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Colombia hopes to triple trade with the UAE in two years: President

Published: Updated:

Colombia hopes to triple trade with the United Arab Emirates within the next two years, the country’s president said in an interview with official UAE news agency WAM.

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President Ivan Duque also told WAM that he hopes bilateral trade will reach a value of more than $1 billion by 2030.

“Do I see a potential to achieve US$1 billion [by 2030]? Yes, and it could reach higher than that. But I think we must connect the markets, eliminate barriers and be able to bring investments from the UAE to Colombia,” he said.

“I really believe that the next challenge is to triple the trade [figures] between Colombia and the UAE over the course of the next 24 months and be able to have the biggest ever investment by the UAE in Colombia.

“I’m certain that green energy, hydrogen, non-conventional renewable energy sources and conventional energy like oil and gas will have a lot of interest from the UAE investors in Colombia.”

The most recent figure from the UAE’s Ministry of Economy, published in 2020, said the non-oil bilateral trade between the two countries amounted to US$176 million in the first half of 2019.

Duque, 45, was on an official visit to the UAE, and has visited Dubai Multi Commodities center (DMCC) on Friday alongside 50 Colombian business leaders and a delegation of his ministers.

This is his first official visit to the UAE. The two countries established their diplomatic ties 45 years ago, and Colombia was one of the first countries to support the UAE’s bid to host Expo 2020 Dubai.

There are no direct flights between the two countries yet. However, the Colombian President revealed that he will discuss it with Emirati officials on Sunday.

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