Dubai Chamber explores new Chilean market for its members

The quarterly briefing event is part of the Chamber's drive to explore and tap new emerging markets across the globe.

Presided by HE Eng Hamad Buamim, Director General, Dubai Chamber, the quarterly event was organized in association with the Chilean Embassy in the UAE and ProChile, and saw the participation of HE Jean-Paul Tarud Kuborn; Ambassador of Chile to the UAE, and Carlos Salas; Trade Commissioner of Chile, ProChile.

Representatives and members of the Dubai Chamber's Business Councils and Groups were given an insight into Chile as an export destination and the opportunity to network with trade bodies and businessmen from the South America.

Said Buamim: "Dubai Chamber is constantly exploring new business opportunities both locally and internationally on behalf of its members. We see a great deal of potential in South America, and Chile is our gateway to that part of the world".

Buamim further stressed on the number of opportunities that exist for UAE companies in various Chilean economic sectors including ports, construction and public work projects as well as manufacturing, aquaculture, tourism and real-estate. He recommended Chile to use the UAE as a hub for re-exports as the country is negotiating FTAs and is looking for increased trade with its Asian counterparts.

The Director General of Dubai Chamber highlighted the Chamber's role in exploring new overseas investment markets for its members as well as attracting FDIs to the emirate by promoting it as a global business hub in light of its diversified economy, open door policy, world-class infrastructure, transparent laws and the stringent economic policies of the Government in supporting the unprecedented growth of the Emirate.

Said HE Jean-Paul Tarud Kuborn, Ambassador of Chile to the UAE,

"The relationship between Chile and the UAE has taken a new and positive route since 2006, when the Trade Commission of Chile was opened. Trade increased by over $100m in one year and business activity between both countries went up by 160%. Today, we have a full fledged Embassy in the UAE and look forward to the opening of the UAE Embassy in Chile soon. We see a great future in our mutual cooperation, especially since both countries are trade and business platforms for their respective regions."

Carlos Salas, Trade Commissioner of Chile, ProChile, said: "Chile and Dubai share a common vision and approach to bilateral engagement. We are working in the UAE while focusing on Dubai as a hub to identify opportunities for trade and investment between both countries. Chilean companies are capable of providing value-added products for different sectors in the UAE."

Added Salas, "This Country Focus Briefing definitely supports our work here in Dubai to promote our country as a business destination and a world-class food and beverage supplier."

Dubai Chamber members' exports to Chile reached Dhs14.1m at the end 2009. The two sides mostly traded in vegetable products, wood, cellulose products, basket ware and food stuff. The UAE is the only GCC country with any materialised investment in Chile and despite the global financial crisis; both the economies are financially sound and will be the first to gain when the global economy revives.

Chile has a history of being perhaps the most stable country in the Latin American region with continued policies of open and free trade. Though small in size relative to large economies such as Brazil, Chile has nevertheless attracted and retained high levels of foreign direct investment.