Asian tour to boost global competitiveness of local SMEs

October 13, 2011

The UAE Ministry of Foreign Trade (MOFT) is organizing trade missions for Emirate companies to international expos in Indonesia and China from October 18 to 26, 2011in a bid to nurture Asian trade and further the growth of local businesses in the UAE.

The trip comprises business delegation visits to two consecutive trade expos that will take place in Jakarta, Indonesia and Guangzhou, China. The 26th Trade Expo Indonesia is a five-day trade event that showcases a vast range of products from consumer industries and receives thousands of visitors from over 100 countries every year. Last year alone it generated transactions of over USD 350 million, affirming Indonesia’s capability as a leading supplier of competitive consumer products.

The mission will then attend the second phase of the 110th Canton Fair (China Import and Export Fair) in Guangzhou.  Billed as the largest and longest trade fair in the country, the Canton Fair has grown year upon year and expects visitors from more than 200 countries. The fair features a huge display of consumer goods, gifts and home décor from China’s largest corporations and merchants.

Representatives from the Khalifa Fund for Enterprise Development will join the mission to show support for the country’s small and medium enterprises (SMEs).

Mohammed Nasser Hamdan Al Zaabi, MOFT’s Director of Trade Promotion, conducted a pre-departure meeting for the mission’s official delegates at the Grand Hyatt Hotel Dubai yesterday (Wednesday, October 12, 2011) to disseminate the details and importance of the upcoming Asian tour.

“This mission is intended to help SMEs in the UAE grow their businesses and compete on an international scale. They are excellent opportunities for CEOs and business leaders to learn about new products and services, source competitively, and establish strong international relationships. The Ministry is determined to help SMEs fare favourably in the global arena, and to provide assistance to accelerate their growth,” said Al Zaabi.

The trade mission to Asia forms part of MoFT’s strategy of opening up the UAE globally to both new and established growth markets, and also highlights the importance placed on the role of SMEs and entrepreneurship in the UAE’s economy. National companies joining the trip will benefit from subsidized travel costs. Business students are also being encouraged to take part in the mission as part of their education and career preparation.

The Indonesian and Chinese markets are viewed as important sources for new products and services. The delegates of the trade mission will gain insights into the business climates and economies of China and Indonesia, and will be able to explore opportunities to import or export products with these two countries.

The trip also provides a rare chance for business leaders to network with other entrepreneurs from Asia as well as the rest of the world. Both Jakarta and Guangzhou are known as business and leisure hubs; Jakarta is one of the most developed tourism-driven cities in Southeast Asia while Guangzhou is recognized as a global production centre.

Ministry: “We invite the private sector to benefit from investment & trade opportunities in Pakistan

October 5, 2011

Suhail bin Mattar Al Katbi, the UAE Consul General in Pakistan, has confirmed that many investment and trade opportunities are available in Pakistan particularly in the electricity, energy, telecommunication and transportation sectors, which have shown high profitability and business growth potential.

His remarks came during an induction meeting organized by the Ministry of Foreign Trade at its Abu Dhabi headquarters in the presence of Jamil Ahmed Khan, the Pakistani Ambassador in the UAE, and representatives from private and government sectors to discuss business and investment opportunities between the UAE and Pakistan. The session was held in preparation for the opening of the inaugural “Magnificent 7 UAE Expo” which will be held from November 30 to December 2, 2011 at the Expo Centre Karachi in Pakistan. The gathering was organized by the Ministry in cooperation with the UAE Consulate in Karachi and is part of a series of similar briefings that will take place in all the seven Emirates.

“Pakistan desires to strengthen its economic and trade relations with the UAE, and this exhibition is an ideal platform in this context. Karachi’s business community is closely following this upcoming event, which is a reflection of the positive outlook for trade relations between the two countries. The Ministry of Foreign Trade will discover many new opportunities through this important event,” said Khan.

