UAE companies explore Ecuador as key trading partner
ABU DHABI - UAE companies are now actively exploring Ecuador as a key trading partner to import products such as fruits, wood and flowers, with approximately $3.5m in investment already expected from major UAE trading companies as a result of their recent trade mission in the Latin American country.
The top four Ecuadorian products that are widely exported to the UAE are frozen shrimp accounting for 46.07%; banana at 11.97%; flowers, specifically roses at 6.53%, and fruit pulps and puree at 6.44%.
During the successful business missions to Ecuador by UAE manufacturers in the second quarter of 2013, four UAE companies participated as the official delegation at the "Macrorrueda de Negocios Ecuador 2013" (the Second Business Matchmaking event in Ecuador 2013).
"The annual Macrorrueda event is expected to generate $206.75m worth of exports, a 68% increase from last year's $123m. Out of this figure, 12% is attributed to the whole Middle East and Asian market while $3.5m alone is expected from the UAE," said Hussam Hassan, Head of the Ecuadorian Commercial Office in Dubai.
Organised by PRO ECUADOR, the trade and investment promotion organisation of Ecuador, these 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 was a huge success, showing that UAE companies value the quality of products in Ecuador's key sectors," added Hassan.
The matchmaking meetings were aimed to promote mutual cooperation between UAE companies and potential suppliers from Ecuador across various industry sectors such as in the food, flowers and furniture industries. Among the other companies that went to Guayaquil, Ecuador to attend the event were, Barakat Quality Plus, a fruit and vegetable Fresh Cut specialists; 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 aiming to increase our export to the UAE to 31% for this year. The sectors that we expect to show growth are from 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 served 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.