The Dubai Chamber of Commerce and Industry today signed a memorandum of understanding with the Bogotá Chamber of Commerce on the sidelines of the Global Business Forum on Latin America 2018, which paved the way for stronger investment and trade ties between Dubai and the city-region of Bogotá, Colombia.

The agreement was signed by His Excellency Hamad Buamim, President and CEO of Dubai Chamber, and H.E. Mónica De Greiff, Executive President of the Bogotá Chamber of Commerce. During the signing ceremony, the two parties pledged to promote bilateral relations through an exchange of economic and business information, with the aim of fostering cooperation on enterprise and investment initiatives.

Under the terms of the MoU, the two chambers of commerce agreed to regularly exchange economic information and provide mutual assistance to understand their respective markets; foster enterprise initiatives that improve market access and capitalise commercial and investment opportunities; and cooperate on promoting events to their members and providing guidance and orientation to those interested in attending them.

Furthermore, the two parties pledged to facilitate and provide information about the main exhibits and international trade shows being held in their respective countries to promote bilateral trade and investment, and encourage their members to resolve any commercial disputes or disagreements that might arise in the course of their business transactions through negotiation, mediation or arbitration.

“Latin American markets are among the most important emerging markets in the world today, and business communities around the world have taken notice – including here in Dubai. This was one of the main reasons that prompted the Dubai Chamber of Commerce and Industry to launch the Global Business Forum on Latin America as an ideal platform for cooperation between government and business leaders in the UAE, GCC and Latin America,” said H.E. Buamim.

Dubai Chamber’s President and CEO added: “With that in mind, we are delighted to be entering into this agreement with the Bogotá Chamber of Commerce. We hope that this MoU will help boost Dubai’s non-oil trade with Colombia, which stood at AED 387 million in the first nine months of 2017.”

H.E. De Greiff shared her view that recent economic trends are elevating Latin America to a privileged position, with fast-growing markets in the region playing a bigger role in global trade. She highlighted infrastructure, energy and real estate as some of Colombia’s most attractive sectors that appeal to foreign investors.

She stressed the importance of hosting events like the Global Business Forum on Latin America, which provide an opportunity for governments and businesses in Latin America to broaden and strengthen their relationships with their counterparts in other countries.

“The Bogotá Chamber of Commerce has worked to provide legal certainty, business strengthening and an auspicious business environment in the Bogotá Region, and this MoU is one of many ways that the Chamber seeks to provide a broader perspective for business, articulating cooperation and integration opportunities with relevant actors like Gulf countries that will certainly provide an added value to the economic perspective of the city-region,” H.E. De Greiff said.

The Global Business Forum on Latin America 2018 is part of Dubai Chamber’s Global Business Forum series, launched in 2013 to highlight new investment opportunities in a number of emerging and dynamic global markets, including Africa, the Commonwealth of Independent States (CIS) and Latin America.

The second edition of GBF Latin America 2018, held on February 27th-28th, brought together top-level decision makers, including heads of state, ministers, dignitaries, prominent CEOs, heads of private banks, sovereign wealth funds, private equity firms, business leaders, and entrepreneurs from Latin America, the GCC and beyond.