Latin America is a vibrant emerging market that is fast gaining sophistication in both its exports, and key sectors. Economies of the region are diversifying towards new markets in Asia and the Middle East, away from the dependence of traditional trading partners such as North America and Europe.

Combined, Central America, the Caribbean, and Northern South America have a population of over 220 million people, with average national GDP of US$44 billion in 2018. Growth in the region has stagnated over the past two years due to internal and external factors, but it is hoped that the economies of the region will grow in 2020.

Trade between the UAE represents around US$1.6 billion in value, with the balance favoring exports from CACNSA. Top products imported by the UAE include gold, cardamom, bananas, oilcakes, melons, and coffee. Top products exported by the UAE to the region are tobacco products, gold bars, aluminum, plastic sheets, and propylene polymers.

Although trade between both regions represents less than 1% of each side’s total annual value, there is a lot of potential to expand those ties. Over the past five years, many facilities, such as opening of direct air and sea routes, ease of payment mechanisms, and opening of trade offices are allowing for the deepening of commercial ties.

CACNSA is a big exporter of foodstuffs, and this is the category that has one of the highest potentials of success in Dubai. The region is an important source of commodity and specialty food items that can satisfy the growing and sophisticated demand of the UAE and wider region.

There are several sectors identified that provide business opportunities for Dubai-based investors, such as logistics, infrastructure, agribusiness, renewable energy, tourism, financial services, and manufacturing. Dubai’s strengths in these sectors can help fill market gaps that exist in CACNSA.

Panama and Dubai have many similarities and are mirror images of each other. Both are important regional logistics hubs with busy sea and airport traffic. Additionally, both Dubai and Panama boast a well-established financial sector and tourism markets that attract many international companies. Panama can be used as a gateway or hub for regional food and high-value items geared towards Dubai and the wider Middle East market.

Dubai offers many benefits to companies from CACNSA:

• Dubai is an ideal partner for Latin America as a re-export hub with strong links across the GCC, Middle East, and Asia.
• Dubai’s strategic geographic location, robust infrastructure and trade routes, strong expertise in smart governance and tourism, support for SMEs and extensive network of commercial relations with countries all around the world, allow us to play a pivotal role in helping Latin American countries expand their operations.
• Further to this, Dubai is the main junction on the New Silk Road that links energy-rich America, natural-resource-rich Africa and the financial and consumer powerhouse of Asia (led by China India).
• As an entrepot connecting commodities and cultures from the East and West, UAE is a preferred destination to host international trade fairs, conferences, summits, throughout the year that Latin American companies can leverage to build new relationships.