UAE, Peru keen to boost trade ties

UAE and Peru have a long-term co-operation in various sectors mainly economic exchange and joint investments in tourism and continues to strengthen this, Peru's visiting Minister of Economy and Finance, Luis Miguel Castilla disclosed in Dubai on Monday. The Minister said that the Latin American country counts with firm economic foundations that will allow it to keep growing steadily during in the next coming years. He viewed the South American nation as an important investment destination, adding that the Peruvian government has established several methods to boost the foreign direct investment (FDI). The Minister was speaking on Monday during the ‘Invest in Peru' seminar held at the Dubai Chamber headquarters and attended by a cross-section of a high-profile delegation of senior government officials, business entrepreneurs from various sectors both from the UAE and Peru, along with senior Chamber officials. Among the discussion on Monday were topics on how investors can take advantage of the Peruvian government's offer to foreign investors to Peru, that include modern infrastructure and incentives among other issues. Castilla assured investors that there were rewarding opportunities for UAE entrepreneurs seeking to invest in Peru, especially in mining, textiles, tourism, fisheries sectors that provides modern and well-equipped infrastructure. Other speakers at the seminar included Julio Velarde, Governor of the Peruvian Central Bank and Romulo Acurio, Consul of Peru in the UAE, who revealed that Peru is the second largest destination for UAE investments in Latin America. Investors also held a one to one discussion on the opportunities available in Peru. The trade seminar was organised by ‘inPERU', a public-private organisation and vital communication channel for investment into the country in conjunction with the Dubai Chamber of Commerce and Industry. Over 30 key figures from the largest and highest profile companies from Peru also represented during the meet including the Lima Stock Exchange, the Peruvian Corporate Affairs of Rio Alto, Procapitales and Buenaventura. The seminar was held to promote exporting Peru to the World, a major international road show that aims to promote greater foreign direct investment (FDI) in the country. Statistics indicate that Peru's economy grew 6.3 per cent last year, and the Minister is optimistic that the country's economy will expand at the same pace in 2013. Castilla has been actively supporting more infrastructure investments to boost growth rates even higher in order to reduce poverty and has been closely associated with the free-market economic model that has been in place in Peru for over two decades. Hamad Buamim, Director General, Dubai Chamber, said that Dubai offers Peruvian investors an efficient trade, transport and logistics base to reach high-growth emerging markets of the region across the Middle East and Africa region, as well as Asia, thus making it a conducive investment destination. Buamim urged UAE and Peruvian businessmen to establish joint partnerships and to benefit from both the Governments' support and the will to enhance cooperation alliances between the two countries. "Our bilateral ties with Peru have strengthened considerably over recent years as data shows that from 2007 to 2011 non-oil trade between Dubai and Peru increased by 150 per cent. The value of imports and exports between this time rose from Dhs38 million in 2007 to Dhs95 million in 2011, revealed the Director-General. As one of the world's largest exporters of gold, silver and copper, Peru could benefit from exporting these products to Dubai, for re-export to other demand markets. Likewise, with a strong manufacturing base, finished products could be shipped to Dubai for re-export to regional markets given the emirate's strategic location, said Buamim. The DG also apprised the visitors about Dubai's economic diversification and its focus on trading, including export and re-export, logistics and financial services, and tourism sectors which are the engines of the emirate's economic growth offering excellent investment opportunities to foreign investors. From The Gulf Today