MIAMI , May 11, 2022 /PRNewswire/ -- In a historic first in Latin America, Colombia will create a Common-Law District Arbitration Center. The special delimitated zone will act as a trade-gate into the wealth of the country for national development and export growth.
The free-trade designated territory will be located in Cartagena de Indias, and will be a common law district based on English Common Law, which will create an international business platform with balanced arbitration facilities, incorporated country risk insurance, trade, and access to capital, amongst others.
The Cartagena International Commerce Zone will be developed and operated in a direct partnership between DMCC (Dubai Multi Commodities Centre) and UVentures, in direct collaboration with federal and national government entities of Colombia.
The project was officially announced on Friday 6th of May by the President of the Senate of Colombia, Juan Diego Gomez Jimenez, at the forum FORO#23 held in Miami, United States, in presence of the Colombian Vice-Ministers of Commerce & Tourism and Justice & Law, the mayor of Cartagena, Ahmed Bin Sulayem, Executive Chairman and CEO of DMCC, and Xavier Adserà, CEO of UVentures.
DMCC is the world's leading and fastest growing free zone. Established in 2002 as a Government of Dubai Authority, its award-winning business community is home to major multi-nationals and start-ups, with over 20,000 registered companies. As a global hub for commodities and enterprise, DMCC has spearheaded the development of physical, market and financial infrastructure required to drive international trade and create market connectivity.
"As the world's fastest growing free zone with over 20,000 registered companies, DMCC is thrilled to partner with UVentures to establish a trade hub and free zone in Cartagena de Indias, Colombia. This will shape the future of trade by creating a new virtual and physical trading corridor between Colombia and Dubai, while supporting the national strategic objectives of Colombia and unlocking its enormous growth opportunities. DMCC's regulatory trade environment and free zone model shaped over 20 years is the blueprint for global market connectivity and growth. This blueprint will be instrumental in partnering to develop a new world leading free zone that drives FDI between two extremely dynamic markets, while providing transformational trade opportunities for the broader Central and South Americas through Dubai," said Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer, DMCC.
UVentures is an investment holding company specialized in designing, financing, developing, and operating international macro-scale projects in the hospitality, entertainment, technology and travel sectors, alongside institutional investors, governments and development companies.
"We are thrilled to embark on this endeavor with DMCC, the Colombia Sovereign Authorities, and our ecosystem of institutional partners. This remarkable project has all the elements to be a worldwide success, posing a historical opportunity for the country to expand its international presence, and for Latin America to develop a leading financial & commercial hub referent amongst global capital markets." said Xavier Adserà, Chief Executive Officer of UVentures.
According to the initial plan, the strategic alliance will establish the Cartagena International Commerce Zone similar to DMCC's existing business district and trade hub in Dubai, UAE, where foreign parties and international businesses can anchor all civil, financial and commercial contracts, agreements, and transactions. As a result of this project, it is projected that Colombia will significantly improve its standard credit ratings and attract foreign direct investments, creating business opportunities at a national and international level.
For added benefits in the direct synergies with DMCC, the commerce zone is intended to be able to issue a dual passport regime which would enable enterprises based in the International Commerce Zone to bolster its global reach.
The exact location for the project will be announced at a later date and will provide a preliminary overview of the land distribution.
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