Mohamed Nasser Al Zaabi, the Director of the Trade Promotion Department at the Ministry of Foreign Trade, pointed out that over the past few months business and government delegations from the two countries have exchanged visits to open up new commercial and investment opportunities and expand the scope of bilateral trade. He also revealed that the volume of trade exchange between the two countries is increasing steadily, reflecting future growth opportunities and underlining the importance of maintaining strong channels of communication between the countries’ investors.

Al Zaabi further explained that the “Magnificent 7 UAE Expo” would provide a platform for enhancing bilateral trade, expanding investment horizons, supporting existing partnerships, and improving levels of communication at the business level. He added that the exhibition will also highlight the UAE’s economic and social contributions to Pakistan and celebrate the cultural, religious and geographical ties between the two countries.

The meeting was also attended by Ali Al Hamli, the Ministry’s Assistant Undersecretary for Support Services, alongside a number of other Ministry department heads.

The volume of foreign trade between the UAE and Pakistan amounted to USD 2.86 billion in 2010 at a growth rate of 9 percent. Re-exports were worth USD 572 million while exports reached USD 511 million and imports USD 1.78 billion.

September 26, 2011

A trade delegation from the Ministry of Foreign Trade (MoFT) led by H.E Undersecretary Abdullah Al Saleh has successfully participated in the China (Ningxia) International Trade and Investment Fair (CITIF) and the China-Arab States Economic and Trade Forum held September 21 to 24, 2011, at Yinchua, the capital of China’s Ningxia Hui Autonomous Region. The group included members from local and federal governmental agencies, Chambers of Commerce and Industry from Sharjah and other emirates, economic development departments, and UAE companies from various vital economic sectors.

The Ministry organized bilateral meetings with representatives of Chinese companies and made field visits to factories and specialized industrial zones many of which were involved in petrochemicals and optical fiber manufacturing. Members of the delegation commended the participation in these additional events, pointing out to their  importance in maximizing the benefits of trade fairs and sharing experiences with top trade partners.

The UAE’s participation in the fair was a great success, with visitors gravitating towards the country’s stand to have a closer look at the country’s products and services.

Forum events included workshops on China-Arab States International Trade, Investment and Economic Cooperation in the fields of energy, chemicals, technology and Halal foods. H.E. Al Saleh attended the opening session of the China (Yinchuan) International Muslim Entrepreneurs’ Summit held in conjunction with CITIF alongside over 1,000 representatives from Arab and Islamic countries, businessmen and Chinese officials. He took the floor to discuss the economic diversification strategy adopted by the UAE to enhance the capabilities and competitiveness of the national economy.

The MoFT Undersecretary pointed out that the UAE’s ambitious diversification program helped increase the GDP contribution of the Emirates’ non-oil sectors to more than 70 per cent of the total national GDP in 2010. Commenting on the competitive aspects of the UAE economy and the investment environment across all sectors, he added that the UAE aims to attract more foreign investments by enhancing the capabilities and tools that help promote investment flows to the UAE market across various sectors, especially those related to high-technology. H.E. also discussed positive developments in UAE industry last year in terms of new investments, projects and key sectors.

H.E. Al Saleh also attended the opening ceremony of the China-Arab States Economic and Trade Forum along with the UAE delegation. During the forum he discussed the growing role of China in the global economy and the importance of maintaining strong bilateral economic partnerships particularly in commerce given that China was the second foreign trade partner of the UAE in 2010.

H.E. Abdullah Ahmed Al Saleh

September 17, 2011

The Ministry of Foreign Trade (MoFT) is arranging the participation of a UAE delegation to the China (Ningxia) International Trade and Investment Fair (CITIF) and the China-Arab States Economic and Trade Forum running from September 21 to 25, 2011, at the capital of the Ningxia Hui Autonomous Region. The Ministry of Foreign Affairs, local and federal governmental agencies, the Chamber of Commerce and Industry, departments of economic development and a number of national firms from various sectors such as ADNOC, Borouge and Julphar will form part of the contingent. The success of the country’s inclusion in last year’s CITIF edition has urged many UAE firms and organizations to join the event this year.

