Dubai International Chamber, one of the three chambers operating under the umbrella of Dubai Chambers, has inaugurated a new representative office in Colombia’s capital city, Bogotá. The launch of the office is aimed at enhancing economic relations and fostering the growth of trade and investment ties between the business communities in Dubai and Colombia.
The Bogotá office increases the chamber’s network of international representative offices around the world to 33. The opening comes as part of the ‘Dubai Global’ initiative, which seeks to establish 50 representative offices worldwide by 2030. The initiative is designed to strengthen Dubai’s pivotal role as a global business hub by attracting foreign direct investment and supporting the international expansion of companies based in Dubai into 30 priority markets globally.
The establishment of the Bogota office is set to consolidate the growing economic ties between Dubai and Colombia. The value of non-oil trade between the two markets reached AED 1.9 billion during 2023, achieving robust year-over-year growth of over 51%. A total of 131 companies from Colombia were registered as active members of Dubai Chamber of Commerce as of the end of September this year.
Commenting on the inauguration of the new office, H.E. Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, stated: “We are committed to expanding our global network of offices to enhance Dubai’s trade and investment ties internationally and consolidate its position as a leading business destination across all sectors. Our goal is to attract foreign direct investment to Dubai and support the efforts of companies operating in the emirate to expand into promising global markets. Latin American markets represent key opportunities and hold significant potential for strengthening bilateral trade and investments.”
The Bogotá office will play a vital role in supporting businesses in both markets, fostering collaboration with the Colombian business community, and building impactful partnerships with key stakeholders in the public and private sectors. The office will promote Dubai’s competitive advantages and share investment intelligence to assist companies and investors from Colombia seeking to enter the Dubai market and leverage the emirate as a gateway for global expansion.
In addition, the Bogotá office will provide support and guidance to Dubai-based companies planning to expand into Colombia. It will offer valuable market insights, highlight trade opportunities, and connect Dubai-based businesses with trusted stakeholders and potential partners who can assist them in entering the Colombian market and scaling their operations.