UAE Companies Expand Trading Ties With Ecuador
Companies from the United Arab Emirates are now actively exploring Ecuador as a key trading partner to import products such as shrimp, fruits, flowers and wood. Approximately $3.5 million in investments is already expected from major UAE companies as a result of their recent trade mission in Guayaquil.
UAE manufacturers who participated in the trade mission deemed it a “huge success.” Four UAE companies made up the official delegation to “Macrorrueda de Negocios Ecuador 2013,” the second such business matchmaking event in Ecuador.
“The annual Macrorrueda event is expected to generate $206.75 million worth of exports, a 68% increase from last year’s $123 million. Out of this figure, 12% is attributed to the whole Middle East and Asian market while $3.5 million alone is expected from the UAE,” said Hussam Hassan, head of the Ecuadorian Commercial Office in Dubai.
PRO ECUADOR, the trade and investment promotion organization of Ecuador who organized the event, said the UAE companies successfully completed 130 bilateral meetings, including 15 manufacturing site visits, with their Ecuadorian counterparts.
“Marhaba Fruits, a leading manufacturer in the UAE, had extensive discussions with Ecuadorian companies during its previous business mission and have opened several doors of investments and bilateral trade. The recent Macrorrueda event shows that UAE companies value the quality of products in Ecuador’s key sectors,” added Hassan.
The matchmaking meetings are aimed at promoting mutual cooperation between UAE companies and potential suppliers from Ecuador across various industry sectors, including the food, flowers and furniture industries. Among the other companies that went to Guayaquil to attend the event were: Barakat Quality Plus, a fresh cut fruit and vegetable specialist; Ginco Group, a leading engineering contracting firm; CI World Food Trading LLC (CIWOT), a local company that promotes Latin brands; and Dallat Al Khaleej LLC, distributor of flowers in the region.
“We are looking to increase our exports to the UAE by 31% for this year. The sectors that we expect to show growth are agriculture, wood and tourism. Currently, the UAE is among the second biggest trading partner for Ecuador in the GCC, accounting for 19.44%, with Saudi Arabia as the largest market accounting for 61.72%,” explained Hassan.
The annual Macrorrueda event serves as an ideal platform to create trade opportunities and potential partnerships for UAE and Ecuadorian companies. The companies that attended the event were able to meet the correct suppliers and are now fostering strategic partnerships and stronger trade relations.
The top four Ecuadorian products that are widely exported to the UAE are frozen shrimp accounting for 46.07%; bananas at 11.97%; flowers, specifically roses, at 6.53%, and fruit pulps and puree at 6.44%.