Page 270 - MOE ENGLISH PR REPORT - FEBRUARY 2025 Part 2

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.

Non-oil trade between the UAE and Costa Rica has seen steady growth, reaching US$82.6 million in
2024, a 27.5% increase compared to 2023 and more than double pre-pandemic levels.

The CEPA is expected to accelerate this momentum by facilitating the movement of goods and
services, fostering private-sector collaboration, and unlocking new investment opportunities.

The UAE continues to enhance its economic presence in Central America, positioning itself as a key
trade and investment partner for the region. The country has already made strategic investments in
sectors such as logistics, IT, renewable energy, and real estate in Costa Rica and sees further
opportunities to deepen relations and broaden bilateral cooperation.

The forum concluded with business sessions and networking opportunities, enabling UAE and
Costa Rican companies to explore partnerships and identify new areas for collaboration.

https://www.msn.com/en-ae/money/economy/uae-costa-rica-promote-trade-investment-
opportunities/ar-AA1yxwMp