The delegation will be headed by H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Foreign Trade. MoFT will provide support and facilities to national firms participating in CITIF to help expand their businesses locally and abroad, encourage them to engage in business and investment partnerships with Chinese firms, actively promote UAE-made products in Asian and Chinese markets, and highlight the various opportunities offered during the Fair. CITIF will be held under the theme “Pass on Friendship, Push Forward Cooperation and Seek for Common Development” and will be attended by around 500 leading local and international leading companies from all over the world, most of which will be from Arab and Islamic countries. The Forum and Fair being held in conjunction with the China-Arab States Culture and Art Festival are under the patronage of the Ministry of Commerce of China, the China Council for the Promotion of International Trade (CCPIT), and the People’s Government of Ningxia Hui Autonomous Region.

H.E. Abdullah Al Saleh emphasizes the importance of maximizing the UAE’s participation in the major Fair. He explains that the Emirates’ distinct representation reflects the country’s comprehensive developmental upswing particularly in its trade and economy via its high-level manufacturing and production segments in various sectors. H.E. Al Saleh adds that the event also consolidates the presence and export potential of UAE-made products across the international markets and promotes UAE-based investment opportunities essential to the increased flow of Foreign Direct Investment (FDI). CITIF thus strengthens the UAE’s global trade status and reinforces its trade and economic relations especially with its business partners.

Al Saleh will take the floor at CITIF to talk about the UAE and China’s strong partnership and ties. He will also discuss vital trade and economic areas that both countries need to focus on to further develop their trade partnership.

The Forum’s series of events include a Workshop on China-Arab States International Trade, Investment and Economic Cooperation in the fields of energy, chemicals and technology. The Forum will also feature a corner for a China Halal Food Fair.

The Ningxia Hui Autonomous Region has a predominantly Muslim population and is one of China’s top five agricultural areas. It maintains a high income level compared to other Chinese regions. The region has been able to attract a large number of international firms and foreign investors because of preferential policies granted by the Chinese Government.

China is the second largest foreign business partner of UAE. In spite of the global recession, both countries have managed to maintain a high level of  trade. Their bilateral exchange grew by 9.5 per cent in Q1 2011, with non-exports increasing by 74.3 per cent and imports by 75.4 per cent. Non-oil trade rose around 9 per cent over 2009 to reach USD 12.5 billion last year. Tourism, Halal foods, Islam-related goods, financial services, real estate, construction and energy are among the strategic areas China and the UAE consider in their economic and trade cooperation.

The UAE Ministry of Foreign Trade (MoFT) and Sharjah Chamber of Commerce and Industry (SCCI) have jointly organized a workshop on “Methods and Policies of Export Development, and Export Rules & Regulations in the New World Order”. The workshop, which was attended by export-oriented private sector companies from the UAE, was held on Wednesday (July 13, 2011) at the SCCI’s headquarters. The workshop was organised in line with the plans and programs of the Ministry, taking into consideration best international practices in export development at the firm level, as well as the recognition of relevant international rules and regulations. This will enable the private sector to take full advantage of export opportunities in target markets, and subsequently promoting the national economy and supporting the government’s strategic directions in achieving comprehensive and sustainable development.

Mahmood Sharif Mahmood, Director of Foreign Trade Policies, noted in his opening speech that the UAE Government’s top priority is to establish a competitive knowledge-based economy for the UAE, as outlined in the first Government’s strategic plans launched in 2007 and in the second plan lunched in 2011 which covers the timeframe from 2011 to 2013. Moreover, he said that the government has developed strategic plans and initiatives and implemented programs and policies pertaining to export development and promotion of the country’s position as a key player in global trade. These actions are all geared towards diversifying the UAE’s exports as well as its international trade partners, by supporting a much wider range of industries to increase their export capabilities. He also pointed out that the government drafted resolutions, laws, legislations and measures aimed at developing the export infrastructure, increasing production and export volumes, opening new markets for these products and improving the competitiveness of UAE exports.Mahmood also pointed out that the growth of the export industry has resulted in a number of positive gains for the country, which can be summarized into four major factors. First, exports create new job opportunities in high performing export sectors. Secondly, exports are key in maintaining fiscal balance and stability of the local currency and exchange rates; exports help effectively address trade imbalances as the export industry is a critical source of foreign currency. The third factor relates to the role of exports in attracting domestic and foreign investment, given the reciprocal relationship between export industries and investment; a strong export industry helps attract more investments in value-added services and products, which in turn help generate greater business activity in the targeted sectors. The fourth factor is sustainability of growth rates; exports lead to sustained growth rates, this was reflected in the key indicators of sustainable development.

