Participants call for benefiting from Dubai's successful experience in the digital economy sector

«Latin Business Forum»: The UAE is a stimulating environment for digital companies

Sultan bin Sulayem reviewed the role of "DB World" in consolidating Dubai's position as a global trade center.

From the source

Government officials and businessmen participating in the "Global Business Forum for Latin American Countries" organized by Dubai Chambers said that the UAE is a stimulating environment for the growth and development of digital companies, pointing out that Latin American markets are rich in human expertise and competencies specialized in digital transformation.

They explained that in order to benefit from Dubai's successful experience in the field of the regulatory environment for the digital economy sector, Latin American countries need to work on developing policies that allow for facilitating the start of businesses and companies in the field of technology, and the flexibility to employ creative people who are not citizens of those countries.

UAE and Colombia

Colombian President Ivan Duque Marquez revealed, in a video message broadcast during the forum, that his country's exports to the UAE increased by 53 percent between 2019 and 2021, excluding mining and energy, stressing commitment to air services agreements and double taxation.

«DB World»

For his part, Sultan bin Sulayem, Chairman and CEO of DB World, referred to the group's role in consolidating Dubai's position as a global trading center, and its impact on global supply chains.

He said, "The Latin American countries are an important pillar for the growth of our operations, as we started operating in 2002 from the Dominican Republic."

He added: “At DB World, we are keen to invest in areas and services that meet the needs and expectations of customers, and give us broader prospects for growth.

Therefore, we are in Latin America.”

He continued: "(DB World) handled 75 million containers around the world, which is approximately 11% of the total global trade, which is equal to 3.5 trillion dollars of goods transported every year through our ports around the world.

That equals $400,000 in merchandise every hour.”

Costa Rica and the Dominican Republic

In the same context, the Minister of Economy, Planning and Development of the Dominican Republic, Miguel Ceará, affirmed that despite the effects of the pandemic, the Dominican Republic has achieved a growth rate of 7% due to the productive sectors and private sector investments, which represent 95% of economic growth, indicating that his country is dealing with The current inflation wave a number of measures.

As for Costa Rica's Minister of Foreign Affairs, Rodolfo Solano Quiros, he pointed to the great need to develop a new framework for trade agreements that suits the current changes, as well as the need to reduce carbon and move towards digitization, to shape the features of a promising economic future for Latin America.

Fertile environment

In addition, Head of Partnerships and Expansion at Cavo - Emirates, Alaa Al-Houni, stressed that Dubai and the UAE in general constitute a fertile environment for the development and growth of technology sector companies, given the strong digital infrastructure it possesses and comprehensive digital services, which push companies to move forward. In the field of the digital economy, and designing more important innovations and services that support digital societies.

He explained that investing in human cadres is one of the most important elements that have been benefited from the Latin American markets, pointing out that "CAFO", since its establishment three years ago in the UAE, has attracted skills from the Latin region, which had an effective role in the growth of the company's business.

He stressed that investing in human resources in the field of the digital economy is much more important than investing in capital, indicating that the "Covid-19" pandemic has accelerated the process of introducing distinguished talents, whether from the UAE or from the world, which is something we draw inspiration from the UAE's approach in this field. It excelled in it and became a hub for talent in the region.

Dubai Experience

For her part, the co-founder and CEO of Wizzy in Panama, Min Chen, said that in order to benefit from Dubai's successful experience in the regulatory environment for the digital economy sector, Latin American countries need to work on developing policies that facilitate the start-up of businesses and companies in the field of digital economy. Technology, and the flexibility to hire creative people who are not citizens of those countries.

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