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Mohammad Amir
ABU DHABI, 27th May, 2022 (WAM) — The US-UAE Business Council, with exports worth US$16.7 billion last year, is poised to further strengthen the US and UAE in healthcare, energy sustainability, space, advanced manufacturing and the digital economy.
“The potential for further development of bilateral relations is huge,” Council Chairman Danny Sebright said in an interview with the Emirates News Agency (WAM). He added that the current economic relationship between the two countries is characterized by a bilateral trade volume of more than US$22 billion and a large flow of foreign direct investment in both directions.
“The UAE has been the largest single US export market in the MENA region since 2009, with exports worth $16.7 billion in 2021,” said Sebright, who led the committee’s delegation to the sixth session in Abu Dhabi. Say. The Global Aerospace Summit concludes on Thursday.
Since its establishment in 2007, the council has grown to more than 200 member companies, reflecting the strength of bilateral economic and trade relations and directly influencing important bilateral economic and trade policies and initiatives, he said.
“Mubadala Investments, one of the UAE’s sovereign wealth funds, has invested more than $100 billion in the US. Other UAE sovereign wealth funds have also invested heavily in the US over the past 20 years. In turn, more than 1,500 US companies Do business in the UAE, sell goods and services, and help create good-paying jobs here in the United States,” he said.
Danny Sebright, a panelist and keynote speaker at the Aerospace Summit, said the event provided valuable networking and market intelligence opportunities to complement those offered by the summit itself. “This leads to real connections and real business that support the growth of the aerospace business ecosystem,” he noted.
Cooperation in aerospace field
Sebright said the business council has been promoting US-UAE partnerships in space since day one of the UAE’s nascent space exploration programme. “Since the agreement between NASA and the UAE Space Agency in 2018, the Council has worked hard to showcase and highlight opportunities for cooperation between the two countries in this important area.
“With the UAE becoming a signatory to the Artemis Accords, US-UAE cooperation in this vertical will only increase and will continue to be a key focus of our work.”
“We have been committed to highlighting opportunities for US companies to provide best-in-class solutions for the UAE space program,” he added.
Artemis Accords is a U.S.-led effort based on a shared vision of principles, based on the 1967 United Nations Treaty on Outer Space, to create a safe and transparent environment that advances exploration, science and commerce for the benefit of all humankind .
Climate Change and Sustainability
Sebright said: “Following the appointment of Dr Sultan Al Jaber as the UAE Special Envoy for Climate, the Council established a ‘Climate Change Task Force’ in early 2021, bringing together leaders from business, academia and government to better understand Create opportunities and the broadest cooperation between our two countries.
“As the UAE prepares to host COP 28 in November 2023, the Council plans to double down on climate change and sustainability over the next 18 months.
“In recent weeks, we have had discussions with Sultan Al Jaber’s office on how the UAE can engage the US private sector to make COP28 a successful one. In this regard, the Business Council has agreed to lead engagement with the US business community ahead of COP 28. “
“The Business Council looks forward to mobilizing the business community in various ways to drive this engagement,” he continued.
The United Arab Emirates has announced the UAE Net Zero 2050 Strategic Plan, a national plan to achieve net zero emissions by 2050, with more than AED600 billion (US$163 billion) in investments in renewable energy.
“For the UAE, its net zero commitment is an opportunity to create economic value domestically, including through the creation of a green economy, particularly around hydrogen.”
“U.S. companies have an important role to play in this,” Sebright said, adding that U.S. companies could best support climate initiatives by creating “new technologies to help decarbonize the UAE.”
The UAE’s response to the COVID-19 pandemic
Sebright said the UAE’s response to the COVID-19 pandemic has been “exemplary” and has been consistently recognized by objective authorities such as Bloomberg’s Covid Resilience Ranking.
“Indeed, the UAE quickly implemented a far-reaching and responsible national campaign to test and vaccinate, while ensuring adequate personal protective equipment, or PPE, for its people.
“Hence, it was able to effectively curb the spread of the virus. This allowed business activities to return to normal and even attracted businesses, entrepreneurs and high-net-worth individuals from all over the world to relocate to the UAE.”
At the same time, the UAE accelerated its economic and social reform process, cementing the country’s position as a place to do business in the region. “This culminated last fall with the introduction of the Top 50 project, which will make the UAE a truly global business hub,” Sebright observed.
50 and US market items
The Chairman of the US-UAE Business Council described the “Project 50” initiative as an important story he wanted to tell in the US market. “We officially launched the ‘Top 50 Projects’ series in the US on 12 May at a roundtable discussion in New York City…The Council will continue to tell the story of the UAE Top 50 Program in US states working with our partners , we will be organizing future events in Florida, Texas and California.”
Women and Young Entrepreneurs
Asked about the council’s support for women and young entrepreneurs, he said: “Supporting young entrepreneurs is also an important part of what we do and at the Business Council we recognize the power and importance of inclusion, diversity and equality. sex.”
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