He added that given the benefits that result from the expansion of export activities, the UAE is keen to develop and implement export strategies with carefully scrutinize goals and perspectives, which is in line with the country’s strategy in achieving comprehensive and sustainable development, and in accordance with new trends and developments in international trade as well as  the rules and regulations of the UAE’s trade partners. He further clarified  that in developing export strategies and policies, an equally important precondition is the availability of relevant data and statistics about the performance of the UAE economy and on the inter linkages between the sectors , as the UAE continues to expand and diversify its export markets and increase trade volumes with these markets.
 
He also pointed out that by observing and analyzing the policies of export countries, especially in recent years, it became clearer that there is greater emphasis on macro policies that address issues such as export barriers, preferential and free trade agreements. He affirmed that the UAE has not overlooked such macro policies, but it should also be praised for paying greater attention to an effective factor in the policies of export development, policies that plays a vital role in developing export capabilities for specific industries by enhancing its competitiveness, this will create new opportunities to access different international markets by exporting   competitive products.

Mahmoud Sharif noted that the workshop is being held in accordance with the operational plan for the current fiscal year.

He further explained that the workshop addressed two main themes; the first theme demonstrates firm level methods and policies to develop exports, specifically by shedding light on the factors affecting international marketing; role of the banking sector in the development of exports; methods of securing and guaranteeing exports; and export promotion incentives. The second theme tackled the issues of export rules and regulations in the new world order by highlighting the features of this system and its main trends,  in particular it concentrate on  the movement towards economic blocs;  liberalization of international trade; globalization of the market and the importance of  quality standards. It also explained methods of exports initiation; export promotion methods, and concluded with a description of the operational procedures for export.

Mr. Mohammed Ahmed Amin, Assistant Director General for Economic and International Affairs, SCCI, pointed out that the development of exports and domestic goods and the opening of new overseas markets, represents one of the major strategic objectives of the chamber, an objective which is also pursued by the government of UAE in general and the Emirate of Sharjah in particular. This is being achieved by launching initiatives, through diversification of activities and organizing and participating in events that help increase exports and contribute to satisfactory, progressive and ambitious growth rates.

He added: “The workshop on”Methods and Policies of Export Development, and Export Rules & Regulations in the New World Order”, reflects an aspect of this work because of its immense importance in shedding light on the nature of foreign markets, within the framework of the global trading system, as well as presenting the requirements and mechanisms that help to develop exports. The ultimate goal is to enhance the competitiveness of the UAE with regard to export and investments.”

Moreover, he also pointed to the importance of coordination between the Sharjah Chamber of Commerce and Industry and the Ministry of Foreign Trade. The benefits of this strategic partnership will help achieve common goals in order to serve the national economy and the private sector in particular. On this occasion, Amin extended an invitation to the private sector, to participate in internal and external promotional and consultation programs, which are organised and supervised by the ministry, and in  coordination  with the Federation of UAE Chambers of Commerce and Industry, the Chambers and there members.

Meeting, held in cooperation with Dubai Export Development Corporation, was attended by several UAE food companies

July 9, 2011

The UAE Ministry of Foreign Trade (MoFT) held a preparatory meeting for the UAE delegation that will be part of the country’s pavilion at Africa’s Big Seven Exhibition, taking place in Johannesburg, South Africa from July 17 to 19, 2011. The meeting was held in Dubai on July 7th, in collaboration with the Dubai Export Development Corporation, and was attended by free zone representatives and UAE-based food companies.

