Dubai, Bogota Chambers to boost bilateral ties

DUBAI, 28th February, 2018 (WAM) --The Dubai Chamber of Commerce and Industry today signed a memorandum of understanding, MoU, with the Bogota Chamber of Commerce on the sidelines of the Global Business Forum on Latin America 2018, which will pave the way for stronger investment and trade ties between Dubai and the city-region of Bogota, Colombia. The MoU was signed by Hamad Buamim, President and CEO of Dubai Chamber, and Monica De Greiff, Executive President of the Bogota Chamber of Commerce. The two parties also pledged to promote bilateral relations through an exchange of economic and business information, with the aim of fostering cooperation on enterprise and investment initiatives. Under the terms of the MoU, the two chambers agreed to regularly exchange economic information and provide mutual assistance to understand their respective markets; foster enterprise initiatives that improve market access and capitalise commercial and investment opportunities; and cooperate on promoting events to their members and providing guidance and orientation to those interested in attending them. The parties pledged to facilitate and provide information about the main exhibits and international trade shows being held in their respective countries to promote bilateral trade and investment, and encourage their members to resolve any commercial disputes or disagreements that might arise in the course of their business transactions through negotiation, mediation or arbitration. "Latin American markets are among the most important emerging markets in the world today, and business communities around the world have taken notice – including here in Dubai. This was one of the main reasons that prompted the Dubai Chamber of Commerce and Industry to launch the Global Business Forum on Latin America as an ideal platform for cooperation between government and business leaders in the UAE, GCC and Latin America," said Buamim. He went on to say, "With that in mind, we are delighted to be entering into this agreement with the Bogota Chamber of Commerce. We hope that this MoU will help boost Dubai’s non-oil trade with Colombia, which stood at AED387 million in the first nine months of 2017." "The Bogota Chamber of Commerce has worked to provide legal certainty, business strengthening and an auspicious business environment in the Bogota Region, and this MoU is one of many ways that the Chamber seeks to provide a broader perspective for business, articulating cooperation and integration opportunities with relevant actors like Gulf countries that will certainly provide an added value to the economic perspective of the city-region," De Greiff added. The Global Business Forum on Latin America is part of Dubai Chamber’s Global Business Forum series, launched in 2013 to highlight new investment opportunities in a number of emerging and dynamic global markets, including Africa, the Commonwealth of Independent States, CIS, and Latin America. The second edition of the forum brought together top-level decision makers, including heads of state, ministers, dignitaries, prominent CEOs, heads of private banks, sovereign wealth funds, private equity firms, business leaders, and entrepreneurs from Latin America, the GCC and beyond.