Monday, Dec 17, 2012
Abu Dhabi: UAE investments in Latin America “are still very humble” compared to the very strong political ties between the country and the 33-country bloc, said Shaikh Abdullah Bin Zayed Al Nahyan, UAE foreign minister.
“UAE investments in Latin America are still very humble and had not exceeded $4 billion,” said Shaikh Abdullah at a dinner on the sidelines of the Arab Latin America Forum which is held in Abu Dhabi.
He called on the private sector to launch investments in Latin America , particularly in renewable energy.
Rolando Gonzalez Bunster, president and CEO of Basic Energy, said the energy prices in Latin America are high.
“Source of fuel to produce energy are multiple from wind, to solar, to water and fuel. Yet, investment in energy production requires intensive capital. Therefore, there is a dire need for developing the infrastructure in Latin America, given the fact that the EU and US economies are getting down and our economies are growing by 4-5 per cent this year,” said Bunster.
“Any investment in Latin America will be having a high return on Investment (ROI) compared to any other place in the world,” he added.
Khalid Al Gaith, UAE assistant minister of foreign affairs for economic affairs, said the two blocs should start exchanging expertise and improve economic relations.
“First we have to remove all obstacles that curb trade and economic relations by activating agreements as we both complement each other, particularly in aviation, oil and gas, ports, energy, logistics and transportation,” said Al Gaith.
He called for removing dual taxation and to tackle the issue of customs duties to open new horizons and prospects.
“There are very good opportunities in agricultural sector, tourism and financial markets,” Jeryes Samawi, Jordanian minister of culture, who is taking part in the Forum told the Gulf News that ties between Arabs and Latin America are still very weak and “we should work on cementing them in order to reap the advantages of each bloc.”
“We can have better economic and cultural ties with Latin America had we laid out a strategy to shape our coming relationship with the emerging bloc.”
By Shehab Al Makahleh Staff Reporter
Gulf News 2012. All rights reserved.
