TMCnet News

U.A.E.-US economic, trade, investment relations to see further growth: Al Mansouri [Emirates News Agency (WAM) (United Arab Emirates)]
[September 20, 2014]

U.A.E.-US economic, trade, investment relations to see further growth: Al Mansouri [Emirates News Agency (WAM) (United Arab Emirates)]


(Emirates News Agency (WAM) (United Arab Emirates) Via Acquire Media NewsEdge) ABU DHABI, 20th September 2014 (WAM) -- Economic, trade and investment relations between U.A.E. and the U.S. are steadily flourishing and are poised for further growth and development as the two countries have a common will for bolstering them, and as several opportunities and avenues that are still untapped would deepen their cooperation relations, affirmed Sultan bin Saeed Al Mansouri, Minister of U.A.E. Economy, who is leading a large high-profile U.A.E. business delegation to the U.S. for meetings with senior officials.



"There are many diverse opportunities and avenues for bolstering cooperation between the two countries, especially as the U.S. economy is the world's largest and the U.A.E. economy is the largest in the Arab region. This allows for further development of the bilateral economic, trade and investment relations in the service of the interests of the two friendly countries and their peoples," said Minister Al Mansouri in a statement.

The current U.S. visit is important as it will provide mutual investments and enhance trade cooperation between the two countries at the government and private levels.


The U.A.E. delegation's U.S. tour announced earlier this year will include visits to Washington D.C., Seattle, Palo Alto, Silicon Valley and Los Angeles.

The U.A.E. economy minister said that the ministry, in line with the keen vision of the U.A.E. leadership, seeks to increase the contribution of knowledge-based economy to the country's gross domestic product (GDP) to 5 per cent by 2021.

"Based on this, we give high priority to innovation and the nurturing of ideas that would develop our different economic sectors, improve our competitiveness at the international level. Therefore, we will try to make the most of our (current) tour in a country that has the world's biggest global corporations and the strongest innovation and technology organisations, and view the different experiences and leading instances in those spheres." According to the Ministry of Economy, the U.A.E.'s foreign trade grew 12,6% in the past three years to reach more than US$290 billion (one trillion and 64 billion dirhams) by the end of 2013, with non-oil trade between U.A.E. and the U.S. reaching more than US$26,9 billion (AED 98,7 billion).

Trade between the two countries provided more than 200,000 jobs in the U.S. as the U.A.E. is the largest recipient of U.S. exports to the Middle East where U.A.E.'s direct investments in the U.S. financial markets and economy grew to more than US$21 billion.

The ministry says U.A.E. hosts more than 1000 U.S. companies many of which has regional offices in the country, and more than 60,000 U.S. citizens.

The U.A.E. delegation to the U.S. includes senior officials from the Ministry of Economy, Sharjah Investment and Development Authority (Shurooq), Dubai Internet City, Dubai Outsource Zone (DOZ), Dubai Exports (an agency of Dubai's Department of Economic Development), Sharjah Tatweer Forum, Mubadala Aerospace, Abu Dhabi Department of Economic Development, Abu Dhabi National Oil Company (ADNOC), Abu Dhabi Technology Development Committee (TDC),the Information and Communication Technology (ICT) Fund, as well as a number of the executives of private-sector companies.

(c) 2014 Emirates News Agency (WAM) Provided by SyndiGate Media Inc. (Syndigate.info).

[ Back To TMCnet.com's Homepage ]