Abu Dhabi, UAE–Costa Rica’s foreign minister Arnoldo Andre has said that the trade between his country and the UAE has increased by 292.3 percent since the opening of the Costa Rican embassy in the Emirates in 2017.
For the year 2021, the total trade between both countries reached $49.1 million and, to date, there are significant opportunities for Costa Rican companies to open markets in that country in order to diversify the Emirati food supply chains, Andre said in an article published by the newspaper ‘La República’.
He added that his country enjoys 12 years of diplomatic relations with the UAE and since then, “our commercial, educational and tourism ties have been strengthened and represent an example of the enormous advantages of building bridges with the Middle East since our actions in economic diplomacy”.
Trade fairs have played an important role in this trade. By September this year, nine Emirati companies belonging to the agribusiness sector have already confirmed their participation in the Buyers Trade Mission (BTM) trade fair, organised by the Foreign Trade Promoter (Procomer).
Andre said that since 2018, 37 Emirati companies have attended this trade fair to learn about the productive capacities of Costa Rica and its export potential.
In turn, food security in the Middle East opens up opportunities for the Costa Rican private sector to take advantage of existing agreements, in terms of investment promotion and protection, facilities to avoid double taxation and favourable air transport conditions, among other advantages, as well as the presence of a resident Embassy and a commercial promotion office that, from Abu Dhabi and Dubai, respectively, work hand in hand to generate business opportunities.
As confirmed by Francisco Chacón, Ambassador of Costa Rica to the UAE, Emiratis are interested in the participation of Costa Ricans in the Arab Travel Market: the main tourism fair in the Middle East, as a priority for them as it is for us the Costa Rican BTM. To date, Costa Rica and the United Arab Emirates have 25 bilateral instruments, including trade, investment, tax, tourism promotion and connectivity instruments.