Page 276 - MOE ENGLISH PR REPORT - FEBRUARY 2025 Part 2

2/24/25, 9:49 AM UAE, Costa Rica Promote Trade, Investment Opportunities | Pakistan Point
PROCOMER; and Mr. 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.
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.

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