Dubai Chamber of Commerce announces establishment of Costa Rican Business Council in Dubai to foster stronger bilateral trade and economic relations
The formation of the ‘Costa Rican Business Council in Dubai’ is a strategic move designed to enhance trade ties and strengthen connections between the two markets.
- Mohammad Ali Rashed Lootah: “The establishment of the Costa Rican Business Council in Dubai represents another significant step in further enhancing the trade and investment relationship between the business communities in our respective markets.”
- The chamber welcomed the Minister of Foreign Affairs and Worship of Costa Rica, the Ambassador of Costa Rica to the United Arab Emirates, and the council’s founding members to discuss the formation of the new Business Council.
Dubai, UAE – Dubai Chamber of Commerce, one of the three chambers operating under Dubai Chambers, has announced the establishment of a new Business Council to represent the interests of Costa Rica’s business community in the emirate. The formation of the ‘Costa Rican Business Council in Dubai’ is a strategic move designed to enhance trade ties and strengthen connections between the two markets.
The chamber welcomed a delegation featuring His Excellency Dr. Arnoldo André Tinoco, Minister of Foreign Affairs and Worship of Costa Rica; His Excellency Francisco Chacón Hernández, Ambassador of the Republic of Costa Rica to the United Arab Emirates; and founding members of the council for a special meeting to discuss the council’s formation. The dialogue focused on strategies for collaboration to unlock the full potential of the new business council, which will deliver a host of benefits for companies in both Costa Rica and Dubai.
His Excellency Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated: “The establishment of the Costa Rican Business Council in Dubai represents another significant step in enhancing the trade and investment relationship between the business communities in our respective markets. This collaborative effort comes as part of our ongoing drive to ensure a supportive, enabling, and world-class business environment in Dubai. We look forward to working together to boost bilateral trade and promote cross-border opportunities for business and investments.”
The value of non-oil trade has been growing steadily and reached USD 58.7 million in 2022, representing an impressive annual growth rate of 19%. Bilateral trade and investments are set to increase further following the launch of the new Business Council. Earlier this year, Costa Rica also entered into preliminary CEPA negotiations with the UAE, paving the way for building a significant and influential platform that will further cement the economic relations between the two countries.
Covering markets of strategic importance to Dubai, Business Councils serve as valuable platforms for companies in the UAE and abroad to connect, collaborate, and build mutually beneficial partnerships. Operating under the umbrella of Dubai Chamber of Commerce, the councils drive advocacy efforts, secure legislative enhancements, and build bridges of cooperation with business communities across the globe.
Business Councils are non-profit organisations comprising companies, business owners, and industry experts that represent the interests of companies from specific countries operating in Dubai. The councils work in cooperation with the chamber to promote bilateral trade and investments between businesses in Dubai and the market represented by each council.
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