Dubai Investment Development Agency (Dubai FDI), an agency of the Department of Economic Development (DED) in Dubai, recently toured Mexico and Panama as part of its growing focus on the Americas as a major source market for investment and trade into the UAE.
Fahad Al Gergawi, Chief Executive Officer, and Khalid Al Boom, Deputy CEO of Dubai FDI interacted with business representatives and investors in Mexico City and Panama City during their visit to the two national capitals, briefing them on the benefits of doing business in Dubai and the diversity of infrastructure and services in the emirate.
“Recent developments are set to enhance the UAE’s bilateral engagement with Mexico as well as Panama remarkably. Our visit was aimed at expanding our coverage of the strategic markets across the Americas and enabling investors and businesses in Mexico and Panama to make the best use of remaining connected with the UAE, particularly Dubai,” commented Al Gergawi.
Recently, ProMexico, the Mexican trade promotion body opened its office in Dubai to enhance trade and investment between the two countries. Panama City will be connected to Dubai with the longest commercial flight in the world when Emirates starts flying between the two cities in February 2016.
“Mexico is a key regional player with solid economic fundamentals and 90% of its trade is under free trade agreements. It has a rapidly developing and modern industrial and vast agricultural sectors and services account for over 70% of GDP. A major thrust in the country’s economic strategy nowadays is on revamping its infrastructure. Dubai can provide the right ground for Mexico’s export-oriented economy to achieve its desired growth,” remarked Al Gergawi.
The Dubai FDI team addressed a gathering of 90 people representing key businesses and investors in Mexico City, with the support of the UAE Embassy in Mexico. A special session was also organised for strategic investors in Mexico with the support of the legal firm Greenberg Touareg.
“We saw a high level of awareness about Dubai and interest in doing business in Dubai during our meetings. The Mexicans were particularly interested in the manufacturing, agricultural and trading sectors and in machinery and financial services, particularly sukuk. Francisco Alonso, the Mexican Ambassador to the UAE, and Enrique Abod, Director of the ProMexico office in Dubai, gave valuable support, connecting us with Mexican businesses and investors,” said Al Gergawi.
In Panama City, Dubai FDI highlighted the various benefits of having direct air connectivity to Dubai and exploring common ground.
“Similar to Dubai, Panama is also a strategic logistics hub as Panama Canal passes through the country and both economies are dominated by the services sector. Dubai’s expanding free zones and Dubai Maritime City present further opportunities for collaboration as its flagship registry and free zones have played a lead role in making Panama the second largest economy in Central America,” added Al Gergawi.