Page 130 - MOE ENGLISH PR REPORT - FEBRUARY 2025 Part 2

2/25/25, 2:42 PM UAE and Costa Rica to promote trade, investment opportunities
public and private sectors of both countries.

Other notable speakers included Francisco Chacon, Ambassador of Costa Rica to the UAE; Essa
Abdulla Al Ghurair, Chairman of Essa Al Ghurair Investment; William Reuben-Soto, President of the
Dubai-Costa Rica Business Council; Laura Lopez Salazar, CEO of PROCOMER; and Julian Aguilar,
Coordinator for Middle Eastern Affairs at the Ministry of Foreign Trade of Costa Rica.

Speaking at the forum, Al Zeyoudi highlighted the strong potential of the UAE-Costa Rica CEPA in
boosting bilateral trade and investment flows, stating, “This CEPA is a catalyst for deeper economic
collaboration, opening new avenues in trade, investment, and innovation for both our nations. Costa
Rica is one of the most dynamic and forward-thinking economies in Central America, recognised for
its expertise in technology, advanced manufacturing, and commitment to sustainable growth.
Meanwhile, the UAE stands as a global trade and investment hub, offering Costa Rican businesses
unparalleled access to markets across the Middle East, Asia, and Africa. By removing trade barriers,
facilitating investment flows, and fostering cooperation in key sectors, this agreement lays the

foundation for a new era of mutually beneficial economic prosperity.”

On the Costa Rican side, Manuel Tovar Rivera said, “The CEPA with the United Arab Emirates
reflects Costa Rica’s strong commitment to market diversification and expanding our export

opportunities. As the first Latin American country to conclude a trade agreement with the UAE, Costa
Rica gains preferential access to a sophisticated and dynamic market while fostering investment and
collaboration in key sectors for national development. This milestone strengthens our global trade
position and opens new opportunities for strategic industries.”

Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, commented, “The UAE
enjoys strong economic ties with the Republic of Costa Rica. The Comprehensive Economic
Partnership Agreement between our countries will further enhance bilateral trade and investments,
while also fostering mutual opportunities for the business communities in both markets across diverse
sectors.”

He added, “At Dubai Chambers, we are dedicated to supporting international partnerships to achieve
economic and developmental goals and contribute to the expansion of global trade and investments.
We remain committed to enhancing the ability of companies and investors from Costa Rica to
achieve business growth in Dubai and leverage the emirate as a gateway for expansion into global
markets.”

The UAE-Costa Rica CEPA eliminates or reduces tariffs on a wide range of goods, simplifies customs
procedures, and enhances market access for services and investment. It is designed to support

growth in priority sectors, including renewable energy, logistics and infrastructure, advanced
manufacturing and technology, food security and agribusiness, and tourism and hospitality.

Costa Rica is a regional leader in high-value products such as medical devices, agricultural goods,

advanced manufacturing components, in addition to renewable energy and eco-tourism.

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