Dominican Republic, Costa Rica join UAE in prioritising PPPs amidst economic recovery

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By Esraa Ismail and Rola Alghoul

DUBAI, UAE, (WAM) – Public-private partnerships (PPPs) are increasing in the post-COVID era and diversifying growth opportunities for economic recovery, according to the government officials from the Dominican Republic and Costa Rica who addressed delegates today at the Global Business Forum Latin America (GBF LATAM) 2022 in Dubai.

In a session titled “Reforming for Future Growth,” Rodolfo Solano Quirós, minister of foreign affairs and worship for Costa Rica, and Miguel Ceara, minister of economy, planning and development of the Dominican Republic, discussed the importance of innovative financing solutions such as PPPs.

Similar to the UAE, the two countries expressed interest in continuing to engage with the private sector to renew economic growth.

“The Latin America region requires US$30 million in different projects of infrastructure and energy. We need PPPs,” asserted Quiros. “And in this regard, the UAE has a great opportunity to understand that Latin America is closer than ever. The country already possesses a comprehensive legal framework, so we need to incorporate a new generation of free trade agreements that account for decarbonisation, digitalisation and decentralisation.”

Ceara agreed that a similar outlook is the key to guiding economic recovery and reform in the Dominican Republic. As one of the fastest-growing economies in Latin America, the country recently benefitted from a robust regulation for the commencement, selection, award, procurement, execution, follow-up, and implementation of PPPs.

By leveraging financial opportunities from markets like the UAE, the Caribbean country hopes to attract foreign investment through innovative opportunities further and generate considerable progress.

Held under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, vice president, prime minister and ruler of Dubai, GBF LATAM 2022 is organised by the Dubai Chamber of Commerce in partnership with Expo 2020 Dubai.

Bearing the theme “Towards a Resilient Future,” the two-day forum brings together heads of state, ministers, government and business leaders, and industry experts to discuss new avenues of economic cooperation between the UAE and Latin America.

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