(MENAFNEditorial) PROECUADOR, the Trade and Investment promotion organisation of Ecuador, organised its first trade forum in the UAE on 29th September, with more than 150 attendees from the business sector and government departments in the UAE.
Attendees were presented with proven strategies on how to invest in and trade with Ecuador. The forum, entitled 'Connecting with Ecuador', led by His Excellency Kabalan Abisaab, Ecuadorian Ambassador to Qatar, His Excellency Sami Al Qamzi, Director General, Department of Economic Development (DED); and Engineer Mahmood Al Bastaki, CEO, Dubai Trade received an overwhelming response from both the public and private sectors.
"We are pleased with the outcome of the forum, which showed the level of interest of the UAE business community in exploring trade and export ties with Ecuador. The forum has helped us connect Ecuador with the local businesses on an enhanced level and we look forward for future opportunities to work together towards the success of our relations," said His Excellency Kabalan Abisaab.
"Currently, trade between Ecuador and Dubai does not exceed AED 52 million but the sharp rise witnessed in bilateral trade since 2010 points to a dynamic future. Dubai's exports and re-exports account for around 80 per cent of its total trade with Ecuador. Exports from Dubai to Ecuador have grown 60 per cent during the past three years while imports grew threefold. Aiming at a target proportionate to Ecuador's share in the total GDP of Latin America can lift bilateral trade between Dubai and Ecuador by at least 50 per cent over the current volumes," His Excellency Sami Al Qamzi said in his keynote address.
Hussam Hassan, Head of the Ecuadorian Commercial Office in the UAE added; "The response we received through the forum particularly from the government reflects the growing need for both countries to further improve and strengthen not only trade relations and strategic partnership but also our bilateral frameworks."
Among the topics presented at the forum were Ecuador's vast business opportunities, including the introduction of an array of quality Ecuadorian products which local companies can launch in the local market. Globally known for its high quality products such as fruits, coffee, chocolates, wood and flowers, Ecuador is capable of meeting the unique needs of the UAE and the region.
Engineer Al Bastaki tackled Dubai Trade's role in connecting UAE companies to Ecuador in terms of trade procedures for exporters and importers on both sides. Meanwhile, Prasad Katta, Western Union Business Solution's Regional Director for Middle East & Africa, presented various effective payment solutions for trading with Ecuador.
"'Connecting with Ecuador' event is an excellent platform to exchange business opportunities and forge stronger ties between the trading communities in Ecuador, Dubai, and the surrounding GCC region," said Al Bastaki. "Dubai is an ideal base for Ecuadorian businesses to access GCC, MENA and Indian subcontinent markets due to its extensive infrastructure and diversified economy which opens the doors to significant investment opportunities.
Al Bastaki added; "UAE and particularly Dubai always welcomes Ecuadorian companies to enter its market, via a multitude of sectors such as: trade, logistics, construction and real estate, tourism, and financial services. The establishment of PROECUADOR would help local companies to expand in Ecuador and vice versa. Dubai Trade FZE is glad to be part of today's function and my special thanks to PROECUADOR for extending the invite to share the possible ways to promote mutual cooperation between UAE and Ecuadorian companies."
Meanwhile, Katta said; "SMEs are major drivers of business and employment in the UAE. Western Union (WU) Business Solutions offers dedicated foreign exchange and payment services to SMEs, enabling them to make fast and reliable cross-border payments in more than 135 currencies. WU Business Solutions is pleased to be associated with this event by introducing its services that would make trading with Ecuador more attractive."
Other topics included Corporate Structuring presented by Maria Rubert, Partner of M/Advocates of Law and Importance of Trade Credit insurance explained by Schuyler D'Souza, Country Manager, Credit Insurance at Orient PJSC & GCC Head of Atradius. Samir Hamadeh, General Manager, Alpha Tours talked about Ecuador's attractions as one of the best tourist destinations in South America while Michael Wunsch, Managing Director of Barakat Quality Plus, shared his experience of doing business with Ecuador.
"I did not know what to expect from a country so far away, but was pleasantly surprised with the excellent organisational set-up by PROECUADOR Office in UAE and Ecuador. We are very keen to import products from Ecuador especially pineapples which are among the best quality in the world," said Wunsch.
One of the fastest growing economies in South America, Ecuador is gaining ground in the UAE as one of its key trade partners. Ecuador's imports from the UAE grew on an annual average of 56 per cent from 2008 to 2012, while Ecuador's exports to UAE posted an annual average growth of 9 per cent during the same period. In 2012, the total exports of the UAE to Ecuador amounted to US$ 34.6 million whereas; the total non-oil imports of the UAE from Ecuador accounted US$ 4.9 million.
The trade forum was organised by PROECUADOR and supported by the Department of Economic Development and Trade & Export magazine. CNBC Arabia and Khaleej Times were the forum's official broadcast partner and media partner respectively.
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