How the Global Business Forum 2022 is shaping a resilient future for Latin America and the GCC
The Dubai-based event will explore how the two regions can bolster each other’s economies post-pandemic.
As the world begins to emerge from the Covid-19 pandemic, every global economy is asking how it can resolve the vulnerabilities exposed by the global health crisis. For the Gulf Cooperation Council (GCC), Latin America and the Caribbean (LAC), the solutions to their challenges may lie in each other.
Exploring these economic synergies will be the focus of the fourth edition of the Global Business Forum Latin America (GBF LATAM), due to take place in Dubai between March 23rd-24th, in person and online.
Reform, empowerment, and growth
“GBF LATAM is extremely useful because it allows us to network not only with countries in the region but also outside,” says Lea Giménez, Finance Minister of Paraguay. “It’s an exchange of knowledge and opportunities to invest to benefit both sides.”
One of the largest events in the Dubai Chamber of Commerce’s (DCC) flagship business forums – in partnership with the Dubai Expo 2020 – the invitation-only event will connect high-profile stakeholders from both government and business. Over 800 delegates representing more than 50 countries will hear from 45-plus speakers. This includes luminaries such as H.E. Iván Duque, President of Colombia, Eduardo Coello, Regional President of Visa Latin America and Caribbean, and Marcos Troyjo, President of the New Development Bank of Brazil.
Under the headings reform, empowerment, and growth, high-level discussions will explore how the LAC and GCC regions can support each other in shaping resilient post-pandemic economies; better able to both withstand future shocks and generate sustainable growth.
Diversifying LATAM and the Caribbean
For LATAM and Caribbean economies, the key question is how to diversify their economies away from overreliance on commodities and tourism. It is a challenge the GCC is well-versed in, having undergone substantial, diversifying reform over the last three decades, successfully unleashing rapid growth in the process.
H.E. Hamad Buamim, President and CEO of Dubai Chambers believes the LATAM region is ready to follow a similar path, “Despite the challenges posed to Latin American and Caribbean countries in the wake of the pandemic, there have also been huge growth opportunities.”
For example, Brazil is planning large-scale construction in roads, railways, and airports to begin by the end of 2022, thanks to $50 billion in concessionary investment. Mexico has announced a major two-stage, $26 billion national infrastructure program, with two additional stages expected by 2024.
And digital transformation accelerated in LATAM and the GCC during the pandemic, as elsewhere. Digital finance is a particularly strong growth area in the Caribbean, where the sector is credited with democratizing banking and solidifying Barbados’ status as an emerging finance hub.
Discussions across both days will explore how these developments can be leveraged to expand trade between LAC and the GCC, take advantage of Dubai as a global gateway to Africa and the Middle East, and lead to bilateral cooperation in nurturing start-up ecosystems in both regions.
Bolstering food security
For the GCC, the event is also an opportunity to address the region’s food security challenge highlighted by the pandemic, something the UAE is especially keen to resolve. The country’s National Food Security Strategy 2051 states an intention to make the UAE the most food-secure nation in the world.
LATAM countries are crucial trading partners for achieving that goal. Latin American food and beverage (F&B) exports to the UAE totaled $1.9 billion in 2020, accounting for 12% of all food imports to the country, which imports 80-90% of its total food supply. The Dubai Chamber of Commerce’s analysis estimates a further $800 million in untapped F&B potential for LATAM exports to the UAE.
GBF LATAM sessions will examine how economic cooperation can help both the UAE and LATAM nations meet their food security goals. The Dubai Chamber of Commerce’s analysis suggests UAE technology and expertise in Controlled Environment Agriculture (CEA) and aquaculture could be of particular value for maximizing food production while minimizing resources.
“The world’s main airport and harbor”
Announcing Dubai’s five-year international trade roadmap, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE proclaimed, “Our destiny is to be the world’s main airport and harbor.”
Dubai Chamber of Commerce launched its flagship Global Business Forum series as a platform to expand Dubai’s trade ties with promising markets in Africa, Latin America, and the ASEAN region. The 6th edition of GBF Africa and the inaugural GBF ASEAN were held at Expo 2020 Dubai last year, and the 4th GBF Latin America will take place at the world expo March 23-24, 2022.
