Page 582 - MOE ENGLISH PR - APRIL 2024

A cargo ship docks to off load its containers at the Jebel Ali port in Dubai. — File
photo
He pointed out that the agreement will contribute to creating numerous promising
investment and trade opportunities, stimulating trade flows between the two sides, and
building a flexible and efficient supply chain network that will benefit the UAE and
Colombia's economies. The pact will grant the UAE extensive access to the Colombian
market and the South American markets as a whole, by reducing or eliminating customs
duties, enhancing market access, and empowering joint ventures.
The Cepa programme was a major component of the “Projects of the 50”, launched in
September 2021 to strengthen the UAE's position as a global trade, business and
investment hub. Cepas have also been designed to support greater foreign direct
investment (FDI) flows as UAE aims to attract $150 billion in foreign investment by 2031
and rank among the top 10 countries globally in term of attracting FDI.
Al Zeyoudi stated that the agreement will open up new avenues for investment in vital
areas such as energy, advanced technology, healthcare, tourism, and the environment,
offering exceptional opportunities for the UAE's private sector.
Columbia aims to attract investment between $600 million and $700 million from the
UAE following the Cepa.
Trade Minister German Mendoza said that the new UAE investment is expected to be
made in sectors including green hydrogen and digital economy.

https://www.khaleejtimes.com/business/economy/uae-set-to-exceed-cepa-target