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WASHINGTON, 2nd May, 2023 (WAM) — Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a delegation of UAE government officials, business leaders and investors to promote foreign direct investment at the SelectUSA Investment Summit, the largest event in the United States.
At the event in Maryland, the delegation engaged with business leaders, industry experts and exhibitors to identify strategic investment opportunities in the United States and explore avenues for doing business in the country.
Dr Thani Al Zeyoudi also took the opportunity to hold a bilateral meeting with U.S. Secretary of Commerce Gina Raimondo and Assistant Secretary of Commerce Arun Venkataman, during which he discussed how to further develop bilateral trade and investment relations and accelerate progress in clean energy cooperative initiatives in such priority areas as food and water security, and advanced technologies.
Al Zeyoudi said that the participation of the UAE delegation in SelectUSA reflects the importance of the US relationship and the opportunities it presents to UAE businesses and investors. “To achieve our economic ambitions, we must expand our ties with key allies around the world, including the United States, our fourth largest trading partner, with non-oil trade worth $30 billion by 2022. Partnerships with U.S. companies on Web3, can Renewable energy, agricultural technology, space science and quantum computing could reap major payoffs”
“As of the end of 2022, UAE FDI to the US totaled US$33.1 billion, accounting for 43% of inward investment in the Middle East. On the other hand, the UAE is the largest trading partner of the US in the Middle East. Events such as SelectUSA provide the ideal platform to further Raise that and develop more opportunities of mutual benefit for our private sector,” he added.
Thanks to the UAE’s business-friendly environment, world-class infrastructure and skilled workforce, the UAE is today home to more than 1,500 US companies.
On the occasion of the visit, Yousef Al Otaiba, UAE Ambassador to the United States, said that these companies and institutions have played a transformative role in the development of the UAE. “The commercial and economic relationship between the UAE and the US presents great opportunities for both countries. As we continue to grow in areas such as semiconductors, life sciences, space, agricultural technology and renewable energy, it is now the US companies investing in the UAE, Perfect time to partner and set up headquarters.”
Mohammed Al Musharrakh, Chief Executive Officer of the Sharjah Foreign Direct Investment Office (Invest in Sharjah), said the office’s participation in the SelectUSA Investment Summit provided a unique opportunity to gain insight into the latest global investment trends and observe the approaches and aspirations of foreign investors , while also exploring partnerships with investors and participants from around the world. “We explored the potential of investment exchanges with our US counterparts while promoting Sharjah’s promising prospects. Our exponential structural growth, evidenced by the issuance of 7,615 new business licenses supporting all industries and talents, combined with our The unique environment supporting start-ups and SMEs, scientific research centers and diverse business incubators in free zones make Sharjah a leading investment scene for the global economy.”
“Our discussions with investors at the summit highlighted the attractiveness and competitiveness of the UAE and Sharjah markets, citing a stable, stimulating legislative environment, cultural and talent diversity, national economic growth rates and expansion into a modern economy — — including sustainable energy, circular economy and integrating technology with vital sectors such as healthcare, education, services and food security,” he added.
After the event in Washington, DC, Al Zeyoudi then held talks with U.S. lawmakers on Capitol Hill, outlining ways to build on the two countries’ 50-year strategic economic relationship, before meeting and global operations of U.S. companies representing energy transition investments. These include tours of the IonQ quantum computing fabrication lab, which uses advanced technologies to address pressing challenges such as climate change, energy and transportation.
The UAE delegation to the US included more than 50 participants, including senior federal and local government officials, in addition to representatives of a number of major UAE companies operating in various sectors of mutual interest.
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