Dubai Chamber to open representative office in Sao Paulo

Dubai, 15th March, 2015 (WAM) -- In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to access the Latin American markets and in continuation of its strategy to explore promising markets while enhancing the competitiveness of UAE businesses worldwide, a Dubai Chamber of Commerce and Industry delegation visited Sao Paulo recently. The objective of the visit was to finalise Dubai Chamber’s preparations of opening a representative office in Brazil’s most populous city of Sao Pauloas the Chamber delegation headed by its President and CEO Hamad Buamim carried out a series of meetings and interviews with various Brazilian economic entities. During the two-day visit, the Dubai Chamber delegation met the Arab Brazilian Chamber of Commerce, and the Brazilian Stock Exchange in Sao Paulo, the Federation of Goods, Services and Tourism of the State of Sao Paulo, Association of Exporter Industries of Beef, Brazilian Association of Animal Protein, and Federation of Muslims Association in Brazil. The delegation concluded the meetings with MarcioFranca, Vice-Governor and Secretary of Economic Development Science, Technology and Innovation, and Mr Elias Hadad, Vice-President, Federation of the Industries of the State of Sao Paulo. The idea behind Dubai Chamber delegation’s meetings was to get an insight into the Brazilian economy, the challenges lying ahead of the country, to feel the pulse of the Brazilian market by meeting various heads of economic institutions and to discuss the challenges of entering the Brazilian market for Dubai businesses while highlighting the growth prospects and opportunities presented by Dubai’s economy to foreign investors. Buamim said that the Chamber delegation’s visit to Sao Paulo was very fruitful, as the meetings with top business leaders of the country led to very positive and constructive discussions based on the common desire to consolidate economic relations as the time now is right for UAE companies to enter the Brazilian market, he said. "Our quest to raise the competitiveness of Dubai’s business community in line with the Chamber’s strategy of exploring promising markets of the world for its stakeholders while promoting the emirate’s attractive investment environment globally are showing positive signs in the Latin American market," Buamim added. The President and CEO of Dubai Chamber expressed satisfaction at the outcome of the meetings with the heads of Brazil’s leading economic bodies for their willingness to offer all possible help to Dubai’s business community in their country as well as the opening of the Chamber’s representative office in Sao Paulo. The opening of the representative office in Sao Paulo this year will increase the number of Dubai Chamber’s overseas representative offices to five as it already has offices in Azerbaijani capital, Baku, Ethiopian capital Addis Ababa, and Erbil in Iraq’s Kurdistan region as well as one in the Ghanaian capital Accra. Buamim also stressed that the meetings emphasised on how Dubai Chamber can benefit in its objective to strengthen bilateral cooperation from its presence in Brazil as he also lauded the cooperation extended to the Chamber delegation by H.E. Saleh Al Suwaidi, UAE Consul General to Sao Paulo. "Brazil is one of the most vibrant markets in Latin America and has strong positive outlook for future development therefore Dubai businesses can benefit from the lucrative investment opportunities offered by the country," he said. He added, "Last year’s high profile visit by His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, to Brazil has boosted the bilateral relations between the two countries and we look forward to establish an effective presence in the Latin American market." The Brazilian market has been a top priority destination of the future for Dubai Chamber as the Chamber’s recent events including Country Focus Briefing as well as new studies have shed light on the importance of the Brazilian market for the UAE’s business community and this latest visit by the Chamber delegation will lead to the opening of a representative office in Sao Paulo soon, he said. Buamim added that the new representative office will serve as a gateway for Dubai and the GCC region’s investments in Latin America’s most promising markets, especially in the areas of transport, logistics, construction, tourism and agriculture while opening up a gate of opportunities for Brazilian companies looking to expand in the GCC region through their base in Dubai. The President and CEO of Dubai Chamber met MarcioFranca, Vice-Governor and Secretary of Economic Development Science, Technology and Innovation, Mr Endemic Pinto, CEO, the Brazilian Stock Exchange, Mr Marcelo Salem, President, and Mr Michel Alay, CEO, Arab Brazilian Chamber of Commerce, Mr Abram Shaman, President of Federation of Trade in Goods, Services and Tourism of the State of Sao Paulo, and Mr Elias Hadad, Vice-President, Federation of the Industries of the State of Sao Paulo and discussed new ways of enhancing economic cooperation and enhancement of bilateral ties between the two countries. Also, during a dinner hosted by the UAE Consulate in Sao Paulo, Buamim met Mr Antonio Jorge Camardelli, President of Brazilian Association of Exporter Industries of Beef, Mr Ricardo Santim, Market Director, Brazilian Association of Animal Protein, and Mr Mohamed El Zoghbi, President of Federation of Muslims Association in Brazil. On his part, MarcioFranca welcomed the Chamber delegation and invited Dubai companies to explore investment opportunities offered by various lucrative Brazilian sectors while extending his country’s support to Dubai businesses. He lauded Dubai Chamber’s international expansion strategy and expressed his desire to benefit from Dubai’s expertise in key economic sectors as he also praised the emirate’s economic and sustainable growth which he said has become a role model for others in the region to emulate. Study on Brazil Last year, Dubai Chamber has released a detailed study on investment opportunities in Brazil, which showed that the country is the world’s 10th largest consumer of energy and will be a top-10 oil exporter by 2025 while its agriculture sector will continue to lead Brazil’s exports in the coming years. It also stated that Brazil has attracted about half of the foreign direct investment in South America during the years 2012 to 2013. The rate of FDIs averaged at US$53 billion over the last five years and was concentrated in the sectors of manufacturing and services which absorbed 86% of total inflows to Brazil. The total inward FDI is expected to reach US$70 billion by 2018. One of the largest cities of Brazil, Sao Paulo attracted the greatest share of foreign direct investment during the period 2003-2013 with over 800 investment projects, followed by the city of Rio de Janeiro which had more than 200 investment projects. Informing about the factors attracting investors to Brazil, the study highlighted the country’s large and growing domestic market, diversified economy, and stable political environment. – Emirates News Agency, WAM – http://www.wam.ae/en/news/economics/1395277929686.html