UAE Strengthens Economic Ties With Latin America
Date
3/18/2024 7:00:06 PM
(MENAFN- The Rio Times) The United Arab Emirates (UAE) is increasingly focusing on Latin America for strategic investments, aiming to enhance partnerships in logistics, transportation, and port development.
Mohammad Ali Rashed, Dubai Chambers' President and CEO, emphasized this direction during a Bloomberg Línea interview , noting significant regional investment interests.
Brazil and Colombia, key Latin American economies, actively seek to strengthen trade relations with the UAE.
These efforts have led to considerable investments and a mutual desire to deepen connections.
Brazilian President Luiz Inácio Lula da Silva and UAE President Mohamed bin Zayed Al Nahyan discussed the issue in April 2023.
Their talks focused on environmental initiatives and renewable energy, indicating strengthening ties between the two regions.
Under the leadership of Rashed, Dubai Chambers promotes Dubai as a leading global investment destination.
The organization's representative offices in Argentina, Brazil, Mexico, and Panama support Dubai-based companies in finding business opportunities in Latin America.
From 2016 to 2021, the UAE led GCC countries in Latin American investments, contributing 77% of the total investments in the region.
With over $5 billion invested in Brazil alone, the UAE focuses on sectors critical to mutual growth, including food security, technology, and agriculture.
Future investments aim to further bilateral trade and explore new sectors like renewable energy and tourism, especially in rapidly growing economies like Colombia.
Dubai's ONE MOTO exemplifies UAE innovation in Latin America.
Securing a leading role
It plans to expand its eco-friendly electric vehicle facilities across the region, leveraging economic cooperation agreements for sustainable mobility solutions.
DP World has made significant investments across Latin America, such as expanding ports in Peru and the Dominican Republic.
These actions highlight the UAE's ambition to secure a leading role in importing vital resources from South America, thus broadening its commercial and investment presence throughout the region.
The UAE's deliberate investment approach in Latin America aims to strengthen ties between the two regions.
With a foundation of mutual interest in sustainable development and economic growth, this strategy is set to enrich both areas with enhanced trade, innovation, and collaborative efforts.
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