Economy Ministry eyes strengthening economic relations with German business community

Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under-Secretary of the Ministry of Economy for Economic Affairs, and Felix Neugart, CEO of the German Emirati Joint Council for Industry and Commerce, have reviewed means to strengthen UAE-German economic relations and to develop partnerships between the business communities in the two countries.

During the meeting which was held in Dubai, the two sides commended the outstanding UAE-German relations at the economic level, adding that they serve the development goals in both countries.

Al Shehhi said that relations between the UAE and Germany have seen significant growth over the past years, as the UAE is the largest trading partner of Germany in the Arab region, accounting for 25% of the total volume of trade between Arab countries and Germany, valued at 52 billion Euros in 2015, and Germany is the sixth largest trading partner of the UAE.

He pointed out that foreign non-oil trade between the two countries recorded 3 percent growth in 2015, compared to the previous year, to reach about US$15.5 billion. He commended the vital role played by the German-Emirati Joint Council for Industry and Commerce in the promotion of bilateral economic relations.

Mr. Neugart stressed that the UAE represents a very important market for the German economy, as Germany's exports are still experiencing significant growth, reaching 16 percent in 2015 compared to the previous year. He also added that the UAE represents an important regional and global trading centre through which German equipment and products are reaching various markets of the region.