Bridging Cultures and Fostering Development: An Exclusive Interview with William Reuben Soto
In the dynamic landscape of international relations, few individuals have left as indelible a mark as William Reuben Soto. His journey from academia to global development has been one of unwavering commitment, cultural understanding, and sustainable progress. As we sit down with Mr. Reuben Soto, we delve into his experiences, insights, and vision for stronger ties between Latin America and the United Arab Emirates.
Join us as we explore the intersections of trade, diplomacy, and human connection, guided by a man whose life’s work exemplifies the power of collaboration and shared purpose.
Mr. Reuben- Soto, could you share the council’s core mission and the values that guide its operations.?
First, I would like to thank you and Latin Gulf for the opportunity to explain the Dubai-Costa Rica Business Council’s views and plans. Our vision aims at creating dynamic and enduring partnerships that drive economic growth, innovation and cultural exchange between Costa Rica, Dubai, and the UAE. To achieve this long-term objective the Business Council has stablished a set of core values: Collaboration; Innovation; Integrity and Respect; Cultural Diversity and Exchange; as well as Environmental Sustainability and Social Responsibility are the set of values, which shall guide its operation and actions. As you may see, those values are also very much at the core of the DNA of the UAE and Costa Rica.
How does the council’s mission align with the broader economic and cultural ties between Costa Rica and Dubai?
As a Non-For-Profit Organization based in Dubai, the Dubai-Costa Rica Business Council has defined its mission as fostering and strengthening trade and investment relations between Costa Rica, Dubai, and the UAE. The Council works towards creating a platform that facilitates collaboration, dialogue, and partnerships between businesses, government entities, and other stakeholders in both regions. This vision fully aligns with the deep economic, cultural, and diplomatic ties that the two countries have been able to successfully develop and foster over the last decade. I am convinced that enhancing trade and investment ties between countries is the strongest and most effective way to cement their relationship, and that is what our Business Council plans to do.
Looking ahead, what is your vision for the council’s impact on bilateral trade and investment? How do you envision shaping the future?
Look, the Council sees itself as a facilitator of dialogue and partnerships between businesses, government entities and civil society of the two countries to foster trade and investment between Costa Rica, Dubai, and the UAE. That is not an easy task. But we are positive that, as a private and non-for-profit actor, we can help create spaces and platforms for that. The Council is anchored in Dubai Chambers and has a close partnership with PROCOMER, Costa Rica’s Trade and Investment Agency. Both entities work as hinges between the public and private sectors. We can complement their role through mobilizing information about the prevailing business environment in each country, while, at the same time, becoming a channel of voice for their business sectors advocating for positive changes in those environments. We are building our tools around our main objectives of suporting B2B partnerships; sharing knowledge and information; policy advocacy; and positioning Costa Rica as a leader in green energy, agribusiness, medical products, hi tech and as a sustainable touristic paradise.
What challenges does the council face in promoting Costa Rican businesses in Dubai and vice versa? How do you address these challenges?
There is no doubt that there are many challenges ahead. The first one that I would like to mention is the persistent information asymmetry in the respective business communities of the two countries. But also trade between the two countries faces a logistic challenge, particularly when we talk about trading fresh products. Air and maritime connectivity need quite a lot of improvement. Needless to say, that there are also cultural gaps that need to be addressed. Let me give you an example about this gap. In Costa Rica there is a lack of knowledge of the Halal practices and beliefs. That lack of knowledge inhibits our businesses from tapping on many trade and tourism opportunities in the UAE, and more broadly, the MENA market. Addressing those challenges that I have just mentioned will require time and the decisive engagement of multiple stakeholders. Our task is to develop the vision and the partnerships to tackle them.
What untapped opportunities exist for further strengthening economic ties between the two regions?
There are several opportunities. Let me just mention two of them. Costa Rica has been leading the development of IT services in the region since more than two decades, offering back-office solutions and services to a myriad of multinational corporations. It has also become an international leader in the production of medical and other high-tech devices. Costa Rica recently became a trusted partner of the USA to produce semiconductors and a beneficiary of the Chip-Act fund. These developments offer a great trade and investment opportunity to the UAE business community, which also strides towards becoming a high-tech and AI hub in the region. The other opportunity is the possibility of procuring joint business ventures in the green and blue economies. Costa Rica and the UAE share a passion for the environment and have made extraordinary progress in the development of green and blue businesses. We must take advantage of the path set forward by COP 28 to identify business opportunities.
Mr. Reuben-Soto, what is your vision for enhancing trade relations between Costa Rica and Dubai? How do you see the council contributing to this vision?
