The commercial relationship between Mexico and Dubai can reach a value of up to two billion dollars in the next two or three years, said Hamad Buamim, president and general director of the Dubai International Chamber.
In an interview with El Sol of Mexico, the business leader said that the biggest business opportunities are concentrated in the pharmaceutical, technological, manufacturing and automotive sectors.
The short-term challenge, Buamim said, is to build trust with Arab businessmen so that they can settle in the country, as well as continue to build trade and political relations between both nations. “Today we have about 400 companies from Dubai doing business in Mexico. We want to grow more in the other 12 markets in which we are already present, and within three to five years bring this number (of companies) to three times as many,” said Hamad Buamim.
In 2021, according to the Dubai Chambers, Mexico was the second most important country in Latin America for Dubai’s foreign trade, having an exchange of approximately $200 million.
Most imports were related to chemicals, optics and various metals. For its part, Mexican exports to the emirate are dominated by commodities, as well as by the automotive and technological sector.
According to the manager, there are commercial opportunities with Mexico that have not yet been fully explored or exploited.
A window of opportunity for the United Arab Emirates to increase exports to Mexico lies in the electronic sector, particularly in mobile phones, which can be worth up to $59 million.
The other sectors in which the UAE has the potential to increase its exports with Mexico are machinery and electricity, amounting to $23 million; authorized auto parts vehicles valued at $18 million; and related to plastics, rubbers and jewellery.
Hamad Buamim said that achieving this commercial expansion is possible, despite the current economic context of high inflation or relocation of foreign companies. “Mexico is a country of opportunities for us, we began to know and understand more and more the capabilities of Mexican companies,” the businessman added. “We look more at emerging markets, we believe that Mexico is one of the countries where we can do more together,” said Hamad Buamim.
SOURCE:
Miguel Ensástigue | The Sun of Mexico, Monday, June 20, 2022
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