Dubai reinforces commitment to boosting ties with Caribbean markets

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Panamanian President Juan Carlos Varela speaks during GBF Latin America - Panama 2019

PANAMA CITY, Panama — Government and business leaders from the UAE and the Latin America and the Caribbean region (LAC) reinforced their commitment to improving bilateral ties and expanding economic cooperation at the third global business forum (GBF) on Latin America, which began April 9 in Panama City, Panama.

Organized by Dubai Chamber of Commerce and Industry in partnership with inter-American Development Bank (IDB), GBF Latin America – Panama 2019 was attended by Juan Carlos Varela, president of Panamá; Jovenel Moïse, president of Haiti; policymakers, ministers, top government officials and business leaders from the LAC and GCC regions.

Speaking at the forum, Varela revealed that Panama and Dubai would plan to establish special working groups to foster cooperation in crucial sectors of mutual interest, including tourism, real state, free zones, among others, to achieve short term results and boost bilateral relations.

Mohammed Ahmed Bin Abdulaziz Al-Shehhi, undersecretary of economic affairs for the UAE ministry of economy noted that the UAE’s policy of openness and a strong commitment to economic diversification had enabled the country to look outward and build partnerships in different parts of the world. He noted that GBF Latin America is a continuation of that strategy as the event is key to increasing trade and business exchange.

Majid Saif Al Ghurair, chairman of Dubai Chamber, revealed Dubai Chamber’s plans to open a fourth Latin American representative office in Mexico City later this year which he described as a strategic move that will enhance its efforts to expand trade between Dubai and Latin America.

He noted that GBF Latin America – Panama 2019 comes at a time when bilateral economic ties are multiplying as reflected in Dubai’s non-oil trade with Latin America which has surged 46 percent from $4.6 billion in 2011 to $6.7 billion in 2018, while the emirate continues to boost its exports to the region.

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