DUBAI, United Arab Emirates--(BUSINESS WIRE)--The Dubai Chamber of Commerce and Industry is finalising its preparations to open a representative office in Buenos Aires, Argentina, its second in Latin America following the opening of the organisation’s office in Brazil last year.
The move comes after Dubai Chamber led several trade missions to Latin America in 2017, which covered Brazil, Paraguay, Argentina, Uruguay, Colombia, Costa Rica and Panama. During the visits, UAE delegates met with public and private sector stakeholders and explored business potential that exists within the markets.
“Dubai Chamber is pushing ahead with an ambitious strategy to expand its presence in Latin America and identify trade and investment opportunities in the region which offer the most potential for our members and the wider business community in Dubai,” said H.E. Hamad Buamim, President and CEO of Dubai Chamber.
He noted that the timing of the Argentina office opening is ideal as the country’s economy rebounds, while reforms drive optimism and business confidence in the market, adding that the decision followed the 2nd Global Business Forum (GBF) on Latin America in Dubai, which was hosted by Dubai Chamber earlier this year.
The high-level forum was a major success as it attracted the participation of current and former heads of state, ministers, senior government officials and business leaders. The event saw the signing of four agreements between the UAE and Latin American countries.
Non-oil trade between Dubai and Argentina amounted to $238 million in 2017, making Argentina the emirate’s fifth largest trading partner in Latin America.
Latin American companies are increasingly viewing Dubai as a global gateway to markets across the GCC, Africa and Asia, and evidence of this trend is reflected by the growing number of Latin American businesses joining the Chamber as members. There are currently more than 400 Latin American companies registered with Dubai Chamber – a figure that marks growth of over 150% when compared to the 2016 figure of 157.
About Dubai Chamber of Commerce and Industry:
Established in 1965, the Dubai Chamber of Commerce & Industry is a non-profit public entity, whose mission is to represent, support and protect the interests of the business community in Dubai by creating a favourable business environment, supporting the development of business, and by promoting Dubai as an international business hub.