Mutual investment, trade partnerships with Dubai on solid footing, says Paraguay

The Expo 2020 Shandong Week made a grand opening with a theme of Origin of Silk Road, Home to Innovation on March 22, 2022 at the China Pavilion, linking Jinan City in Shandong Province and Dubai in the United Arab Emirates.

Ali Al Dhaheri, U.A.E. Ambassador to China, said, “U.A.E. and China’s Shandong Province have established extensive and profound cooperation in the fields of infrastructure, tourism, food and energy. Now the China Pavilion is showcasing China’s top achievements in science and technology and sustainable development to the U.A.E. and surrounding regions.”

Ni Jian, Chinese Ambassador to the U.A.E., said, “The trade volume between Shandong and the U.A.E. reached nearly 8.3 billion US dollars in 2021, with a 71.5% year-on-year increase, and many well-known Shandong companies have invested in the U.A.E.”

Hamad Buamim, President and CEO of the Chamber of Commerce and Industry, pointed out that Expo 2020 Dubai is providing an excellent opportunity for China to promote its investment opportunities, products and innovations, besides the huge economic potential.

Deputy Governor of Shandong Province Ji Binchang said he hopes to strengthen and consolidate the cooperation with U.A.E. in technology innovation, investment, trade, banking and financing service, art, culture, epidemic control, etc.

The Economic Trade and Cooperation Forum on the same day helped the cooperation between the Abu Dhabi Department of Economic Development and the Department of Industry and Information Technology of Shandong. The other heavyweight cooperation achievements are Tyre Public Overseas Warehouse in U.A.E., EnerTech Dubai 10 MegaWatts Solar Project, East Africa Commercial and Logistics Centre Project, and Ghana Petroleum Refinery EPC Project.

The Expo 2020 Dubai has furthered and catapulted the prospects of strengthening bilateral trade and investment relations between Dubai and Paraguay, says officials from the South American country at Expo 2020 Dubai.

Speaking to the media ahead of the Global Business Forum LATAM 2022, to be held under the theme `Towards a Resilient Future’ from March 23-24 in a hybrid format at the Expo, H.E. Ambassador Estefenia Laterza, Vice Minister for Investments and Exports Network, Rediex of Paraguay, said, “I am confident that the Global Business Forum LATAM will be yet another milestone opportunity for both parties to further drill down on identified partnership prospects and on how to create a mutually beneficial future together.”

“Paraguay has held a few excellently received Middle East business forums during the Expo 2020 Dubai ever since the opening in October 2021, and the results have buoyed us up further in terms of the pan-vertical trade and investment avenues Dubai and Paraguay can explore together going forward,” she added.

The Business Forum is aimed at exploring synergies between Latin America, Dubai, and the UAE in general. The Forum launched in 2016, exclusively focuses beyond the traditional markets of the US, Europe, and China.

Since the opening of the Expo 2020 Dubai, Paraguay held many large and small business forums in the quest of cementing business relations between the governments as well as private and public sectors of both countries.

Paraguay celebrated its Expo 2020 Dubai National Day on March 4, 2022, with the visit of H.E. Mario Abdo Benitez, President of the Republic of Paraguay, amidst dazzling cultural performances that showcased the country’s unique and diverse talents.

“Paraguay will also have direct diplomatic presence in the UAE soon with the opening of an embassy, and we believe that this is a move in the right direction supporting and complementing the excellent relations both countries share,” said Mrs. Laterza.

She pointed out that the opening of the embassy is a key component of Paraguay’s strategic focus on the development of a significant trade and investment agenda, looking for a partnership mutually beneficial for both countries and their regions.

“Expo 2020 Dubai presented us, as well as to other Latin American countries, an excellent platform to enhance bilateral relationship with the UAE and the Middle East region in general, while also offering avenues to expand trade ties with other participating countries from across the world,” said H.E. Luis Castiglioni, Minister of Industry and Trade of Paraguay.

Paraguay wants to look at Dubai as a vantage point for the country to expand its global trade. Paraguay – UAE bilateral trade stands at US$25.8 million in 2020 with the UAE imports at US$19.5 million.

Both the UAE and Paraguay have identified various key verticals for enhanced cooperation, which includes food security, technology, healthcare, energy etc. Paraguay is also known for its food and beverages, biofuels and renewable energy to forest products and floriculture to meat and meat derivatives. The country is also a leader in exports of clean energy, soybean, stevia, and meat.

Paraguay also held a meat-focused event in Dubai earlier this month, in line with its reputation as one of the world’s top beef exporters. The event was attended by leading business leaders from both UAE and Paraguay. H.E. President Mario Abdo Benitez graced this event, along with officials from the UAE authorities.

Last year Paraguay exported over 283,214 tons of beef across the world.

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