Dubai Chambers and ProChile, the Chilean Exports Promotion Bureau of Chile’s Ministry of Foreign Affairs, have inked a memorandum of understanding (MoU) that aims to enhance trade and investment cooperation and economic partnerships between the UAE and Chile.
Mohammad Ali Rashed Lootah, president and CEO of Dubai Chambers, and Ignacio Fernández, General Director of ProChile, signed the agreement in the presence of key figures from both countries.
Expanding cooperation in key sectors
Under the agreement, both parties will coordinate events that strengthen ties between exporting companies from Dubai and Chile. Moreover, they will support the expansion of these companies in both markets by creating promising business opportunities. Both Dubai Chambers and ProChile will also develop joint initiatives to expand cooperation in the fields of trade, innovation, sustainability and entrepreneurship.
“We are very happy to strengthen our trade relationship with the United Arab Emirates, which we believe can become a very important business partner for Chile, as we work on diversifying the goods and services we export to the world as well as the markets that they reach,” stated Fernández.
The Dubai Chambers and ProChile agreement will also enhance the diversification of the trade of goods and services to increase commercial exchange between Dubai and Chile. In addition, it also allows economic data to be shared in order to assist companies from both sides to better understand the current conditions and future prospects of local markets in both countries.
“Dubai Chambers is a key ally for ProChile, as both institutions work to connect exporting companies and facilitate business and bilateral trade,” Fernández added.
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Shared business opportunities
For his part, the CEO of Dubai Chambers provided a comprehensive overview of the business opportunities and synergies between Dubai and Chile. Investment opportunities for Dubai investors in Chile include opportunities in energy, agriculture and fisheries, food industries, construction, financial services, and retail sectors. Lootah also said that Dubai’s FDI in Chile over the past five years has reached $45 million.
In his welcome address, Sultan Ahmed bin Sulayem, Chairman of Dubai International Chamber, said: “Non-oil trade between Dubai and Chile reached approximately AED5.3 billion over the past five years. Our international offices in Latin American markets serve as an important investment gateway, supporting the flow of trade and joint investments, and strengthening economic partnerships.”
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