Abu Dhabi: On behalf of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, attended the inauguration of Daniel Noboa as President of the Republic of Ecuador in Quito. Dr. Al Zeyoudi extended congratulations from the UAE leadership and expressed wishes for President Noboa's success in fulfilling the aspirations of the Ecuadorian people.
According to Emirates News Agency, President Daniel Noboa reciprocated with greetings to the UAE leadership and expressed gratitude for the UAE's participation in the inauguration ceremony. He commended the mutual desire to strengthen friendly relations between the two countries and wished the UAE continued prosperity.
Al Zeyoudi's presence underscored the robust relations between the UAE and Ecuador. He emphasized the potential for enhanced trade and investment through the Comprehensive Economic Partnership Agreement, which is nearing completion. The agreement aims to build on the existing non-oil bilateral trade, which reached USD$360.7 million in 2024, by creating new business opportunities and reducing trade barriers.
Dr. Al Zeyoudi highlighted Ecuador's promising market for UAE exports, which surged by 46% in 2024 to USD$37 million. The agreement is expected to further double these figures by minimizing customs duties. He also pointed out lucrative investment opportunities in Ecuador for UAE businesses, particularly in agriculture, renewable energy, mining, and logistics. Notably, DP World's USD$1.2 billion investment in the Ecuadorian port of Posorja exemplifies successful collaboration.
During his visit, Al Zeyoudi engaged in discussions with Ecuadorian ministers and officials, including Luis Aberto Jaramilo Granja, Roberto Kury, and Humberto Plaza. These meetings focused on enhancing bilateral cooperation and exploring new trade and investment partnerships to foster economic growth and shared prosperity.