UAE Ministry of Economy looks to strengthen cooperation with Australia
Added: (Tue Mar 07 2017)
Pressbox (Press Release) -
Abu Dhabi, March 07, 2017
H.E. Abdullah Al Saleh, Undersecretary for Foreign Trade and Industry at the UAE Ministry of Economy (MOE) recently held a meeting with Australia’s Frances Adamson, Secretary of the Department of Foreign Affairs and Trade (DFAT). The meeting was held to exchange views and explore ways to further develop economic relations and trade between the two countries and open wider horizons for joint cooperation, focusing on key areas of interest.
The meeting, held at MOE’s headquarters in Abu Dhabi, was attended by Juma Mohamed Al Kait, Assistant Undersecretary Foreign Trade Affairs and Sultan Ahmed Darwish, Director of Trade Negotiations and WTO, while Australian counterparts were represented by Arthur Spyrou, Australian Ambassador to the UAE and a number of members from the Australian diplomatic mission.
Both parties discussed during the meeting the growth and development in terms of economic relations between the two countries, particularly in the expansion of non-oil trade as well as the outstanding cooperation in the aviation sector.
H.E. Al Saleh emphasized the keenness of the UAE to strengthen the framework for mutual cooperation with Australia, which is characterized by an exceptional partnership that defines cooperation between the two countries at all levels. This is reflected in the remarkable growth of non-oil foreign trade volume, which has already exceeded USD 2.1 billion during the first nine months of 2016, and more than USD 2.8 billion in 2015.
Al Saleh further explained that the level of bilateral economic relations have been remarkable and that the next level would bring a number of new types of opportunities by diversifying sources of economic and commercial bilateral relations. In order to expand the development trends of the two countries, he noted that sectors such as agriculture and industry, renewable energy, tourism, information and communications technology are among the priority sectors of both countries.
The UAE’s total investments in Australia by the end of 2015 has reached USD 12.55 billion, including USD 2.93 billion of direct investments accounted for. Australia has about 48 companies, 65 commercial agencies and the 1,081 Australian trademark registered at the Ministry.
Secretary Adamson said that Australia is keen to enhance joint cooperation with the UAE and build a framework and model of cooperation and exchange experiences and expertise in priority sectors, following on the economic agenda of the two countries.
Adamson expressed her interest for the expansion of joint investments, especially in light of the growing interest by Australian companies to establish market presence in the UAE because of its competitive advantages and attractive business climate as well as being an important commercial gateway for access to markets in the region. On the other hand, the Australian Government is keen to attract more UAE investments to the Australian market in various sectors.
Adamson 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 form part of the country’s consistent efforts to deepen economic and trade ties between the two countries and explore the most viable investment opportunities for the private sector.