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The Spanish ambassador to the UAE, Iñigo de Palacio España, said bilateral trade between Spain and the UAE is rebounding to pre-pandemic levels, with Spanish exports to the UAE expected to grow by 8% this year. %.
“The forecast for bilateral trade is very promising. Imports from the UAE to Spain are also growing, already 32% higher in the first quarter of 2022 compared to the same period last year,” España told WAM.
In an exclusive interview with WAM at the Spanish embassy in Abu Dhabi, he revealed that bilateral trade was 1.81 billion euros (1.79 billion U.S. dollars) in 2020, up 39.23 percent to 2.52 billion euros in 2021.
2,600 Spanish companies
The envoy added that more than 2,600 Spanish companies regularly export to the UAE, with Spanish exports to the UAE totalling 1.71 billion euros in 2021, up 13.24 percent from 1.51 billion euros in 2020.
Imports from the UAE to Spain in 2021 will be worth 812.68 million euros, an increase of 167.55% from 303.75 million euros in 2020, he said.
He noted that UAE foreign direct investment (FDI) in Spain has exceeded 6 billion euros, and Spanish FDI in the UAE is worth around 3 billion euros.
Expand business
“We can build here a strong presence of Spanish companies and a long track record of two-way projects and investments. Beyond that, I see growth in all areas,” España said.
The ambassador pointed out that Spain is already known for efficient civil engineering and services, including engineering, energy, water, hotels, etc. “In addition to these areas, I would like to focus on developing our relationship with the UAE in defence and aerospace industries, rail, energy and climate transition, including in green hydrogen, food and agro-industry.”
The Spanish Business Council in the UAE is one of the most dynamic of its kind in the world, he said. The committee represents more than 120 Spanish companies out of more than 250 companies with permanent presence in the UAE.
Investment Opportunities
Referring to Spain’s investment opportunities in energy and utilities, agriculture, services and start-ups, the envoy said Spain has traditionally had fertile land in energy, renewable energy and water management.
“I may recall that as many as five different Spanish companies were involved in all the different phases of the Dubai Al Maktoum Solar Park. Spanish companies also played a vital role in the development of the UAE’s water management sector.”
Protocols and platforms to promote business development
The diplomat revealed that Spain and the UAE have agreed on the text of an agreement to protect and promote investment. He noted that the Double Taxation Agreement has come into effect, which is very convenient for UAE nationals and companies.
The ambassador added: “We look forward to holding the next round of the Joint Economic Committee in Madrid soon. We are now preparing the agenda with our interlocutors from the UAE Ministry of Economy, always helpful and helpful.” arab trade news agency
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