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This UAE Ministry of Economy As the second-largest economy in the Arab world continues to pursue new economic partnerships globally, joint investment opportunities with several Caribbean countries are being explored.
The ministry said in a statement on Friday that Economy Minister Abdullah bin Touk had met with several ministers from the Caribbean countries to discuss mechanisms to strengthen economic and trade cooperation and to discuss new actions that would help expand economic cooperation The plan is agreed.
During the 2022 Havana International Fair, Mr. Bentuque also held a series of bilateral meetings with several Cuban government ministers, including Internal Trade Minister Betsy Diaz and Foreign Trade and Foreign Investment Minister Rodrigo Malmierca.
The Minister also met with Alejandro Fernández, Cuba’s Deputy Prime Minister and Minister of Economy and Planning, and held talks with representatives of the private sector.
The ministry is exploring cooperation and investment opportunities in areas such as energy, manufacturing, tourism, agriculture, transportation, communications, information technology and healthcare.
“Caribbean countries are a promising investment and trade destination because of the diverse economic opportunities they offer,” Mr. Bentouk said.
“The UAE is keen to develop partnerships with the business community in the region and facilitate business and investment exchanges in a way that supports the development aspirations of both parties.”
The minister said the trip to Havana would help showcase the economic initiatives the UAE has launched, including the 50-nation project and the Comprehensive Economic Partnership Agreement (Cepa) program.
The Caribbean private sector was briefed on the comprehensive development of the UAE’s economic legislation, which underpins the country’s position as a global center for trade and investment,” added Mr bin Touq.
Mr bin Touq called on the Caribbean business community to take advantage of the incentives and investment opportunities offered by the UAE, especially in the new economy sectors and financial services.
Investopia, an initiative of the UAE government to promote investment, also hosted a briefing for the Caribbean business community to highlight investment opportunities as the UAE prepares for the next 50 years of growth and development.
The UAE has rolled out several schemes and regulatory reforms to boost trade and investment. The country is pursuing new partnerships globally and has signed a Cepa agreement with India this year, Indonesia and Israel.
Negotiations are currently underway with Turkey, Georgia, Colombia and Cambodia.
The UAE economy grew by 8.4% in the first quarter of this year, beating initial estimates and on track for its fastest annual growth since 2011.
GDP growth in the first quarter—significantly faster than 2.1% pre-pandemic GDP level – higher than previous estimate of 8.2% Central Bank of the United Arab Emirates.
The UAE’s foreign trade volume exceeded AED1 trillion ($272 billion) in the first six months of this year, compared with AED840 billion in the same period before the pandemic, According to government data.
In 2021, the UAE’s non-oil trade with Caribbean markets reached nearly AED422 million, while the UAE’s non-oil exports to the region amounted to nearly AED90 million.
The UAE’s re-exports to Caribbean countries reached AED174 million last year, up 2 percent year-on-year. Caribbean imports to the UAE rose by 29 percent to reach AED158 million by 2021, the Ministry of Economy said.
Updated: November 18, 2022, 10:20 AM
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