DMCC – the world’s flagship free zone and Authorities of Dubai Authority on commodities commerce and enterprise – has introduced a 21% rise within the variety of corporations becoming a member of from Colombia because the begin of the yr. The expansion means DMCC is now house to 23 corporations from Colombia, and over 150 corporations from throughout South America.
Alongside the announcement, DMCC additionally signed a Memorandum of Understanding (MoU) with the Bogota Chamber of Commerce, marking a big step in additional deepening its financial ties with Colombia. The brand new partnership goals to reinforce the trade of financial info and increase enterprise progress by means of focused help for enterprises and occasions promotion.
Each bulletins had been made as DMCC efficiently concluded its Made For Commerce Dwell (MFTL) roadshow in Colombia, marking its third go to in as a few years. With a give attention to espresso, valuable stones and know-how, DMCC visited the Colombian capital Bogota and the neighbouring metropolis of Medellin, highlighting alternatives for Colombian companies to develop their operations globally by means of Dubai.
DMCC’s go to follows the historic signing of a brand new UAE-Colombia Complete Financial Partnership Settlement (CEPA), which is predicted to greater than double non-oil bilateral commerce to USD 1 billion throughout the subsequent 5 years. Colombia’s commodity-rich and innovation-driven market gives numerous export potential, which is completely mapped to DMCC’s commodities and Web3 ecosystems.
Ahmed Bin Sulayem, Govt Chairman and Chief Govt Officer, DMCC, mentioned: “Colombia is a richly numerous nation with an ample bodily commodities market. Recognised as the most important exporter of coal to the U.S., Colombia can also be one of many high producers for emeralds, the second largest espresso producer in Latin America, and a high ten cacao producer. In 2022, Colombia exported USD 2.59 bn in bullion, making it a high 30 gold exporter. With the UAE-Colombia CEPA now getting into into pressure alongside DMCC’s new strategic partnership with the Bogota Chamber of Commerce, we’ve got a serious alternative to make use of this as a springboard to deepen our regional connectivity and drive mutual financial progress. I’m subsequently delighted to be again in Colombia at this pivotal time to have interaction with the enterprise group and guarantee Colombian corporations can take full benefit of the commerce alternatives Dubai has to supply.”
HE Mohamed Alshamsi, Ambassador of the UAE to Colombia, mentioned: “The UAE and Colombia are collaboratively constructing an period of bilateral prosperity, constructed on a basis of elevated commerce and financial exercise in addition to information and cultural trade. It’s by means of occasions corresponding to DMCC’s roadshows that we improve these concerted efforts, so I congratulate the DMCC workforce on their efforts right here in the present day.”
Ovidio Claros, Govt President of the Bogota Chamber of Commerce, mentioned: “Our MoU with DMCC has come at an thrilling time as our nation’s financial ties proceed to flourish. Our central intention is to offer Colombian companies with an array of enterprise initiatives and occasions that may foster deeper connections and current growth alternatives into new markets. As well as, the trade of financial info will deepen our mutual understanding of market dynamics, making certain the related commerce and funding alternatives are entrance and centre.”
The 2 Made For Commerce Dwell occasions had been hosted in partnership with the UAE Embassy in Bogota, the Bogota Chamber of Commerce and ANDI – the Nationwide Enterprise Affiliation of Colombia. Over 400 Colombian enterprise leaders had been briefed on the business enchantment of Dubai and the convenience of doing enterprise inside DMCC’s enterprise district. The occasions had been a part of DMCC’s strategic drive to draw a brand new wave of Colombian companies to Dubai, with the nation representing a key goal market.
DMCC’s roadshow programme performs a pivotal position in spotlighting Dubai as a premier enterprise vacation spot. All through the sequence, DMCC emphasises Dubai’s distinctive worth proposition in attracting international direct funding (FDI) to the emirate. Notably, DMCC contributes 15% to Dubai’s annual FDI inflows, and in 2023, the enterprise district achieved its second-best yr on file, welcoming almost 2,700 new corporations. DMCC is now house to over 24,000 companies from across the globe.