The meeting opened with a welcome address by Mohammed Nasser Hamdan Al Zaabi, Director of Trade Promotion at MoFT, in which he emphasized that the UAE’s participation in Africa’s Big Seven Exhibition, was imperative due to several key factors. He pointed to the strong trade and investment ties between the UAE and African countries, as well as the study of markets in these countries which would enhance the added value of UAE exports and the National Economy and caters the investment requirements of the country. He also pointed out that this participation comes within the framework of the Ministry’s efforts to develop export opportunities for UAE products, the recommendations by the national economic regulators and their plans for overseas expansion. Al Zaabi also emphasized the importance of the Ministry’s support to Emirati entrepreneurs and SMEs in the UAE.

A presentation on the volume of bilateral trade between the UAE and South Africa was also made during the meeting, as well as an overview of key investment opportunities, in addition to the steps involved in setting up business operations in South Africa. The UAE delegation participating in this meeting included a number of companies specialised in food and beverage that are interested in exporting to the African market, in addition to the participation of a number of free zones, and UAE-based SMEs.

The only event of its kind in the continent, Africa’s Big Seven Expo presents a combination of seven separate but co-located events that define the various stages and specific technologies required to move produce from the field through the processing, packaging and marketing phases eventually culminating in retail sales in Africa – a market with 725 million consumers. Africa’s store of oil and mineral resources and packaging equipment and related technology as well as finished products for retail sale, provide massive business opportunities.

February 21, 2010

A promotional tour of a UAE delegation led by Minister of Foreign Trade H.E. Lubna Bint Khalid Al Qasimi has succeeded in establishing stronger trade and investment relations with India. Consisting of representatives from both the government and private sectors, the visit covered the four major Indian cities of New Delhi, Mumbai, Hyderabad, and Bangalore.

Participants agreed that the six-day tour will enhance communications between Indian and UAE companies, businessmen, and investors and will help transform investment opportunities in both countries into vital projects that will be of mutual benefit.

H.E. Saeed Khammas, Vice President of the Federation of UAE Chambers of Commerce and Industry, affirmed the positive results of the discussions made with their Indian counterparts. He pointed out the importance of focusing on Indian’s huge market, which offers vast opportunities for UAE products.

For his part, H.E. Abdullah Sultan Abdullah, Secretary General of the Federation, underlined the importance of such tours in promoting UAE businesses and establishing closer cooperation with foreign trade partners. He added that the visit to India would help establish investments into the UAE’s various industries, especially into its non-oil sectors.

Mr. Obaid Saeed Al Dhaheri, Director of International Affairs at Abu Dhabi Polymers Company (Borouge), said that the trip provided a great opportunity for his company to introduce its products, strengthen its presence and propose partnerships in major and promising international markets such as India.

Mr. Paras Shahdadpuri, President of Indian Business and Professional Council (IBPC) in Dubai, accompanied the delegation throughout the tour and commended its excellent outcome. “This was a perfect platform for trade and investment enterprises from UAE and India to interact, share their positive views, and discuss growth prospects between both countries,” he said.

Mr. Sharief Habib Al Awadhi, Director General of the Fujairah Free Zone (FFZ), thanked the Ministry of Foreign Trade and the UAE Embassy in India for their valuable contributions to the UAE economic and trade mission’s success. He said that the tour provided a cornerstone for attracting more investors into Fujairah and the UAE in general and creating more partnerships with India’s private sector. He expressed his desire to see the experience emulated by other ministries and authorities in the Emirates. Al Awadhi also praised the strong Emirati participation and the competence with which the representatives of the various local and federal bodies presented the UAE’s economic conditions, diverse opportunities and competitive services and facilities.

Mr. Abdullah Ahmed Al Badri, Marketing Assistant Head of Hamriyah Free Zone (HFZ), said that competitive advantages such as freehold ownership, tax exemption, facilitation of capital and profit transfer and attractive facilities for project construction and storage were well-presented. He noted that the full results of the tour would surface in the mid- to long-term, adding that he sensed a great desire among Indian participants to enhance their investments into the UAE and avail of the incentives offered by bodies such as the Hamriyah Free Zone in Sharjah.

