President Sheikh Mohamed held talks with Chilean President Gabriel Boric at Qasr Al Watan on Monday.
The two leaders reviewed efforts to bolster bilateral ties between their nations, particularly in key sectors such as the economy, renewable energy, investment and climate action.
Sheikh Mohamed said the high-level discussions were in line with a "comprehensive vision" to foster strong links with Latin American countries, state news agency Wam reported.
Sheikh Mohamed and Mr Boric witnessed the signing of a key economic partnership to further cement growing ties.
"I was pleased to meet Chilean President Gabriel Boric in Abu Dhabi today to discuss ways to enhance the strong ties between the UAE and Chile across key fields," Sheikh Mohamed wrote on X.
"Together, we witnessed the signing of the UAE-Chile Comprehensive Economic Partnership Agreement, which will build bridges of economic cooperation between our countries while fostering lasting prosperity and development for our peoples."
Sheikh Mohamed said the allies have a shared goal of achieving carbon neutrality by 2050, while Chile is also a partner in the Mangrove Alliance for Climate led by the UAE and Indonesia.
A guard of honour lined up to salute Mr Boric, with 21 artillery rounds fired. The reception was also attended by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
The Chilean leader expressed his pleasure at visiting the Emirates and meeting Sheikh Mohamed.
He conveyed his appreciation over the warm welcome extended to him and his delegation.
Sheikh Mohamed hosted a luncheon in honour of Mr Boric and his delegation.
Earlier on Monday, Reem Al Hashimy, Minister of State for International Co-operation, greeted Mr Boric at the Presidential Airport in Abu Dhabi, where he was welcomed with an honour guard.
Mohammed Al Neyadi, the UAE's ambassador to Chile, was also present to meet the South American delegation.
It is the first visit by a Chilean president since diplomatic relations were established between the countries in 1978.
The visit comes after the two countries concluded a Comprehensive Economic Partnership Agreement this year.
Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, and Alberto van Klaveren, Chile's Foreign Minister, signed a statement announcing the successful conclusion of negotiations in April.
The agreement marked a significant milestone within the UAE's Cepa programme, which aims to raise the value of the country's non-oil foreign trade to Dh4 trillion by 2031.
Reem Al Hashimy meets President of Chile - in pictures
