Dubai to be global hub for products from Argentina 

(MENAFN Press) The Department of Economic Development (DED) in Dubai and the Ministry of Agriculture, Livestock and Fisheries in Argentina have signed a Joint Statement of Co-operation to boost commercial exchange in the agricultural, agri-food and livestock sectors.

Argentina will also use Dubai as a global hub to export and market their agro-industrial and livestock products under the agreement.

The statement, facilitated by Dubai FDI, the foreign investment office of DED, envisages innovative strategies and mechanisms to advance and diversify bilateral trade and to pursue joint investments in the agri-food sector. Dubai FDI will also support the setting up of a logistics centre in Dubai for Argentinean companies to distribute their products in and around the UAE, the Middle East, Africa and South Asia.

Their Excellencies Norbert Yahuar, Minister of Agriculture, Livestock and Fisheries in Argentina, and Sami Al Qamzi, Director General of the Department of Economic Development, signed the Joint Statement in the presence of Fahad Al Gergawi, Chief Executive Officer of Dubai FDI.

"This agreement is of varied strategic proportions. It builds on the fast-evolving trade relations between the UAE and Argentina, enables companies on both sides to capitalise on the business strengths of Dubai, and represents an exemplary synergy in advancing food security and wider market access," said His Excellency Sami Al Qamzi.

Al Qamzi added that Argentinean agri-food companies can expand their footprint in strategic growth markets through Dubai while UAE investments in food security can be profitably chanelled to the vast farmlands and strong agri-industries sector in Argentina.

"Argentina's economic leadership owes largely to its export-oriented agricultural and agri-industrial sectors. We are keen on promoting these sectors internationally and attracting further investment into them. Dubai's broad interface with major markets and the investor community will add strategic value to our efforts," said the Argentinean Minister.

Argentina and the UAE, particularly Dubai, have taken giant strides in improving bilateral exchanges recently. Trade between Argentina and the UAE was worth US300 million (around one billion dirhams) in 2011 and the UAE expects it to reach US1.83 in 2012. Meat and poultry constitute a major share of Argentinean exports to the UAE.

Passenger and cargo traffic between the UAE and Argentina have been boosted considerably with Emirates launching daily flights to the Argentinean capital Buenos Aires earlier this year. Dubai has also organised trade missions to Argentina over the last two years as part of its sustained campaign to link local businesses with their South American counterparts.

"Dubai is a vital link in global supply chains as it can offer the most efficient link to more than 2.2-billion strong population living in the Middle East, North Africa and South Asia. When ongoing projects such as the Al Maktoum International Airport and the expansion of Jebel Ali Free Zone are complete, Dubai will be able to offer unmatched distribution networks and delivery times," remarked Fahad Al Gergawi.

"The ease of doing business in Dubai also a significant advantage for businesses as it allows them to focus on new markets. Dubai FDI is delighted to lend our expertise in enabling investors establish and strengthen their presence in Dubai to the Argentinean Ministry of Agriculture, Livestock and Fisheries to set up a global logistics hub," added Al Gergawi.

Together, DED and the Argentinean Ministry will work on innovative solutions to the challenges facing the agri-industrial and agri-business sectors. Promoting joint ventures and partnerships between agri-businesses on both sides, particularly small and medium businesses, to achieve global standards and capabilities are also among the prime objectives of the joint statement.