Mr. Hussein Mohammad Al Mahmoudi, Director General of the Sharjah Chamber of Commerce and Industry (SCCI), affirmed the success of the Chamber’s participation and looked forward to the trade and investment prospects it would open up between Sharjah and India. He said that in his extensive talks with the economic enterprises of the four Indian cities, he was able to promote the exhibitions hosted by Sharjah, discuss the permanent Indian exhibition in the emirate, and introduce services and facilities offered by the Sharjah Government to foreign investors. He added that he also encouraged support for the Sharjah Science & Technology Innovation Center in Kochi, Kerala and emphasized the importance of cooperation between India’s investment and economic entities and the Center. 

The recently concluded promotional tour organized by the UAE Ministry of Foreign Trade was  participated in by around 43 representatives from the Central Bank of the UAE; the Departments of Economic Development in Abu Dhabi and Dubai; the Dubai Tourism Authority; the Abu Dhabi National Exhibitions Company; the Free Zone Authorities in Sharjah, Ras Al Khaimah, and Fujairah; the Ras Al Khaimah Investment Authority; the Federation of UAE Chambers of Commerce and Industry; the Sharjah Chamber of Commerce and Industry; private and foreign companies; and the UAE branches of international financial firms.

February 20, 2010

H.E. Sheikha Lubna Al Qasimi, UAE Minister of Foreign Trade recently launched in Bangalore, the final leg of a promotional tour across India aimed at enhancing trade and investment relations between the two countries. The tour, organised by the UAE Ministry of Foreign Trade, featured a 43-member strong UAE delegation visiting the Indian cities of Mumbai, New Delhi and Hyderabad, before proceeding to the South Indian city of Bangalore.
 
Held under the theme “Why UAE?,” the tour is being accompanied by several high-profile UAE officials, including H.E. Mohammed Sultan Al Owais, UAE Ambassador to India; H.E. Abdullah Ahmed Al Saleh, Director General of the Ministry of Foreign Trade; H.E. Saeed Khammas, Vice President of the Federation of UAE Chambers of Commerce and Industry; and H.E. Abdullah Sultan, Secretary General of the Federation of UAE Chambers of Commerce and Industry. Raj Kumar Khatri, Commissioner for Industrial Development and Director, Commerce and Industries Department, Government of Karnataka, was part of the Bangalore leg of the tour.

The UAE delegation also included representatives from the UAE Central Bank; the Departments of Economic Development in Abu Dhabi and Dubai; the Abu Dhabi Tourism Authority; the Abu Dhabi National Exhibitions Company; the Free Zone Authorities of Sharjah, Ras Al Khaimah and Fujairah; the Ras Al Khaimah Investment Authority; Federation of UAE Chambers of Commerce and Industry; and the Sharjah Chamber of Commerce and Industry. UAE-based private national companies, foreign banks and multinational firms as well as Indian businessmen, investors and company representatives also participated in the event.

In a speech delivered during the Bangalore tour, H.E. Sheikha Lubna emphasized the mutual importance of strategic commercial partnerships between the UAE and India. She noted that commercial exchange between the two countries was estimated at more than USD 32 billion in 2008, representing around 15 per cent of the UAE’s total non-oil foreign trade for the year. Her Excellency added that India is the UAE’s top commercial partner in terms of non-oil exports, posting USD 4.9 billion in related exchange in 2008 to surpass the 2007 figure by 49 per cent.
 
Inviting the business establishment of Bangalore to invest in UAE, she said Indian companies could enjoy benefits like free trade zones, attractive tax structures and abolition of minimum capital requirement for establishment of limited liability companies and advanced infrastructure.

The UAE Minister said that India also came in first in terms of re-exports for the same period at USD 10 billion and 2nd in imports at around USD 17 billion. She also stated that the Emirates’ non-oil sectors accounted for more than 66 per cent of the national GDP last year compared to 63 per cent in 2008, affirming the success of the country’s economic diversification policies.

