UAE, Argentina, Brazil, Chile, and Paraguay agree to promote a bio-oceanic corridor to connect all four countries

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UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan and leaders of Brazil and Paraguay, Luiz Inácio Lula da Silva and Santiago Peña, witnessed the signing of a joint declaration for cooperation on the Bi-Oceanic Corridor.

Argentina, Brazil, Chile, the United Arab Emirates (UAE), and Paraguay Friday agreed in Dubai on the sidelines of the United Nations Climate Summit (COP28) to “seek opportunities” for the highway due to link the port of Santos in Brazil, with the Chilean ports of Arica and Iquique. Former Paraguayan President Mario Abdo Benítez has dubbed the initiative “the small Panama Canal.”

The “Joint Declaration on Cooperation linked to the Bioceanic Corridor” agreed upon in the interest of “deepening social, trade and investment relations” provides for the “cooperation with the private sectors, to accelerate economic activity in the interest of the parties, and to seek opportunities in the bioceanic corridor.”

The document was signed by Foreign Ministers Mauro Vieira (Brazil), Alberto van Klaveren (Chile), Rubén Ramírez Lezcano (Paraguay), the UAE Minister of Investment, Mohamed Hassan Al Suwaidi; and Argentina’s Ambassador to the UAE, Agustín Molina Arambarri in the presence of heads of state from the UAE, Paraguay, and Brazil.

“The integration project will strengthen trade and economic development in the region, where Paraguay will be a major player,” Paraguayan President Santiago Peña wrote on X.

Officials from the five countries joined the COP 28 debate in Dubai, where they took this step towards consolidating the Bi-Oceanic Corridor. This project has been promoted by Argentina, Brazil, Chile, and Paraguay since 2015 to boost regional development.

The road, drafted to be some 2,200 kilometres long, would cross the Argentine provinces of Salta and Jujuy, Mato Grosso do Sul in Brazil, and Antofagasta and Tarapacá in Chile, as well as the Gran Chaco in Paraguay. It is expected to be completed by 2025.

“It is an integration project that links the south of Brazil by land with the ports of northern Chile, passing through Paraguay and Argentina,” said Chilean President Gabriel Boric last month.

Contact the Gateway to South America team to learn about the best investment opportunities in the region. The company is a benchmark for foreign investors wishing to invest in Argentina, Brazil, Chile, Paraguay, Peru and Uruguay, providing expert advice on property acquisition and investment tours.

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