High-level Colombian ministerial delegation visits UAE to boost trade and investment

The delegation will be led by Colombian Minister of Foreign Affairs Jaime Bermudez, along with the Minister of Trade, Industry and Tourism, Luis Plata, and the Minister of Mines and Energy, Hernan Martinez.

The arrival of the ministerial delegation is another firm step forward in the rapid development of relations between the two nations since the ground-breaking visit to the UAE of Minister Plata in October 2008.

The ministers will be accompanied by a delegation of high-profile businessmen and government officials, including Proexport (the Colombian agency for export, investment & tourism promotion), Ecopetrol (the Colombian National Oil Company), the National Agency for Hydrocarbons, the President of the Colombian Businessmen Association and other representatives of various sectors such as hospitality, port infrastructure, industry and urban transportation.

The Colombian ministers will be meeting UAE authorities and business groups in Abu Dhabi and Dubai to discuss various issues currently in development between the two nations, particularly related to the expansion of trade, investment and diplomatic relations.

They will also hold meetings with UAE top personalities, including H.H. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, and includes meetings with H.H. Sheikh Abdullah Bin Zayed Al Nahyan, Minister of Foreign Affairs, H.H. Sheikha Lubna Bin Khalid Al Qassimi, Minister of Foreign Trade, H.E. Mohammed Bin Dha'en Al Hamili, Minister of Energy, H.E. Mohammed Al Gergawi, Minister of Cabinet Affairs, and other top officials.

On the business side, meetings are scheduled with the Chairman of Emirates Group H.H. Sheikh Ahmed Bin Saeed Al Maktoum, Mubadala, the Royal Group, Dubai World and a series of investment funds and economic groups of the UAE.

The interesting potential that this new relation has for both sides was highlighted by H.H. Sheikh Abdullah Bin Zayed Al Nahyan, UAE Minister of Foreign Affairs, during his visit to Bogota heading a delegation of businessmen and government officials just two weeks ago. The huge potential of the country for UAE investments was highlighted in that occasion, particularly in oil, energy, industry, infrastructure, tourism and agriculture.

Over the past 12 months, Colombia has received business and investment missions from Abu Dhabi, secured millions of dollars in investments from Emirati funds, become the first Latin American country to eliminate visa requirements for UAE nationals, and negotiated an agreement with the General Civil Aviation Authority to open air connections between the two countries.

In addition to this, the Colombian government will open an Embassy in Abu Dhabi in 2010 and has already started to work on a proposal to discuss a free trade agreement with the authorities of the UAE.

Currently, Colombia is the fourth biggest Latin American economy and the third destination of foreign investment in the region after Brazil and Mexico. Despite the world economic crisis, Colombia had a GDP growth of 2.5% in 2008. The country was ranked by the World Bank as the number one in Latin America for ease of doing business in 2009.

Colombia has 45.6 million inhabitants, an extremely diverse geography and culture, and is now a first-class international destination that has been featured as a hidden tourism treasure by respected international media in the past few years. The country has doubled the number of international visitors since 2003.

To commemorate the arrival of the delegation and the announcement of the opening of the Embassy in Abu Dhabi, a "Colombian Day" celebrated at the Royal Meridien Hotel in the capital on November 8. Colombian music, dance, exotic fruits and traditional dishes will form an important part of the event hosted by the 'Colombia is Passion' agency as a way to showcase the rich and diverse cultural heritage of the South American country.