Unfolding the investment opportunities for Indian companies, Manea Al Suwaidi, Director, UAE Ministry of Foreign Trade, said investment prospects are open in several sectors like environment, insurance, particularly health insurance, transportation, healthcare, sports and tourism. With UAE proposing to connect all its seven emirates through rail link, the opportunity for investment in this sector would also be attractive, said Mr. Suwaidi, while pointing out that UAE is focusing on increasing its non-oil sector trade.
 
Ambassador of UAE in India Mohamed Sultan Abdulla Al Owais said the UAE wants to deepen its relationship with India as the two countries have a historical bond.

H.E. Sheikha Lubna also underlined the importance of Bangalore in enhancing the strategic partnership between the UAE and India especially in the fields of technology and trade. She pointed out that the UAE and Bangalore both attract hundreds of international companies from the technology domain, a factor that could significantly contribute to creating opportunities for technological cooperation between the two countries.
 
H.E. said that the six-day tour created opportunities to identify vast prospects for joint investment cooperation between the two sides, benefiting mutual relations between the two countries in the short and medium terms.

89 per cent growth in non-oil exports to Iraq to spurt joint investments into agriculture, manufacturing, banking, transport & infrastructure

February 17, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna Bint Khalid Al Qasimi recently participated in the “Investment in Iraq’s Kurdistan” forum held at the Emirates Palace in Abu Dhabi. She was joined by Kurdish Prime Minster Dr. Barham Salih and a number of businessmen and investors from the UAE and Iraq.

In her speech, Her Excellency welcomed the Kurdish economic delegation and underlined the deep brotherly relationship between the UAE and Iraq. She pointed out the mutual support provided by their countries in order to uplift trade and economic ties. She also referred to the appointment of the UAE ambassador in Baghdad, which she said affirmed the UAE’s commitment to strengthening ties with Iraq at all levels, especially in terms of security and the economy.

H.E. Sheikha Lubna also pointed out the significant growth in trade between the UAE and Iraq over the past few years, saying that bilateral exchange increased by 28 per cent between 2006 and 2008 to reach more than USD 3 billion. This, she underscored, proved the effectiveness of government and private sector efforts to enhance trade and economic ties between the two countries. Her Excellency also discussed the significant increase in non-oil exports to the Iraqi market, which rose more than 89 per cent over 2007 to hit USD 358 million in 2008.  She added that re-exports from the UAE to Iraq fell 5.7 per cent but still amounted to a high USD 2.6 billion, despite the global downturn.

The UAE Minister emphasized the need to further enhance exchange and maximize investment prospects as well as leverage incentives such as geographic location, historic bonds and growing economic activities, even if both nations already enjoy excellent bilateral trade channels. She pointed out the importance of efficiently providing key facilities in areas such as taxes and customs to companies from both sides.

Her Excellency further referred to the advantages enjoyed by UAE companies that adopt a culture of world-class quality, reliability, transparency and commitment to swift project implementation, in line with highest international standards. She confirmed that the Emirates is currently directing investments towards Kurdistan, as UAE companies are highly capable of exploring promising investment opportunities and maintaining competitiveness in the regional and international markets. Moreover, she said that Iraq is one of the most important Arab destinations for UAE investments in the near future, as part of the Emirates’ reform plans and agenda of greater economic openness.

Sheikha Lubna commended the economic reforms and expanding openness being witnessed in Kurdistan and throughout Iraq despite numerous challenges and encouraged the continuity of this trend. She explained that this would be in line with international economic efforts to motivate investors and businessmen to sustain their search for opportunities and develop mutual cooperation.

The Trade Minister concluded by underlining the importance of the forum in facilitating the sharing of experiences and best practices, especially from the prominent businessmen and investors attending from both countries.  She expressed her hope in seeing more similar initiatives aimed at highlighting the best mechanisms and tools needed to reinforce mutual cooperation at all levels.

