UAE, Costa Rica promote trade, investment opportunities

DUBAI, 6th February, 2025 (WAM) — The United Arab Emirates and the Republic of Costa Rica have reaffirmed their commitment to expanding economic ties and strengthening trade and investment flows under their landmark Comprehensive Economic Partnership Agreement (CEPA) during a high-level business forum held in Dubai.

The event, organised by Dubai Chambers in collaboration with the Dubai-Costa Rica Business Council and the Costa Rican Foreign Trade and Investment Agency (PROCOMER), brought together senior government officials, business leaders and trade representatives from both nations.

It served as a platform to explore the benefits of the CEPA, which was signed in 2024 as part of the UAE’s broader foreign trade strategy to deepen economic engagement with key global partners.

The forum was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Manuel Tovar Rivera, Minister of Foreign Trade of Costa Rica, alongside key stakeholders from the public and private sectors of both countries.

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; Mrs. Laura Lopez Salazar, CEO of 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.

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.