H.E. Al Zeyoudi and Costa Rican Minister of Foreign Affairs discuss strengthening of economic & trade cooperation

Meeting takes place on the sidelines of World Government Summit 2023

H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a bilateral meeting with Dr. Arnoldo Andre Tinoco, Minister of Foreign Affairs and Worship of Costa Rica, to discuss strengthening of economic and trade cooperation between the two countries in key areas of shared interest. These include trade, investment, environment, science, technology, innovation, renewable energy, entrepreneurship, and tourism.

The meeting, which took place on the sidelines of the World Government Summit 2023 in Dubai, was also attended by Rawda Mohammed Al Otaiba, UAE Ambassador to the Republic of Costa Rica; and Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs at the Ministry of Economy.

H.E. Al Zeyoudi emphasized that the World Government Summit, which entered a new decade with its latest edition this year, is a unique platform to build a better future for humanity. It supports this goal by advancing global efforts and facilitating the exchange of experiences that is needed to boost the growth of key sectors that contribute to ensuring a prosperous future for all.

He noted that the latest edition of the World Government Summit serves as an important opportunity to explore the prospects for global economic growth, accelerate its growth rate and examine the balancing of economic success with the social and human dimensions.

H.E. added: “The UAE-Costa Rica bilateral relations are witnessing continuous development in various fields, which is reflected in the exchange of high-level official visits between the two countries. The latest of these was the honorable Costa Rican President’s visit to the UAE in December 2021. It contributed to strengthening the existing partnership between the two countries. The occasion also witnessed the signing of various agreements in the vital sectors.”

H.E. Al Zeyoudi continued: “The total non-oil trade between the two countries amounted to AED 216 million (USD 58.7 million) in 2022, with a 19.3 per cent growth compared to that of 2021.”

During the meeting, both sides addressed the importance of continuing joint efforts to explore more opportunities for economic cooperation in priority sectors, both at government and private sector levels. They further discussed the promising investment opportunities and the opening up of new communication channels between investors and companies, which will help advance both economies and solidify their bilateral relations.

The UAE’s investments in Costa Rica are concentrated in the sectors of IT services, tourism, retail, advertising, media, real estate, renewable energy, air transport, and logistics.

The Ministry of Economy had signed a memorandum of understanding (MoU) with the Tourism Institute of Costa Rica in April 2022 in order to develop mechanisms for cooperation in the tourism sector and enhance joint efforts to increase tourism exchanges between the two countries.