DMCC signs historic agreement with Dakia U-Ventures
DMCC, the world’s leading free zone and the Dubai government’s body for trade in goods and enterprise, has signed a landmark Memorandum of Understanding (MoU) to jointly develop a trade centre and free zone in Cartagena de Indias, Colombia.
According to the MoU, the Cartagena International Trade Zone will be developed and managed in partnership between DMCC and Dakia U-Ventures (UVentures), in direct cooperation with the federal and national government agencies of Colombia. UVentures is an international investment holding company specialising in the design, financing, development and operation of international macro-scale projects.
The free trade area will be a common law area based on English common law, which will create an international business platform with unique advantages, such as balanced arbitrage mechanisms, individual country risk insurance, global trade networks and access to capital. Once established, the Cartagena International Trade Zone will be the first common law arbitration centre in Latin America.
DMCC and the Cartagena International Trade Zone intend to offer its member companies the right of passporting between the two free zones, which will expand bilateral trade opportunities and provide greater access to global markets.
The project was officially announced by Colombian Senate President Juan Diego Gomez Jimenez at FORO#23 forum held in Miami, USA, in the presence of the Colombian Deputy Ministers of Trade and Tourism and Justice and Law, the Mayor of Cartagena, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, and representatives of UVentures.
The Cartagena International Trade Zone will be modelled on DMCC, which is the leading and fastest growing free zone in the world. As a global hub for goods and businesses, DMCC has led the development of the physical, market and financial infrastructure needed to stimulate international trade flows and create market linkages.
As a result, Colombia is projected to significantly improve its standard credit ratings and attract foreign direct investment, creating national and international business opportunities.
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