DMCC and U Ventures will develop and operate the Cartagena International Trade Zone in partnership with Colombian government agencies
Colombia will become the first Latin American country to have a regional arbitration center under common law
The new free zone will promote trade relations between Dubai and Colombia It opens up promising investment opportunities in Central and South America
DMCC will serve as a model for the new trade center and free zone
Dubai United Arab Emirates / Miami, USA: DMCC, the world’s leading free zone and authority of the Dubai government for trade in goods and projects, has entered into a landmark agreement with the Colombian authorities under which it will participate in the development of a commercial center and free zone in Cartagena de Indias , Colombia.
Under the MoU, the Cartagena International Trade Zone will be developed and operated under a partnership agreement between DMCC and Dacia U Ventures, and in direct cooperation with Colombia’s federal and national government agencies. U-Venture is an international investment management company specializing in the design, financing, development and operation of large-scale international projects.
The Free Trade Zone will be a jurisdiction under English common law and will offer its members an international business platform with unique benefits such as arbitration facilities, insurance against potential risks in Colombia, a global trade network and access to capital. Upon its establishment, the Cartagena International Trade Zone will become the first local common law arbitration center in Latin America.
The DMCC and Cartagena International Trade Zone will also offer member companies the opportunity to implement a passport agreement between the two regions, which will enhance bilateral trade opportunities and provide greater access to global markets.
The President of the Colombian Senate, Mr. Juan Diego Gómez Jiménez, officially announced the project during the FORO # 23 forum, held in Miami, USA, in the presence of the Colombian Deputy Minister of Trade and Tourism; Deputy Minister of Justice and Law of Colombia; the mayor of Cartagena; Ahmed Bin Sulayem, HUB and HUB, DMCC; And representatives of the company “U Venture”.
On this occasion, Ahmed Bin Sulayem, CEO and CEO of DMCC, said: “We are proud to be the fastest growing free zone in the world, with the number of member companies registered in the center exceeding the 20,000 mark. We are pleased with our partnership with U Venture ‘to establish a trade center and free zone in Cartagena de Indias, Colombia, which will shape the future of trade by creating a new physical and digital trade corridor between Colombia and Dubai, while at the same time, Colombia’s national strategic goals, and the unlocking of significant growth opportunities. DMCC’s experience, spanning more than 20 years, has led to a developed trading system and a pioneering free zone, which has become a model for global markets. in terms of interconnection and growth, between two leading markets, while transforming trading opportunities to Central and South America are provided on a larger scale by Dubai. ”
Javier Adcera, CEO of U Ventures, said: “We are pleased to work with DMCC, the sovereign authorities of Colombia and our institutional partners to create this groundbreaking project that has all the ingredients for global success, and a historic opportunity calls on Colombia to become International and Latin America to develop a leading financial and trading center among global capital markets. ” and enterprise. The center was one of the first bodies to work to develop its physical and financial infrastructure needed to attract international trade and improve market connectivity.
This project is expected to significantly improve Colombia’s standard credit rating and attract foreign direct investment, which will lead to the provision of more business opportunities at local and international level.
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The Dubai Multi Commodities Center (DMCC), headquartered in Dubai, is the world’s most interconnected free zone, and the leading center for commodity trading and enterprise. Whether it’s developing vibrant neighborhoods that include world-class properties like the Jumeirah Lakes Towers and the highly anticipated Uptown Dubai district, or providing high-performance business services, DMCC provides everything its vibrant community needs to live, work and thrive. DMCC is for trade, and is proud to work to consolidate Dubai and grow it as a place for global trade, now and in the future www.dmcc.ae