Dubai Multi Commodities Centre (DMCC) signed a Memorandum of Understanding (MoU) with Logis, an agri-logistic free trade zone coming up in the Latin American country of Panama.
The MoU will see DMCC and Logis work together to exchange knowledge and expertise to support the continued development of commodities marketplaces in both free zones.
Once completed, Logis will be the largest free trade zone of its kind in Central and Latin America.
The MoU was signed by Ahmed Bin Sulayem, executive chairman and chief executive officer of DMCC, and Sandro Salsano, president of Salsano Group and majority shareholder of Logis, on Monday.
Bin Sulayem said the partnership with Logis was a major opportunity to open a vibrant new trade corridor with Latin America.
“Panama stands as the gateway between Central and South America and Logis is perfectly positioned to host the largest free zone of its kind in the region especially where agriculture commodities trade is concerned. We are therefore hugely excited about bringing our mutual experiences to the table and moving this relationship forward over the next few years,” he said.
Salsano said his group has plans to expand in the Middle East and are excited to partner with a strategic market leader like DMCC.
The MoU will also see DMCC and Logis explore opportunities to expand trade between the members of their respective free zones.
Both parties will also share market insights, analysis, and forecasts to support the development of commodities trading in both free zones.
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