Abdullah bin Touq Al Marri, Cabinet Member and Minister of Economy and Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met with the UAE-U.S. Business Council in Washington, DC, during the visit of the high-level delegation of the United Arab Emirates to the United States.
The meeting took place in the presence of the UAE delegation accompanying the two ministers, as well as representatives of 85 American companies on the board. The two sides stressed the importance of the role played by the Council in strengthening ties, establishing trade and investment partnerships between companies of the two countries, and facilitating the exchange of experiences, in addition examine investment trends and opportunities in both markets.
On the UAE side, the meeting was attended by Mohamed Ali Al Shorafa Al Hammadi, Chairman of the Abu Dhabi Economic Development Department; Saed Mohamed Alawadi, CEO of Dubai Exports; Mohamed Juma Al Musharrkh, CEO of Sharjah FDI Office (Invest in Sharjah); and Fahad Al Gergawi, CEO of the Dubai Investment Development Agency (FDI).
During the meeting, the United Arab Emirates and the United States discussed ways to develop cooperation perspectives, new strategies and directions; and intensify efforts and cooperation in the next step to diversify and expand trade and increase the volume of mutual investment. These discussions focused on the sectors of infrastructure, healthcare, manufacturing, artificial intelligence, agricultural technologies, and clean and renewable energy.
Bin Touq briefed the council on developments in the UAE’s economic environment during the final stage, including the â50’s Projectsâ, new economic legislation and qualitative initiatives launched by the country. These initiatives aim to facilitate the UAE’s transition to a new knowledge-based business model that is flexible, competitive and sustainable, and embraces pioneering talent and projects. He stressed that the modernization of the economic system ensures the generation of new and promising incentives and opportunities for investment and partnership with various global markets, especially US companies.
In addition, Bin Touq reviewed the UAE’s efforts to address the economic impact of the Covid-19 pandemic, accelerating the pace of economic recovery, supporting and resuming business activities in various sectors. These objectives were achieved through the adoption of a systematic response and integrated plans based on the principles of proactivity, long-term development and productivity improvement. He also presented the indicators and the positive results achieved by the country in this regard.
Bin Touq said: âThe pioneering and fundamental steps taken by the UAE to strengthen its current and future position as a preferred destination for business and investment add further value to its position as one of the hubs. most dynamic and dynamic trade and investment sectors at the regional and global level. “
He then noted that these unique economic developments in the region open up promising opportunities and prospects for US companies to establish their presence in the UAE and make it the base of their operations and activities in the region, and to access key markets. in Asia and Africa. .
In addition, he reviewed the most important measures and efforts adopted by the country in this regard, including amendments to the Law on Commercial Companies to allow 100 percent foreign ownership of projects and investments, the evolution of the residence system which now offers many and easy options for living, working, investing and visiting the UAE, and the country’s projects in the field of export development and attracting investment, economic agreements and others.
Bin Touk added, âThe UAE today is an economic center which is the most dynamic, developed and fastest growing in the region, enjoying a distinguished strategic location, strong financial reserves, large sovereign wealth funds, robust spending on development projects, a strong, stable and flexible economy, and an attractive and flexible tax policy that does not include any income tax, as well as its political stability, a safe and open environment, a tolerant and multicultural society. a great place to live, according to global opinion polls. “
Bin Touq further highlighted the strength of economic relations between the UAE and the United States, which is reflected in the volume of mutual investments. UAE investment accounts for the largest share of total Arab investment in US markets, with a cumulative balance of $ 44.7 billion through the end of 2020 and ranking first in the Arab world and 20th in the world. The UAE is one of the top investors in America, as UAE companies’ investments in the United States in research and development activities related to innovation and technology amount to around 1 , $ 7 billion. These investments helped support US exports worth $ 1.3 billion and, in turn, the volume of foreign direct investment from the United States to the United Arab Emirates at the end of last year s ‘amounted to nearly $ 19.4 billion.
At the same time, Al Zeyoudi called on US companies to closely study recent economic initiatives, UAE projects and the vast development prospects they open to establish lasting partnerships in the next step. He urged them to learn more about the incentives offered by the new investment environment in the country, in order to achieve growth and mutual benefits for both sides.
He added: âThe UAE offers an attractive and integrated investment climate with its cutting-edge infrastructure, globally competitive transport sector, pioneering logistics services and strategic location, which offer a myriad of possibilities. of trade and investment flows for companies and projects in the United Arab Emirates. The country offers absolute flexibility to conduct business and economic activities anywhere in the country, including free, industrial and economic zones and trade complexes. “
He further underscored the country’s willingness to develop its partnerships with the US business community and facilitate US investment flows to new and promising sectors in the United Arab Emirates, particularly in agricultural technologies, manufacturing, logistics, healthcare, education, information and communication technologies, digital economy. and renewable energies.
The United Arab Emirates and the United States also highlighted the importance of the United States’ participation in Expo 2020 Dubai next month. The American Pavilion is one of the largest pavilions hosted by the exhibition, which will showcase the latest American products, services, innovations and industries in various businesses and sectors, thereby enhancing opportunities for the development of its business and partnerships with United Arab Emirates and the global business community.