Dubai Chambers and Chamber of Commerce and Services of Uruguay signed a memorandum of understanding (MoU) with Chamber of Commerce and Services of Uruguay (CCSUY) to encourage, promote and facilitate an effective cooperation in the areas of trade, industry and services.
Under the terms of the agreement, Dubai Chambers and CCSUY will align their efforts to facilitate and expand cooperation, trade and business between their respective members. The two entities will exchange information related to economic, commercial and industrial matters, including information on sectors of mutual interest, as well as business opportunities in the UAE and Uruguay.
The chambers will organise business delegations and encourage their respective members to participate in seminars, webinars, trade fairs, exhibitions and conferences.
The signing was followed by the UAE-Uruguay Business Forum, which was attended by Uruguayan President H.E. Dr. Luis Lacalle Pou; H.E. Sultan Bin Sulayem, Chairman of Dubai International Chamber; H.E. Hamad Buamim, President & CEO of Dubai Chambers; and a high-level delegation of Uruguayan government officials and businessmen.
During the forum, the Uruguayan President pointed out the importance of developing economic relations between the UAE and his country, and benefiting from the capabilities of both sides to strengthen bilateral ties and investment cooperation.
H.E. Dr. Luis Lacalle Pou said that his country is looking forward to promising economic and trade relations with the UAE, calling on Emirati companies to come to Uruguay and invest in it, especially as it provides an ideal environment for the growth of investments in various sectors that can achieve common goals and interests.
Addressing participants, H.E. Bin Sulayem said the agreement builds new bridges of cooperation between business communities in the UAE and takes Dubai’s trade relations with Uruguay to the next level. The presence of H.E. Dr. Luis Lacalle Pou reflects Uruguay’s strong commitment to building economic partnerships with the UAE, he noted, adding that discussions with the visiting delegation would help shape the agenda of the Global Business Forum Latin America, which takes place March 23rd-24th, 2022 at Expo 2020 Dubai.
Dubai’s non-oil trade with Uruguay reached $14.6 million in 2020, accounting for a majority of the UAE’s trade with the Latin America country, H.E. Bin Sulayem revealed, adding that there plenty of untapped trade potential that Uruguayan companies and their UAE counterparts can benefit from.
The strategic agreement was signed by H.E. Hamad Buamim, President & CEO of Dubai Chambers and Mr. Haroldo Espalter, board member of CCSUY, in the presence of Uruguayan President H.E. Dr. Luis Lacalle Pou; H.E. Sultan Bin Sulayem, Chairman of Dubai International Chamber; as well as representatives from both chambers of commerce.
For his part, Haroldo Espalter, board member of CCSUY, said that in this entity, Emirati companies have an ally to successfully explore, develop and promote new business in South American region.
Uruguayan part reaffirmed its commitment to the Emirati institutions in the constant work to seek and create opportunities for cooperation and exchange at the commercial, technological and investment levels between both economies, which have high potential and great complementary with each other, in terms of trade of goods and services.