Page 136 - MOE ENGLISH PR REPORT - FEBRUARY 2025 Part 2

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.

Under CEPA, these industries will gain improved market access to the UAE and its global trade
corridors. Similarly, the UAE’s world-class logistics network and free trade zones provide Costa
Rican businesses with a strategic gateway to expand into global markets.

https://bazaartimes.com/uae-and-costa-rica-strengthen-trade-ties-under-landmark-cepa-
agreement/