- Ⅶ Dubai – Rami Samih
date: 02 April 2019
The Chamber of Commerce and Industry of Dubai [BCCI] has opened a representative office in the Argentine capital of Buenos Aires as part of its efforts to strengthen its presence in Latin America. World Business Forum for the Latin American countries to be held on 9 and 10 April in Panama.
Buamim said in a statement to the Economic Bulletin that this is the third Chamber office in the Latin markets after the opening of representative offices in Sao Paulo, Brazil and Panama in the last two years, adding that the new office aims to introduce investment opportunities and help companies operating in the country at the expansion of the Argentine market and the support of the Argentine companies in expanding the markets of the region through the Dubai gateway to the Middle East markets, ; Africa and Asia.
The Latin American Business Forum was able to dedicate a distinct presence to the two previous versions due to a number of factors, the most important of which is the urgent need to find a platform to improve cooperation and investment relations among companies in the Middle East and Latin America and the Caribbean. Of positive indicators.
The third edition of the forum is particularly important as it is the first time that this event takes place outside the United Arab Emirates, which will allow companies in the United Arab Emirates to closely observe the realities of the economy and the economic sector in the region and to identify expansion mechanisms and the launch of new markets.
On the reasons for focusing on the Latin markets, Hamad Buamim said that the organization of the Forum is in line with our role in recognizing the positive advantages offered by Dubai to Latin American companies wishing to expand in the Middle region East, Asia and North Africa, countries, as well as other positive features such as advanced infrastructure with international standards, ease and speed of licenses and commercial activities and the presence of many free zones.
The Latin American and Caribbean markets are among the most promising markets in the world and are characterized by the diversity of their natural resources, their agricultural and industrial products and the abundance of skilled labor in various sectors, but these Markets desperately need advanced technical solutions in the areas of infrastructure, logistics, transport and advanced systems that exploit the use of renewable energy resources in the region.
He stressed that the participation of the Emirates shows a great diversity in terms of sectors of activity and experience accumulated over several years, which will be the focus of many decision makers and businessmen in Latin America and the Caribbean as it provides them practical solutions that lead to many of the challenges they face.
The opportunities offered to companies in the United Arab Emirates are focused on investments in advanced technologies and solutions in the agricultural, banking, banking and financial sectors, technologies for the generation, storage and transport of renewable energy resources, development of tourism and logistics, transport and shipping and port management services.
For the reasons of the Argentina and the destination of the three representative offices in the Latin markets, the general director of the Dubai Chamber stated that the Argentina office is an important step to improve our presence in the Latin markets: we choose our office destinations very carefully and after in-depth studies of market realities and opportunities and cooperation with local professional organizations. One of the most important countries in the region, the most influential and present at the level of Latin America.
"We are committed to strengthening our presence in countries that offer opportunities for growth and expansion of the Dubai business community.
The new office of the Buenos Aires Chamber will explore new business and investment opportunities for companies in the United Arab Emirates and will work to attract more small and medium-sized Argentine companies to Dubai, strengthening bilateral trade relations and expanding cooperation in key common sectors such as food , Infrastructures, renewable energies, logistics, medicines and tourism.
The opening of the House office in Argentina comes as the United Arab Emirates continue to invest in developing an entrepreneurial environment that creates many new investment opportunities that UAE companies can benefit from. The move comes after a series of high-level visits between the two previous governments, which has paved the way for stronger political and economic ties.
"We are confident that the opening of the office will have a positive impact on the presence of UAE companies in the Argentine market and will attract more companies and capital to manage their operations in the region from Dubai."
He stressed that the Argentine market ranks fourth as the largest growth destination for exports and re-exports of Dubai in the Latin market last year with a 312% growth, with exports and re-exports reaching AED 179 million in 2018, equal to about 8% Exports and total re-exports of Dubai to South America and the Caribbean.
Argentina is the seventh commercial partner of Dubai in Latin America with bilateral non-oil trades exceeding $ 225 million in 2018, up 21% compared to $ 186 million in 2015.
Food, vegetables and meat products were among the most marketed products between Dubai and Argentina in 2018, for a total value of $ 158 million, followed by chemicals for $ 23 million and machinery and electrical equipment and electronic products for $ 12.8 million.
"We are already planning to open a fourth office in the Latin market following the growing demand from our members to take advantage of the numerous and profitable investment opportunities in these markets," said Buamim.
We have studied a number of Latin markets that will add value to our companies and our members and we will announce our decision to open a fourth office in the Latin markets at the Pan-Latin American Business Forum in Panama.
"Our investments in Latin markets include the opening of foreign offices, the organization of trade missions and the organization of business forums, including the World Business Forum for Latin America, as well as the preparation of accurate studies on markets, opportunities, challenges and solutions, "said Buamim.
Reflexive investment plans
Dubai Chamber will determine the volume of investments based on planned plans that take into account the expected return on these investments and their compatibility with the sustainable development plans of the business sector in the Emirate. A team of leading experts and researchers constantly monitors the realities of the Latin American market and prepares periodic reports on the most important opportunities and growth prospects in the short and long term.
The volume of investments in these markets is determined on the basis of accurate indicators and criteria based on the maintenance of continuous success obtained in the Latin American markets during the last period and maintaining the confidence of the local business sector in the role and position of the Chamber of Commerce and the Dubai industry as a partner in supporting its development and growth goals.
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