-H.E. Al Ghurair: Argentina offers tremendous potential for UAE businesses and investors, especially within its logistics, renewable energy, tourism, agri-business and manufacturing sectors
-H.E. Buamim: Dubai Chamber aims to increase Latin America's share of Dubai's total foreign trade from 3% to 6% over the next 3 years
Dubai, UAE: The Dubai Chamber of Commerce and Industry recently announced plans to open a new representative office in Buenos Aires, Argentina, which will become the Chamber’s second office within Latin America.
The announcement came during a meeting between Argentina’s Vice President H.E. Gabriela Michetti and a high-level delegation from Dubai. The delegation visited the country as part of a trade mission to Latin America which was organised by Dubai Chamber. The meeting also followed the delegation’s visit to Brazil, where the Chamber opened its eighth representative office in Sao Paulo.
During the meeting, H.E. Michetti welcomed the announcement and expressed her willingness to provide all necessary support and facilities to fast-track the opening of the Chamber’s Buenos Aires office, adding that it will give a major boost to UAE-Argentina relations.
H.E. Michetti explained that Argentina is experiencing a period of growth following recent economic reforms, which has led it to strengthen its trade ties with promising markets around the world. She described the UAE as an important strategic and economic partner for Argentina, and expressed an interest to organise a high-level visit to the country in the near future to showcase opportunities within Argentina’s agriculture sector.
H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber, said Argentina offers tremendous potential for UAE businesses and investors, especially within the country’s logistics, renewable energy, tourism, agri-business, and manufacturing sectors. Dubai Chamber’s chairman pointed out that Dubai's non-oil trade with Argentina recorded a modest 1.3% year-over-year increase to AED 692 million ($188 million) in 2016, and highlighted the need to expand trade ties between businesses on both sides.
For his part, H.E. Hamad Buamim, President and CEO, Dubai Chamber, invited Argentine companies to participate in Gulfood, the world's largest annual food & beverage exhibition which is hosted in Dubai every year, adding that the high quality of Argentine products enhances the country’s competitive advantage in the Middle East, North Africa and Southeast Asia markets.
H.E. Buamim explained that the Chamber’s new office in Buenos Aires will explore and identify new trade and investment opportunities for businesses in the UAE, while it will also work to attract more Argentine companies and SMEs in particular, to Dubai. He added that the office will help double the volume of Dubai-Argentina trade in the coming years.
Dubai Chamber’s president and CEO highlighted several product categories as high-potential imports from Argentina, including fruits, dairy products, cereals, meat, seafood and leather, while high-potential products that could be exported from the UAE to Argentina include plastics, fertilisers, copper and inorganic chemicals.
In addition, there are $3 billion worth of infrastructure opportunities within Argentina’s airports and ports, H.E. Buamim said, noting that a lot of potential in this sector still needs to be explored. He revealed that Dubai Chamber is aiming to increase Latin America’s share of Dubai’s total trade from 3% to 6% over the next three years.
Addressing the delegation, H.E. Horacio Reyser, Argentina’s Secretary for International Economic Relations revealed that the UAE-Argentine Joint Higher Committee for Cooperation recently met to discuss prospects and opportunities for mutual cooperation. Both sides have worked together to outline priorities and objectives to improve bilateral relations and barriers to trade, such as visa issues. He added that Argentina can play a key role in ensuring the UAE’s food security and expanding trade and investment within the country’s food industry.
The Dubai delegation also met with H.E. Horacio Rodriguez Larreta, Mayor of Buenos Aires, who praised the Chamber for its plans to expand its presence within Latin America. He said the move would help attract foreign investment to Buenos Aires and enhance the prospects for economic cooperation between the city and Dubai.
H.E. Larreta welcomed Dubai Chamber’s invitation to participate next year in the 2nd Global Business Forum on Latin America in Dubai, a high-profile forum that aims to explore synergies between Latin America and the GCC, and identify new avenues of cooperation.
H.E. Andy Freire, Minister of Modernization, Innovation and Technology of the City of Buenos, expressed his desire to learn more about Dubai’s experience and benefit from the emirate’s position as a leading trade hub and thriving tourism destination.
H.E. Jorge Luis Di Fiori, President of the Argentine Chamber of Commerce, spoke about Argentina’s expertise in human resources, the environment and food industries, and highlighted the strong contribution of the private sector to the country’s growth.
Fernando Joselevich, Emirates Airline’s Manager for Argentina and Uruguay, revealed that Emirates transported 111,979 passengers to Latin American destinations in 2016, and described Latin America as a very important market for the carrier.
Joselevich added that Emirates remains committed to future investments in the region, as evidenced by the upgrade to a B777-300ER aircraft in Buenos Aires earlier this year, the recent A380 upgrade in Sao Paulo, and the announcement of its codeshare and frequent flyer programme partnership with GOL and Smiles.
The delegation to Latin America was led by H.E. Majid Saif Al Ghurair, Chairman of Dubai Chamber, and joined by H.E. Hisham Abdulla Al Shirawi, 2nd Vice Chairman of Dubai Chamber, H.E. Hamad Buamim, President and CEO of Dubai Chamber, H.E. Essa Al Ghurair, Chairman of Essa Al Ghurair Investment, H.E. Abdul Hamid Seddiqi, Vice-Chairman of Ahmed Seddiqi & Sons, Ahmed Bin Sulayem, CEO of Dubai Multi Commodities Centre (DMCC), Dr. Juma Al Matroushi, Deputy CEO, Operations & Client Affairs, Dubai Silicon Oasis Authority, and Dr. Mohammad Al Fahim, Senior Vice President – Corporate Development, Dubai South, among other officials and business leaders.
© Press Release 2017