The UAE and Colombia enhance trade and investment cooperation within the framework of the Comprehensive Economic Partnership Agreement
Thani Al-Zeyoudi conveys the greetings of the wise leadership to the Colombian President during his visit to the capital, Bogota.
Minister of State for Foreign Trade: Colombia is the fourth largest economy in South America and represents a promising opportunity for investors and entrepreneurs in the Emirates.
– The Colombian President: The Comprehensive Economic Partnership Agreement is an important milestone in the prosperous bilateral relations with the UAE.
$553.1 million UAE-Colombian trade in 2023, an increase of 43% compared to 2022.
Bogota – Colombia, April 19 / WAM / His Excellency Gustavo Petro, President of the Republic of Colombia, received, at the Presidential Palace in the capital, Bogota, His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, on the sidelines of the high-level visit of the UAE delegation to Colombia.
During the meeting, His Excellency Dr. Thani bin Ahmed Al Zeyoudi conveyed the greetings of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, “may God protect him,” His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, “may God protect him,” and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister and Head of the Presidential Office, and their wishes to the leadership of the Republic of Colombia and its friendly people for further advancement, progress and prosperity.
President Gustavo Pietro and His Excellency Dr. Thani Al Zeyoudi stressed that the Comprehensive Economic Partnership Agreement is an important milestone in relations between the UAE and Colombia and represents an additional step in the prosperous bilateral relations, as bilateral non-oil trade achieved $553.1 million in 2023, a record increase of 43% compared to the year. 2022 and more than double the total achieved in 2021.
The Comprehensive Economic Partnership Agreement would contribute to doubling these numbers within five years after its implementation by reducing customs tariffs, removing trade barriers, and improving market access for exports of goods and services.
The agreement will also open paths for investment and joint projects in sectors such as energy, environment, hospitality, tourism, infrastructure, agriculture and food production.
During the visit, His Excellency Dr. Thani bin Ahmed Al Zeyoudi met with a number of ministers, senior government officials and representatives of the private sector within the framework of enhancing economic cooperation and supporting bilateral relations, after signing the Comprehensive Economic Partnership Agreement between the two countries.
His Excellency Dr. Thani Al-Zeyoudi discussed with His Excellency German Umana Mendoza, Colombian Minister of Trade, Industry and Tourism, the strengthening of economic, investment and trade relations and the creation of an effective commercial investment climate between the two countries within the framework of the comprehensive economic partnership agreement signed, which contributes to the free flow of trade and investment between the two countries.
Participating in the meeting was Her Excellency Carmen Caballero, President of ProColombia, the government agency charged with promoting Colombian companies and the country’s brand at the international level.
His Excellency Dr. Al-Zeyoudi said that Colombia is the fourth largest economy in South America in terms of gross domestic product and has high-level skills and abundant natural resources, including coffee, oil, gas, coal and gold, which contribute significantly to its gross product. It also enjoys a strategic location as an economic destination. For entire South American countries.
His Excellency added, “Through its investments in digital infrastructure and new industrial sectors, we are confident that investors and entrepreneurs in the UAE will be able to benefit from a large number of opportunities as a result of our growing relations.”
His Excellency said: We invite Colombian companies to explore the opportunities provided by the growth-stimulating business environment in the Emirates, and the capabilities it provides that support the growth of foreign investments and contribute to the international trade movement, as the Emirates has a strong land, sea and air transport network to various markets around the world.
His Excellency Dr. Thani Al-Zeyoudi urged participants in the high-level round table meeting, which included senior officials and representatives of leading companies and investors, to build on the growing bilateral relations and enhance cooperation with the private sector.
His Excellency Dr. Thani bin Ahmed Al Zeyoudi also met with members of the chambers of commerce in the UAE and Colombia, calling for benefiting from the Comprehensive Economic Partnership Agreement between the two countries with the aim of reaping the benefits of greater economic integration.
The Comprehensive Economic Partnership Agreement between the UAE and Colombia comes within the framework of the UAE’s Comprehensive Economic Partnership Programme, which seeks to raise the value of the country’s non-oil foreign trade to 4 trillion dirhams by 2031, as comprehensive economic partnership agreements were signed with India, Israel, Indonesia, Turkey, Cambodia, Georgia and Costa Rica. .
The meetings were attended by His Excellency Mohammed Abdullah Al Shamsi, UAE Ambassador to the Republic of Colombia, while the UAE delegation included His Excellency Rashid Abdul Karim Al Balushi, Undersecretary of the Department of Economic Development – Abu Dhabi, His Excellency Juma Mohammed Al Kait, Assistant Undersecretary of the Ministry of Economy for Foreign Trade Affairs, and His Excellency Mohammed Juma Al Musharrakh, CEO of the Office Sharjah Foreign Direct Investment “Invest in Sharjah”, His Excellency Ahmed Khalifa Al Qubaisi, CEO of the Abu Dhabi Chamber of Commerce and Industry, and His Excellency Sultan Al-Hindassi, Director General of the Fujairah Chamber of Commerce and Industry, in addition to a group of business leaders and senior executives in leading private sector companies in various sectors, including food. Agriculture, energy, logistics, healthcare and finance.
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