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ABU DHABI – At the invitation of the Cuban government, the Minister of Economy, Abdullah bin Touq Al Marri, visited the Havana International Fair 2022 in the Republic of Cuba. The visit aims to explore cooperation opportunities and forge new economic partnerships between the UAE and Caribbean business communities in various investment and trade sectors such as energy, manufacturing, tourism, agriculture, transportation, communications, information technology and health.
During his visit, Bintuk met with several ministers from the Caribbean countries, discussed mechanisms to strengthen economic and trade cooperation, and agreed on new action plans and programs that will help achieve this goal.
The Minister of Economy said, “Caribbean countries are a promising investment and trade destination because of the diverse economic opportunities they offer. The UAE is therefore eager to develop partnerships with the business community in the region and promote business and investment exchanges.”
He added, “Our visit was instrumental in acquainting the Caribbean private sector with the numerous economic initiatives that the UAE has recently launched in line with its wise leadership’s vision for the future, most notably the Top 50 projects including the Investopia Summit and the Comprehensive Economic Partnership Relationship Agreement Plan. In addition, the comprehensive development of the UAE’s economic legislation was highlighted, including the granting of 100% foreign ownership of companies, flexible tax policies, and the facilitation of business set-up processes in a way that strengthens the country’s position as a center for global trade and investment.”
In addition, Bin Touq called on the Caribbean business community to take advantage of the incentives and investment opportunities offered by the UAE’s business and investment environment in various economic and trade sectors, especially new economy, real estate, energy, renewable energy, finance and others. Events, insurance and travel.
Furthermore, Dr. Badr Abdullah Al Matroushi, UAE Ambassador to the Republic of Cuba, confirmed that the bilateral relationship between the UAE and Cuba dates back several years and is unique due to strong cooperation in various fields. He also highlighted Investopia’s prominent role in supporting climate action in Caribbean countries, ensuring their future sustainable and healthier economies.
Bin Touq held a series of bilateral meetings with several ministers of the Cuban government, most notably Betsy Diaz, Minister of Internal Trade; Alejandro Fernández, Deputy Prime Minister and Minister of Economy and Planning; in addition to meeting representatives of the private sector, Foreign Trade and Foreign Investment Minister Rodrigo Malmierca.
In 2021, the UAE’s non-oil trade with Caribbean markets totaled nearly AED422 million, while the UAE’s non-oil exports to the region totaled almost AED90 million. In addition, UAE re-exports to Caribbean countries amounted to AED 174 million in 2021, up 2% from 2020, while Caribbean imports to the UAE increased by 29%, totaling AED 158 million in 2021.
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