For his part, Dr. Salih also commended efforts from the UAE to support Iraq’s investment environment, calling out for more mutual cooperation in exploring promising sectors such as oil, gas, agriculture, manufacturing, tourism, hospitality, banking, financial services, infrastructure, and construction.

Prominent UAE & UK officials attend MoFT-organized session

February 17, 2010

UAE Minister of Foreign Trade H.E. Sheikha Lubna bint Khalid Al Qasimi and The Right Honourable Lord Peter Mandelson, British Secretary of State for Business, Innovation and Skills and the President of the UK Board of Trade, opened the Emirati-British Businessmen Meeting in the Emirates Palace in Abu Dhabi. The event was organized by the UAE Ministry of Foreign Trade (MoFT) and was attended by prominent officials and businessmen from both countries.

In her opening speech, Sheikha Lubna affirmed the UAE’s commitment to strengthening business and investment partnerships with Britain and raising bilateral trade to higher levels in light of the numerous opportunities and strong potentials offered by both countries. She explained that the Emirates has been able to successfully overcome the global financial crisis and has moved towards positive growth. She attributed this to the policies, procedures and facilities upheld by the country, the diverse and robust national economy, and the increasing role of non-oil sectors, which contributed more than 66 per cent to the national GDP last year.
 
Sheikha Lubna also emphasized that the UAE is competitive enough to meet the challenges and ensure the smooth flow of foreign investments. The minister pointed out that the UAE currently has 26 free zones that allow full ownership of investment projects, in addition to maintaining a policy of economic, trade and investment openness; facilitating the free transfer of 100 per cent of capital and profits; sustaining numerous industries and non-oil sectors; providing raw materials and cheap energy sources; imposing zero taxes on profits and personal income; waiving a minimum capital requirement for the establishment of limited liability companies; and other measures which make the UAE’s work and business environment one of the most competitive in the world.

The minister added that the Emirates has been making significant progress in the technological, industrial and technical fields, particularly in renewable energy. She noted that Abu Dhabi currently serves as headquarters to the International Renewable Energy Agency.
 
H.E. urged British companies to further explore the diverse investment opportunities in the UAE. She referred to the presence of more than 1,000 companies and agencies in the UAE, as well as hundreds more operating in domestic free zones. The minister also discussed the importance of looking ahead and further broadening the base of goods and services exchanged between both their countries.  She particularly encouraged greater focus on potential partnerships involving small- and medium-sized enterprises.

Sheikha Lubna finally underlined the importance of the results of the meeting held by the UAE- British Economic Committee last October of 2009 in elevating the level of bilateral relation. She called for improved communications between officials from both countries in order to determine the performance of their economic relations and overcome challenges as soon as possible.
 
For his part, Lord Peter Mandelson expressed his country’s eagerness to strengthen cooperation with the UAE, pointing out that the Emirates is the commercial gateway of the UK in the region and is a comfortable and excellent place for British companies to do business.  He revealed that Britain plans to boost bilateral exchange to GBP 12 billion by 2015. The trade official also highlighted the need to act jointly on challenges posed by the global financial crisis in order to protect the common interests of the two friendly nations.
 
The trade and investment meeting was attended by MoFT Director General H.E. Abdullah Bin Ahmed Al Saleh; H.E. Khaled Al Ghaith, Assistant of Foreign Affairs Minister; and Edward Anthony Oakden, the UK Ambassador to the UAE. Officials from local agencies, members of the UAE Federation of Chambers of Commerce and Industry, Chamber managers; and a number of UAE and British investors and businessmen from various economic sectors were also present. Bilateral sessions were held between businessmen and investors to discuss mutually beneficial partnership prospects.

Non-oil trade between UAE and Britain alone reached GBP 5.15 billion in 2008. The UAE is one of the largest markets in the Middle East for British exports, and ranks 10th among the most important trading partners for Britain. Britain, on the other hand, places sixth among countries that export to the UAE.  British investments are the highest among direct foreign investments into the UAE.