Dubai is a highly competitive market. Costa Rican products and services must offset the greater costs of transportation by positioning themselves as products and services offering high quality and the distinction of being produced under ambitious standards of environmental sustainability. That is precisely the essence of our country brand “Essential Costa Rica.” Medical Instruments and Orthopedic Appliances are by far the larger growth areas of the UAE imports from Costa Rica. Together they now represent more than 63% of the total import bill. This is an area of tremendous potential that we will promote from the Business Council. Another area of enormous potential is IT services, given the extraordinary progress that the IT businesses have experienced in Costa Rica, as I said before, and the expanding demand for these services from the Dubai’s vibrant economic growth. The former areas that I have previously mentioned have in common that they are less affected by disturbances in the transportation system, like for example, fresh fruits and other perishable products do. The Council will help Costa Rican providers to match potential buyers in Dubai, and vice-versa. Specialty coffee is another product that has been experiencing an expanding demand from more sophisticated consumers in Dubai. We are exploring, with partners in Dubai, ways to promote this high-end product in the local market. Finally, green tourism has also exciting potential with the opening of new air routes from Dubai to Bogota and Mexico, two connecting hubs with Costa Rica. There are, however, other uncharted opportunities that we need to explore. For example, there is a set of interesting financial products, like carbon certificates and green bonds that Costa Rica could allocate in the UAE financial markets. We are starting talks with UAE partners to explore further these chances.
What investment opportunities exist for Costa Rican companies in Dubai? Are there sectors that show significant growth potential?
I would like to respond to your question mentioning a success story of one of our members, a half-Costa Rican endeavor, in Dubai’s market. I am referring to House of Pops, an ice-cream company founded by Marcela Sancho. Marcela and her Lebanese partner, Mazen, rolled out a small business in September 2018, producing pops according to the Costa Rican tradition and natural flavors, and selling them in a farmer’s market in Dubai, just the two of them with a small bike. Now-a-day, House of Pops is a well-known and respected franchise operating in the Dubai and UAE food market, which has expanded its presence to Saudi Arabia and Barehin. Their products exclusively use natural and healthy ingredients and meet sustainability standards. What I want to highlight here is that Dubai offers many investment chances to small and large foreign investors if they apply imagination, perseverance and develop a good notion of prevailing market trends and opportunities. The Council aims at supporting those Costa Rican investors willing to start their business here in Dubai, by providing information, advice and allowing for the exchange of experiences and lessons learned.
“Dubai offers many investment chances to small and large foreign investors if they apply imagination, perseverance and develop a good notion of prevailing market trends and opportunities.”
How does the council foster collaboration with UAE-based businesses? Are there success stories of joint ventures or partnerships?
It is difficult to talk of success stories of our council in promoting business partnerships with UAE-based businesses. You will have to allow us some more time for this. The Dubai-Costa Rica Business Council has less than six months of its foundation. But we certainly hope to be able to show those success stories soon. So far, we have the honor of counting on key economic players in Dubai’s economy, like Emirates Airlines, Essa Al Ghurair Investments, and DMCC, among our members.
With preliminary CEPA negotiations underway, what benefits do you foresee for trade and investment? How can businesses prepare for this agreement?
The CEPA negotiations have come to an end. The two countries signed the agreement in a ceremony proceeded by the two heads of state. Now, we are awaiting for the ratification from the Costa Rican legislative body. The Comprehensive Economic Agreement offers huge opportunities for expanding trade and investment relationships between the two countries with the reduction or removal of trade tariffs, the approval of provisions to facilitate digital trade, opening of opportunities to businesses from both countries to participate in government procurement-bids, the ratification of an agreement to avoid double taxation, and the approval and ratification of investment protection and promotion provisions. It also offers special conditions for professionals from each of the two countries to operate in the other. The Dubai-Costa Rica Business Council will be sponsoring a seminar for the business community of Dubai to explain in detail the scope and mechanisms created by the CEPA to facilitate trade and investment. To this end, we have already stablished contacts with the Ministry of Trade and the Trade and Investment Agency of Costa Rica to engage them in its organization, and will be talking with Dubai Chambers to co- sponsor it with us. In the medium term, we hope to be a conduit of voice for the business communities of both countries to channel their concerns and suggestions to improve the implementation of the agreement, and to become a handy information resource.
How does the council measure its impact on trade growth? Are there specific metrics or success indicators you track?
We have stablished a set of key performance indicators (KPI), which we will be tracking as we move forward. They will help us measure our performance and ultimately, our impact. We are also defining result indicators and drawing a baseline to measure our impact in the long run.
(C) 2024 -Latin & Gulf Magazine
About the Dubai Costa Rica Business Council
The Dubai Costa Rica Business Council was founded in January 2024 after many years of strong diplomatic and trade relationships between the UAE and Costa Rica. The Council was established to cater to the private sector needs of both countries and built on the strong values of shared and lasting prosperity that unite the two nations. The Dubai Costa Rica Business Council is a Non-For-Profit Organization based in Dubai. Its mission is to foster and strengthen economic, trade, and investment relations between Costa Rica, Dubai and the UAE. The council works towards creating a platform that facilitates collaboration, dialogue, and partnerships between businesses, government entities, and other stakeholders in both regions. https://dubaicostaricabc.org/
