H.E. bin Touq: Chile is a valuable economic partner for the UAE in South America and we are keen to elevate these relations to new heights

Abu Dhabi, 30 July 2024:

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a bilateral meeting with H.E. Nicolás Grau, the Minister of Economy, Development, and Tourism of Chile, to explore new avenues to strengthen economic ties between the two countries in the fields of new economy, tourism, aviation, entrepreneurship, e-commerce, renewable energy, technology, and agriculture.

H.E. Bin Touq emphasized the UAE’s robust and expanding economic relations with the Republic of Chile, highlighting that the two countries have successfully forged sustainable and diverse partnerships and agreements across various economic and investment domains.

The meeting highlighted the significance of signing the Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Chile as a major step towards strengthening the existing economic cooperation in various sectors. The primary objective of the agreement is to enhance investment flows, create opportunities, expand trade, and encourage partnerships at the private sector level. Furthermore, it will streamline the access of companies from both countries to promising markets and opportunities in Asia and South America.

H.E. Bin Touq said: “We consider the Republic of Chile as a valuable economic partner for the UAE in South America, as it boasts a favourable investment environment. We look forward to elevating our economic relations to new heights at both government and private sector levels, as well as exploring promising opportunities in sectors and areas of mutual interest.”

The discussions focused on the significance of strengthening collaborative efforts to introduce new programs for small and medium-sized projects in both markets. The two ministers agreed on the importance of empowering the SMEs sector and facilitating the entry of their exports to foreign markets. Furthermore, they highlighted the importance of enabling Chilean entrepreneurs and startups to leverage the unique advantages and enablers offered by the UAE’s business environment.

The two sides discussed mechanisms to enhance bilateral cooperation in various tourism sub-sectors and activities, especially travel and aviation, during the next phase. It also discussed the prospects for launching joint tourism initiatives aimed at promoting the prominent tourism attractions and historical sites in both countries, thus leveraging the diverse tourism capabilities of both markets.

In addition, the discussions highlighted the importance of enhancing dialogue between delegations and trade missions from both nations in the next stage. This will help in keeping them updated on the latest economic policies and legislation developed by each side.

H.E. Bin Touq invited his Chilean counterpart to attend and actively participate in the fourth edition of Investopia, scheduled to be held in February 2025. The event presents a valuable opportunity to discuss strategies for capitalizing on the promising prospects offered by the UAE to investors from across the globe, as well as fostering collaboration across various economic domains.