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As one of the fastest growing urban economies in the world, Dubai holds the key to unlocking Latin America’s economic potential, offering valuable expertise in key sectors such as logistics, infrastructure, retail, tourism and finance
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, and other guests attended the Latin American Global Business Forum in Dubai on Wednesday. — Ten thousand
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, spoke on Wednesday for the Latin America Global Business Forum 2022 (Latin America Global Business Forum), held on the sidelines of Expo 2020 Dubai. GBF LATAM) was unveiled.
Organised by the Dubai Chamber of Commerce in partnership with Expo 2020 Dubai, the fourth forum explores new avenues for economic cooperation between the UAE, Latin America and the Caribbean countries.
Maktoum bin Mohammed attended a special panel titled ‘Lessons from Diversity and Partnership’ which included Dr Mohammad Ilfaan Ali, President of Guyana; Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; Dubai Chamber of Commerce Chairman Abdul Aziz Al Ghurair; Dubai Chamber of Commerce President and CEO Hamad Buamim also attended.
Dr Ali spoke about the various synergies that exist between his country and the UAE, which he said offer great potential for cooperation.
“The UAE and Guyana have a lot in common, the UAE’s starting point, the size of its population, the factors that drive growth and development, especially oil exploration and revenue. But what the UAE has really taught us is how to use that revenue to diversify the economy, secure systems Quality, improving government services and building state-of-the-art infrastructure – that’s what we want to achieve in Guyana. We want to use the resources we get from our oil resources to build a resilient and diversified economy,” he said.
“We are working with the UAE in several areas, starting with infrastructure development. At the same time, from a governance perspective, we are working together to improve the efficiency of government systems and technology transfer. Driven by technological advancement, efficiency, transparency and accountability Driven by a smaller population is key. We are working on an investment agreement to make it easier for UAE investors to invest in Guyana. We want government-to-government, but also people-to-people cooperation,” he added.
Al Zeyoudi highlighted the importance of the Latin American region to Dubai and the UAE.
“The UAE is looking to diversify its investments globally and for us Latin America is a very important region – we are talking about over 400 million people. Looking back at what has been achieved in Latin America over the past five years, the UAE has dominated Most of the GCC investment in the region. At the same time, our trade volume is now at $9 billion, which shows a huge potential for trade,” the minister said.
“Latin America is a global source of food, and the continent will be one of the solutions to the problem of global food security, which we saw during the pandemic and now we see it again. Going into the region, we hope Encourage the private sector; without the private sector, we cannot expand this relationship. We want to ensure that there are investment protection agreements and highlight opportunities to investors,” added Al Zeyoudi.
Al Ghurair said Dubai is key to unlocking Latin America’s economic potential, one of the fastest growing urban economies in the world, offering valuable expertise in key sectors such as logistics, infrastructure, retail, tourism and finance.
He added: “The 27 countries in Latin America and the Caribbean offer a wealth of untapped potential as the Pacific Alliance, regional economic integration and reform, and Covid-led digital acceleration create new growth prospects.”
Other key themes and issues to be discussed at GBF LATAM 2022 over the next two days are how stakeholders in both regions can take advantage of the opportunities emerging across the Latin American economy, which is projected to grow by 6% in real terms in 2021 according to the latest IMF forecast It will grow by 4.3% between 2021 and 2025. — Wam
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