Latin America an important economic partner for Dubai


Machu Picchu, Cusco Region, Peru: Overview of agricultural terraces, Wayna Picchu and surrounding mountains, a Unesco World Heritage Site.

According to a new guide published by the Dubai Chamber of Commerce and Industry (DCCI).

The guide, entitled Why Latin America? showcases valuable insights into the region’s promising economies and key growth sectors, as well as the trade and investment opportunities that offer the most potential for UAE businesses and investors.

Why Latin America? was released ahead of the Global Business Forum Latin America 2022, which the Dubai Chamber is organizing in partnership with Expo 2020 Dubai on March 23-24.

The guide highlights the benefits for Dubai companies and investors of doing business with LATAM, a 27-country region that stretches from Mexico to Argentina to the Caribbean islands. The report concludes that the largest markets in the region have strong macroeconomic indicators that make them safe for investment.

Organized under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Governor of Dubai, the fourth edition of the forum focuses on the theme Towards a resilient future. The forum brings together heads of state, ministers, government officials, business leaders and industry experts from the UAE and Latin America to explore new avenues of economic cooperation.

Citing IMF statistics, the guide notes that Latin America’s trade volume grew by 9.5% in 2021 and is expected to continue growing over the period 2021-2025 at an average of 5.8% for imports and 6.7% for exports. This represents a significant increase in the average trade growth rates during the pre-pandemic period 2015-2019, which were 1.9% for imports and 1.3% for exports.

LATAM’s combined GDP reached $5 trillion in 2021, the guide notes, adding that the regional economy grew 6% in 2021 and is expected to grow 4.3% between 2021 and 2025. made a region of choice. for bilateral trade, providing Dubai-based investors and business organizations with promising returns on investment and also positioning the region as key to helping Dubai achieve its foreign trade goals.

The report also forecasts growth for LATAM’s overall economy and GDP in the post-pandemic era. He points out that in 2021, the region’s economy was 5.3% of that of the world, led by Brazil and Mexico, with GDP figures corresponding to 1.6 trillion dollars and 1.3 trillion dollars respectively. U.S. dollars.

The study ranked Brazil and Mexico as the first and second largest economies in the region, accounting for $1.6 trillion and $1.3 trillion in GDP respectively. Argentina ranked third among Latin American economies with a GDP of $455 billion, followed by Chile with $331 billion, Colombia with $301 billion and Peru with $226 billion. dollars.

Additionally, it reveals that Latin America is home to 8.3% of the world’s population, with Brazil having the largest population at 213 million, followed by Mexico at 129 million, making it the 6th and 10th respectively. most populous countries in the world. They are followed by Colombia with 51 million, Argentina with 45.8 million and Peru with 33.8 million.

“Economic indicators show that Latin America is a regional market with huge potential for UAE companies looking to expand their reach in markets with plenty of growth opportunities. Why Latin America? guide provides insights into key trends reshaping Latin American markets and business opportunities that UAE companies can explore in more detail during GBF Latin America 2022 in Dubai,” said Hamad Buamim, President and CEO of Dubai Chambers.

GBF Latin America 2022 is an ideal platform to learn more about the economic potential that Latin America offers, as well as Dubai’s central role in linking global economic markets, he explained.

The Dubai Chamber of Commerce recently hosted a delegation from the Tanzania Chamber of Commerce, Industry and Agriculture at its headquarters, where they shared international best practices adopted in digital services, membership and smart transformation.

Atiq Juma Nasib, senior vice president of business services at the Dubai Chamber of Commerce; and Abdulla Al Theeb, Director of Membership and Documentation at the Dubai Chamber; received the delegation. It was led by Paul Faraj Koyi, President of the Tanzania Chamber of Commerce, Industry and Agriculture; and Abdul Mwilima, President of the Kigoma Region Chamber of Commerce, Industry and Agriculture.

Nasib said the economic relations between the business communities of Dubai and Tanzania are strong and historical, highlighting the willingness of the Dubai Chamber of Commerce to exchange experiences, knowledge and best practices with various chambers of commerce. around the world to serve common goals.



Comments are closed.