The UAE’s food and beverage imports from Latin America reached $1.9 billion in 2020 as the Gulf country expanded its efforts to enhance food security, according to new analysis from Dubai Chamber of Commerce.
Food and beverage exports from Latin American markets to the UAE accounted for 12 percent of the country’s total F&B imports.
Dubai Chamber said Latin America is an important economic partner that can support the UAE achieve the goals outlined under its National Food Security Strategy 2051, which was launched in 2018 with the aim of making the country the world’s most food secure nation.
In addition, the analysis estimated the untapped potential of Latin American food and beverage exports to the UAE at $800 million, with animal products projected to see the highest value by category, followed by horticulture, vegetables processed food and animal feed beverages, sea animal products and cereals.
The findings, released on the sidelines of Gulfood 2022, will be discussed in further detail at the 4th Global Business Forum Latin America, which takes place next month in Dubai.
The high-level forum, organised by Dubai Chamber of Commerce in partnership with Expo 2020 Dubai, is bringing together heads of state, government and business leaders, and industry experts from Latin America, the Caribbean and the UAE to explore new avenues of economic cooperation.
According to the new report, the UAE’s F&B exports and re-exports to Latin America reached $18.4 million, which indicates that there is plenty of scope to boost exports to the region.
The UAE’s National Strategy for Food Security aims to implement resilient agricultural practices that increase productivity and production that helps maintain ecosystems, developing and enabling sustainable food production through the use of modern technologies.
Dubai’s Food Tech Valley, launched in May with the aim to triple UAE’s food production, is part of a wider initiative to meet the targets set for 2051.
The forum, part of Dubai Chamber of Commerce’s flagship GBF series, puts the spotlight on reforms reshaping Latin American and Caribbean economies and new initiatives and efforts to position the regions for growth in the post-Covid-era and beyond.
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