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DUBAI, 1st February, 2023 (WAM) — Abdullah bin Touk Al Mari, Minister of Economy, has underscored the strong relationship between the UAE and Ireland with Dalah Khaleri, Irish Minister of State for Trade Promotion and Digital Transformation. And strong relationship.
In a meeting with Calleary – during an Irish government trade mission to the UAE – Al Marri said these relationships were built on a shared vision of the UAE and Irish leaders on all issues and areas of cooperation, in a way that supports development goals for both contribute to the prosperity of the people of the country.
Bin Touq said: “We are keen to strengthen the joint mechanism to increase trade with Ireland, stimulate and diversify mutual investment flows to include new economic sectors, including artificial intelligence, space industry, fintech and entrepreneurship. UAE We are also keen to create new collaboration opportunities in the next phase under our new economic model based on knowledge and innovation, which aligns with Ireland’s goals and efforts in digital transformation.”
The meeting saw the two ministers explore ways to diversify existing economic relationships and strengthen private sector partnerships in new economic sectors. They also discussed new investment opportunities in areas of mutual interest that could lead to sustainable expansion of existing business partnerships.
In addition, the two sides agreed to support innovative SMEs through the UAE’s Startup Nation Program, strengthen cooperation in the future economy, and create opportunities in the knowledge economy, while encouraging innovators on both sides to transform their ideas into profitable businesses.
The two ministers emphasized the importance of cooperation in areas related to the circular economy and the development of joint initiatives and job creation in sustainable development.
The UAE minister highlighted some important developments in the country’s economic environment over the last period, which have contributed to creating a highly favorable economic environment for business development and mobilization of investments. These developments are in line with the UAE’s Future Vision, the 50th Anniversary Principles and the UAE Centenary 2071 Goals.
Most notable include granting 100% foreign ownership, enacting legislation to protect intellectual property, and launching an ambitious national strategy to attract talent and creative talent from all walks of life.
Al Marri further invites Irish companies to take advantage of the benefits and incentives offered by the national economy, giving them the opportunity to grow and expand in the UAE and MENA markets. Create opportunities through the Investopia summit that redefines the future of investing; the Comprehensive Economic Partnership Agreement (CEPA) programme, under which the UAE has signed three agreements with India, Israel and Indonesia. Negotiations for more such partnerships are ongoing.
In addition, the meeting highlighted the recently launched UAE tourism initiatives that have boosted the country’s tourism industry and strengthened the UAE’s position as a sustainable destination for global tourists. These include the recent UAE Tourism Strategy 2031, which aims to increase tourism’s contribution to the country’s GDP to AED450 billion by 2031. The strategy aims to mobilize investments worth AED100 billion in tourism and attract 40 million hotel guests.
In this regard, the two sides agreed to create opportunities for tourism companies in the two countries’ markets and facilitate their access to incentives provided by the economies of the two countries, thereby promoting the importance of tourism exchanges and air connectivity.
The meeting also highlighted the importance of the UAE hosting the 13th Ministerial Conference of the World Trade Organization (WTO) in Abu Dhabi and its role in promoting the country’s influence in shaping the future of global trade.
Expressing his delight at visiting the UAE, the Irish Minister said: “It was a pleasure meeting with Minister Al Marri to discuss how we can work together to address some of the greatest challenges facing our societies and I look forward to deepening the bilateral relationship between Ireland and the UAE into the future.”
He added: “Trade between our two countries continues to grow year on year and there are many opportunities for innovative Irish companies to support the UAE’s growth and vision for the future.”
Minister Calleary reiterated that the UAE market contains many promising opportunities that will facilitate the expansion and growth of innovative Irish companies, which in turn will support the UAE’s new economic model.
Non-oil trade between the UAE and Ireland was worth $907 million in the first 11 months of 2022, an increase of 15% compared to the same period in 2021. The UAE is considered Ireland’s number one trading partner in the Arab region in this sector, contributing 27% and accounting for 45% of Ireland’s trade with GCC countries.
In terms of investment, as of the end of 2020, Ireland’s investment in the UAE reached US$292 million, and by the end of 2021, the UAE’s investment in Ireland exceeded US$1.3 billion, mainly in financial technology, tourism, aviation, food safety and transportation. domain sector.
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