Dubai CCI to sign agreements of cooperation with several Uruguayan chamber representatives

Dubai Chamber of Commerce & Industry yesterday held several meetings with some Uruguayan organizations including the National Chamber of Commerce and Services, the Uruguayan Chamber of Industry and Mercantile, and the Chamber of National Products, along with a number of businessmen who represent the main productive sectors in Uruguay.

Dubai Chamber showed interest over the initiative of the Uruguayan chambers of commerce for signing agreements of cooperation with Dubai Chamber in the near future aiming to promote the investment opportunities and economic cooperation ties between Dubai and Uruguay. The members of the Uruguayan delegation expressed satisfaction over their visit to Dubai, and they invited Dubai Chamber members and businessmen to visit Uruguay to continue the fruitful contacts achieved during their visit to Dubai.

Dubai Chamber of Commerce & Industry yesterday (Tuesday) organized a special reception at Emirates Towers Hotel in Dubai for Honorable Tabare Ramon Vazquez Rosas, President of the Republic of Uruguay, and his accompanied high-ranking delegation comprising of a number of ministers, mayors, diplomats, businessmen and investors. The reception was attended by H.E. Obaid Humaid Al Tayer, Chairman of Dubai Chamber of Commerce & Industry, a number of Dubai Chamber Board of Directors, director general and heads of its departments, in addition to H.E. Jose Luis Bruno, Ambassador of Uruguay to the UAE.

Al Tayer highlighted the significant importance of Dubai as one of the fastest growing cities and the best-developed economies in the world, thanks to its government economic policy and the efficiency of its ambitious strategic plans adopted by the UAE's leadership who are turning the country into the most attractive destination for foreign investments.

Al Tayer stressed the growing importance of Dubai that depends on its policy of free economy and diversification of incomes which enable the Emirate to turn into a regional and international business hub in the region that offers a gateway to a market of more than 2 billion consumers. He said the attractive investment incentives provided by the government of Dubai has helped in creating an encouraging business environment that succeeded in attracting foreign capitals and investments.

"The continuous boost of Dubai's economy and the encouraging environment incentives have resulted in a 9% rise in the overall non-oil foreign trade of Dubai reaching $143 billion in 2006," said Al Tayer.

He pointed out that Dubai's non-oil foreign trade with Uruguay was valued at ($1.5 million) AED 5.4 million in 2006, stating that the visit of the President of Uruguay and his accompanied delegation to Dubai and their meeting with Dubai businessmen to introduce the investment opportunities available in the emirate would help the bilateral trade between the two countries to increase dramatically.

Al Tayer said that Dubai Chamber is always interested in playing its leading role highlighting the civilized and progressive aspects of Dubai through supporting the emirate's business community and providing them with various value-added services that help them improve their businesses and enhance their competitiveness in order to be able to access global markets and open channels of communication with their counterparts worldwide.

Honorable Tabare Ramon Vazquez Rosas, President of the Republic of Uruguay, stressed his government's interest to strengthen its diplomatic and economic ties with Dubai and the UAE in general, in addition to activate its relations, encourage investment and sign commercial partnerships between the two business communities in Dubai and Uruguay. He said that Uruguay's economy is based on agriculture and related agricultural industries representing 23% of the country's GDP, and more than two thirds of its exports.

"We admire the fast and strong economic development that Dubai and the whole UAE are witnessing, and that prompted us as a government of Uruguay to take a serious step towards strengthening our trade and economic relations with Dubai and open new channels of communication between the Uruguayan business community and its counterpart in Dubai to discover and benefit from the investment opportunities available in both countries," said The Uruguayan President.

His speech was followed by a presentation conducted by Dubai Chamber through which the visiting Uruguayan delegation learned about the aspects of Dubai economic development and the outstanding mega projects carried out in the emirate, along with the facilities offered by Dubai Government to foreign investors in one of the most attractive business environments in the region.

The Uruguayan delegation conducted another presentation which highlighted the country's economic, tourist and social potentials. The presentation stated that Uruguay's economy started to revive after 2003 representing about 2.5% of the country's GDP. Its economy started to grow in 2004 recording a rate of 12.3% of Uruguay's GDP which surged in 2005 to reach $ 18.6 billion. The country's rate of growth is expected to reach 4.5% this year.

The presentation also mentioned that Uruguay's economy is based on free enterprise and private ownership, and in spite of some de-monopolization and privatization over the past ten years, the country's government sector continues to play a major role in the economy, mainly in the sectors of water supply and electricity, telephone services, petroleum refining, airlines, postal service, railways and banking.