Dubai, Colombia look to continue strong trade volume

Trade activity has steadily increased between Dubai and Colombia, with bilateral trade growing, on average, by 18.9 percent each year -- which amounts to $63.8 million between 2010 and 2015.

Imports and exports increased by 48.1 percent and 5 percent, respectively, to achieve $35 million and $10.76 million. In addition, re-exports skyrocketed 56.5 percent to $17.9 million over the previous year.

The Dubai Chamber of Commerce and Industry released the above trade statistics in preparation for the Global Business Forum on Latin America, themed “Shifting Synergies,” which will be hosted Nov. 9-10 at Atlantis the Palm in Dubai.

“Colombia’s economy is built on many of the same sectors and industries that we excel in here in Dubai,” Hamad Buamim, president and CEO of Dubai Chamber, said.

“Finance, insurance, real estate and business services make up a fifth (19.86 percent) of the Colombian economy, while construction makes up 7.47 percent: this opens up several avenues for cooperation between our two countries,” Buamim said. “We at Dubai Chamber intend to establish synergetic relationships with our partners in Colombia.”

The forum, which aims to delve into investment and business possibilities between the Middle East and Latin America, is supported and organized under the management of Mohammed Al Maktoum, UAE vice president and ruler of Dubai.

Executives and prominent stakeholders are anticipated to attend the event, in addition to heads of private banks, sovereign wealth funds and private equity firms. More than 500 guests are expected, which will also include heads of state, policymakers, CEOs, business leaders, investors and industry professionals.

Colombia is home to the fastest-growing information technology sector in the world, paired with operating Latin America’s longest fiber optic network. This has solidified the two nations' connection because the UAE aims to develop futuristic cities, as proposed in the country’s strategies and goals.