UAE and Costa Rica Strengthen Trade and Investment Ties
The UAE and Costa Rica reaffirmed their commitment to strengthening economic relations under the Comprehensive Economic Partnership Agreement (CEPA) during a high-level business forum in Dubai. Organized by Dubai Chambers in collaboration with the Dubai-Costa Rica Business Council and PROCOMER, the event brought together government officials and business leaders.
Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, and Costa Rican Minister of Foreign Trade, Manuel Tovar Rivera, highlighted CEPA’s role in boosting trade and investment. Al Zeyoudi emphasized that the agreement removes trade barriers, fosters cooperation, and provides Costa Rica access to the UAE’s global markets. Rivera noted CEPA as a milestone in market diversification, enhancing Costa Rica’s export potential.
Dubai Chambers CEO, Mohammad Ali Rashed Lootah, affirmed the agreement’s capacity to expand bilateral trade and investment, supporting business growth in both countries. The CEPA eliminates tariffs, simplifies customs, and promotes trade in key sectors like renewable energy, logistics, manufacturing, agribusiness, and tourism.
Non-oil trade between the UAE and Costa Rica reached $82.6 million in 2024, a 27.5% increase from 2023. The UAE continues expanding its economic presence in Central America through strategic investments in logistics, IT, renewable energy, and real estate. The forum concluded with networking sessions, facilitating business collaborations and investment opportunities.
