ABU DHABI, 23rd February, 2023 (WAM) — Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, held talks with Xiana Mendez, Secretary of State for Trade, Ministry of Industry, Trade and Tourism, Spain, and discussed strengthening economic and trade cooperation.
Al Zeyoudi highlighted the deep historical relationship between the UAE and Spain, noting that the leaders of both countries remain equally keen to strengthen existing cooperation as part of their respective visions for economic development.
Al Zeyoudi said: “Bilateral trade figures show the rapid growth of the UAE-Spain economic relationship. In 2022, our non-oil trade volume will exceed US$2.6 billion. The UAE’s non-oil exports to Spain last year totaled US$360 million, while re-exports were $181 million.
He added: “We are eager to strengthen our economic and trade partnership with Spain. Spain becomes the UAE’s third largest European partner in 2022, as it receives 8% of the UAE’s total non-oil exports to EU countries. In addition, the Spanish market is the UAE’s A key global market of particular interest to the business community. Total UAE investment in Spain will reach approximately US$3.8 billion by the end of 2021, while total Spanish foreign direct investment (FDI) in the UAE will reach US$72 million by the end of 2020.”
The meeting explored ways to strengthen the existing economic and trade relations between the two countries and diversify them in areas of mutual interest.
In addition, the two sides agreed to support investment exchanges in future economic fields that support the sustainable development of the two economies, such as entrepreneurship, tourism, innovation, technology, food safety, real estate, logistics, mining, transformational industries, and renewable energy. .
Ways to create new mechanisms to facilitate the business community’s access to promising opportunities in both markets were also discussed.
Al Zeyoudi elaborated on the UAE’s importance in the global economic landscape and the steps taken by the country to transform towards an innovation-based sustainable knowledge economy in line with the ’50 Year Principles’ and ‘UAE Centenary 2021’.
The most notable legislative amendments include granting full foreign ownership, strengthening intellectual property protection, and launching an ambitious strategy to attract talented and creative individuals into all industries, boosting the UAE’s status as a hub of creativity and innovation. status.
Furthermore, Al Zeyoudi asserted that the UAE market offers multiple opportunities and incentives that can support the growth of Spanish companies in the UAE and the wider MENA region. He further invited the Spanish private sector to promote economic cooperation by taking advantage of the benefits and incentives offered by the UAE economy.
These include Investopia, which aims to create opportunities and empower future investments, and the Comprehensive Economic Partnership Agreement (CEPA). The UAE has signed three CEPAs with India, Israel and Indonesia, and is negotiating with many other countries.