UAE Ministry of Economy seeks to strengthen cooperation

Abdullah Al Saleh, Under-Secretary for Foreign Trade and Industry at the UAE Ministry of Economy, MOE, held a meeting with Australia’s Frances Adamson, Secretary of the Department of Foreign Affairs and Trade, DFAT, to explore ways to strengthen economic relations and trade.

Held at the MoE’s headquarters in Abu Dhabi, the meeting was attended by Juma Mohamed Al Kait, Assistant Under-Secretary of Foreign Trade Affairs and Sultan Ahmed Darwish, Director of Trade Negotiations and WTO. Australia was also represented by Arthur Spyrou, Australian Ambassador to the UAE, and several officials from the Australian diplomatic mission.

Officials discussed the growth and development of economic relations between the two countries, particularly the expansion of non-oil trade as well as their outstanding co-operation in the aviation sector.

Al Saleh emphasised the UAE’s keenness to bolster the framework of mutual co-operation with Australia, characterised by an exceptional partnership. This is reflected in the remarkable growth of non-oil foreign trade volume, which exceeded US$2.1 billion during the first nine months of 2016, and more than $2.8 billion in 2015.

He explained that their bilateral economic relations have been remarkable and that the next level would bring several new opportunities by diversifying sources of economic and commercial bilateral relations.

In order to continue expanding development trends in the two countries, sectors such as agriculture and industry, renewable energy, tourism, information and communications technology are among their priority, he added.

The UAE’s total investments in Australia by the end of 2015 stood at $12.55 billion, including $2.93 billion in direct investments. Australia has about 48 companies, 65 trade agencies and 1,081 Australian trademarks registered at the ministry.

Secretary Adamson noted that Australia is keen to enhance its joint co-operation with the UAE as well as exchange experiences and expertise in priority sectors, in line with the economic agendas both countries.

Adamson’s interest for the expansion of joint investments is due to the growing interest of Australian companies looking to establish a market presence in the UAE because of its competitive advantages and attractive business climate. It is also an important commercial gateway for access to markets in the region.

On the other hand, the Australian Government is also looking to attract more UAE investments to various sectors of the Australian market.

She also discussed the ongoing preparations for the upcoming visit of the Minister of Economy to lead a high-ranking economic delegation to Australia this year, which will continue the country’s efforts to deepen economic and trade ties, and explore the most viable private sector investment opportunities.