meanwhile the Dubai International Chamber, one of three Chambers operating under Dubai Chambers, has announced plans to open a representative office in Tel Aviv, which will aim to facilitate trade and investment between business communities in Dubai and Israel.

The announcement came during a meeting held recently at the Chamber’s headquarters, attended by Hamad Buamim, President and CEO of Dubai Chambers, Orna Barbivay, Israeli Minister of Economy and Industry, and Amir Hayek, Ambassador of Israel to the UAE; and representatives from the embassy, ministry and Dubai Chambers.

“By expanding our presence into Israel, we will be well positioned to achieve the objectives of the Comprehensive Economic Partnership Agreement signed by the UAE and Israel, build new bridges between the two business communities and boost non-oil trade to reach $10 billion annually within the next five years,” Buamim said.

Buamim stressed the important role of promoting Dubai as a global gateway for Israeli companies and attracting foreign investment in key sectors of mutual interest such as digital economy, information technology, artificial intelligence, smart services, agricultural and food technologies, and space sciences.

The President and CEO of Dubai Chambers noted that trade will remain economic cooperation between Dubai and Israel, and described Israel as a market of strategi importance to Dubai, adding that it is expected to become one of Dubai’s 10 top trading partners within a few years, especially since the Dubai International Chamber, as part of its strategy, has identified the Israeli market among the 30 priority markets.