ABU DHABI: Nicolás Grau, Minister of Economy, Development and Tourism of Chile, stated that UAE investments in Chile amounted to approximately US$2 billion in 2023, with the UAE currently collaborating with Invest Chile, the public agency that promotes foreign investment in Chile, on several projects under development in various sectors to enhance trade and investment relations.

In a statement to the Emirates News Agency (WAM), Grau noted that Chile received nearly $23 billion in foreign direct investments by the end of 2023, marking the largest growth of its kind since 2014.

He explained that the UAE holds significant investments in Chile, and during the current visit, efforts are being made to explore ways to strengthen cooperation. He added that meetings with the business communities of both the UAE and Chile have shown considerable interest in sectors such as mining, copper, technology, desalination, food production, and energy.

Grau expressed interest in collaborating with the UAE in the field of water desalination due to Chile's status as a major copper-producing country. He highlighted interest in cooperating with the UAE to make copper production more environmentally friendly, as well as to boost investment in renewable energy sources, as two-thirds of Chile's energy production is currently derived from renewables.

The Chilean Minister of Economy praised the UAE's leadership in renewable energy, expressing a desire to benefit from the UAE's expertise in the green economy sector. Chile also possesses numerous natural resources, enabling a shift towards renewable energy sources, with environmentally friendly energy accounting for nearly 50 percent of total production, primarily from wind, solar, and hydroelectric power, the minister went on to say.

Grau noted that Chile is a leading technology hub in Latin America and is currently constructing the first subsea cable route to directly connect South America and Asia-Pacific.