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Monday, September 25, 2023

HE Al Zeyoudi meets UK business and trade ministers to discuss strengthening trade and investment partnerships focusing on new economic sectors


Abu Dhabi: His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, recently held talks with His Excellency Kemi Badenoch, Secretary of State for Business and Trade.Edward Hobart, Ambassador of the United Kingdom of Great Britain and Northern Ireland to the UAE, was also in attendance.

During the meeting, His Excellency Al Zeyoudi underscored the depth and strength of the historic relationship between the UAE and the UK, noting that they continue to grow in all aspects thanks to the shared aspirations of the leaders of both countries. HE Al Zeyoudi emphasized that the economic partnership between the two countries is the main driver of this growth.

He added: “Non-oil trade between the two countries is close to AED37 billion in 2022, an increase of 26 per cent compared to 2021. The UK is the UAE’s fourth largest European trading partner by 2022, accounting for 11 per cent of the UAE’s trade with us. The continent’s total non-oil foreign trade. Similarly, the UAE is the UK’s largest Arab trading partner and the 19th largest trading partner globally. The UAE accounts for nearly 30% of the UK’s total trade with Arab countries. In terms of investment, by the end of 2020 , UK FDI to the UAE totals about AED77 billion, while by the end of 2021, the UAE’s FDI to the UK will total AED29 billion.”

The meeting discussed ways to strengthen cooperation in various priority areas, mechanisms to increase trade exchanges, and arrangements for the eighth UK-UAE Joint Economic Committee, which is an important platform to promote bilateral economic and trade cooperation.

In addition, the two ministers discussed progress in preparations for the UAE to host the 13th WTO Ministerial Conference, scheduled for the first quarter of 2024 with the participation of 164 countries.

In addition to strengthening existing economic partnerships and exploring new prospects in new economic sectors, both parties also agreed to explore more promising investment opportunities in their respective markets. These include finance and the financial sector, advanced technology and science, industry, renewable energy, e-commerce, logistics and supply chain. In addition, strengthening cooperation in marine science, climate change, sustainable agriculture, agricultural innovation, food security, scientific research experience exchange, smart mobility, public transportation, railways, and maritime transportation was also discussed.

During the meeting, HE Al Zeyoudi elaborated on the most prominent developments in the UAE’s business environment that contribute to an economic environment that is highly conducive to business growth and foreign direct investment inflows.Most notably, these include the enactment of pro-investment legislation and the launch of an ambitious strategy to attract talent from all walks of life in order to strengthen the country’s position as a permanent hub of creativity and innovation.

HE Al Zeyoudi invites the UK private sector to take advantage of the advantages and incentives offered by the UAE economy to grow in the country’s market and the wider Middle East and Africa region. These include the Comprehensive Economic Partnership Agreement (CEPA), under which the UAE has so far signed four agreements with India, Israel, Indonesia and Turkey, and has completed negotiations with Georgia and Cambodia, which are due to be formally signed soon. In this regard, the UAE is continuing to negotiate with strategic global markets of more regional and global significance. Another notable initiative launched by the country is NextGenFDI, which continues to attract leading global companies operating in the future economy to the UAE.

For more information, please contact:
Eastern Planet Group (OPG)
e-mail: media@orientplanet.com
website: www.orientplanet.co


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