Dubai Chamber discusses ways of enhancing economic ties with the Vice-President of El Salvador

This is in the line of its strategy and mission that aims at supporting the business community in Dubai and enabling them access new global markets through participating in overseas trade exhibitions and attending the networking meetings arranged by the Chamber while receiving foreign trade missions.

Al Ghurair received a high-raking official and trade delegation from the Republic of El Salvador led by H.E. Ana Vilma de Escobar, Vice President of El Salvador, accompanied by her delegation which included a number of ministers, diplomats, businessmen and investors. The reception of the Salvadorian delegation was attended by a number of Dubai Chamber's Board of Directors, heads of its departments and representatives of some top economic entities in Dubai and other businessmen.

Al Ghurair welcomed the Vice President of El Salvador pointing out the economic importance Dubai has acquired while turning to be a regional and international business hub that offers a gateway to a market of more than 2.2 billion consumers. He briefed the Salvadorian delegation about Dubai's economy and the encouraging incentives available to attract investors, which have largely contributed to creating an appropriate business environment.

"Since 2000, Dubai's real GDP has been increasing with an annual growth average of 13%, exceeding its neighboring GCC countries. Dubai's non-oil foreign trade increased by 9.15% to reach AED 523 billion ($ 143 billion) in 2006, compared to AED 480 billion ($ 130 billion) in 2005," said Al Ghurair.

He highlighted Dubai Government's interest in continually upgrading its infrastructure, especially the airports and seaports through which the trade movement of the emirate is largely being handled. He said that Dubai's non-oil trade with El Salvador reached AED 974 million in 2005, adding that the visit of the Salvadorian Vice President would hopefully help increase the trade volume between the two countries.

H.E. Ana Vilma de Escobar, Vice President of El Salvador, hailed the remarkable economic development in Dubai and the UAE in general, stressing that the GDP of El Salvador reached $ 100 billion, making the country the third largest market in Latin America after Brazil and Mexico.

"El Salvador is the most stable country in Central America politically and economically, especially after the economic reforms which took place 15 years ago. Our economy is good and we have the lowest level of inflation among the countries of Central America. We are very keen to enhance our relations with Dubai to attract UAE investors who can establish major projects in different growing sectors in El Salvador," said Escobar.

She noted that El Salvador has signed a number of free trade agreements with Mexico, Chile, Dominican and Panama. The country has privatized a number of sectors such as telecommunication, energy, pension system and banking. The country is currently supporting other sectors such as education, tourism, transport and logistics, aviation, technology, textiles, automobiles, electronics and other agro-industries.

Dubai Chamber conducted a presentation which focused on Dubai's business environment and briefed the Salvadorian delegation about Dubai's mega projects and the available investment opportunities. It was followed by another presentation which was conducted by H.E. Jose Ruben Rochi, Minister of Tourism in El Salvador, in which he spoke of the tourist potentials of his country and the investment opportunities available in this sector, especially the tourism of conventions, and natural, cultural and ecological tourism.