UAE, Paraguay to strengthen eco­nomic and trade re­la­tions

The Pak Banker - - 6BUSINESS -

Pre­lim­i­nary data in­di­cates that the UAE's gross do­mes­tic prod­uct ex­ceeded Dh1.58 tril­lion in the last year, and IMF es­ti­mates put growth over three per cent, said Sul­tan bin Saeed Al Man­souri, UAE Min­is­ter of Econ­omy.

Speak­ing at a meet­ing with Ela­dio Loizaga, Paraguay Min­is­ter of For­eign Affairs, the min­is­ter of econ­omy pointed out that while the In­ter­na­tional Mon­e­tary Fund es­ti­mated a growth rate for the UAE of more than three per cent in 2015, pre­lim­i­nary data in­di­cates that the GDP ex­ceeded Dh1.58 tril­lion in the same year. The min­is­ter said spoke de­lib­er­ated on ways and means to en­hanc­ing eco­nomic re­la­tions be­tween the two na­tions. Al Man­souri called for the in­ten­si­fi­ca­tion of such vis­its be­tween the two coun­tries. He also rec­om­mended the set­ting up of in­creased busi­ness meet­ings to strengthen eco­nomic and trade re­la­tions. In­form­ing that trade be­tween the UAE and Paraguay reached $68.8 mil­lion by the end of 2014, he noted that the large eco­nomic fun­da­men­tals for both coun­tries of­fers en­hanced scope to build upon ex­ist­ing sta­tis­tics.

Al Man­souri said that the UAE re­cently ranked 17th glob­ally in the Global Com­pet­i­tive­ness Re­port for the year 2015-2016 is­sued by the World Eco­nomic Fo­rum in Davos, be­sides rank­ing first in the Arab World and 31st world­wide in the 2016 Do­ing Busi­ness Re­port re­leased by the World Bank. Point­ing out the need to sign agree­ments be­tween the UAE and Paraguay in or­der to pro­tect and pro­mote fi­nan­cial in­vest­ments and avoid dou­ble tax­a­tion, he called for in­creas­ing the num­ber of flights be­tween the two sec­tors for the pro­mo­tion of tourism in both coun­tries. For his part, Ela­dio Loizaga, min­is­ter of for­eign affairs of Paraguay ex­pressed his coun­try's keen­ness in boost­ing re­la­tions with UAE across trade and in­vest­ments. He said there ex­ists op­por­tu­ni­ties that the two sides can ben­e­fit from.

High­lighted the need to es­tab­lish part­ner­ships with pri­vate sec­tor en­ter­prises in the trade and agri­cul­ture sec­tors, the vis­it­ing min­is­ter pointed out that his coun­try wel­comes Emi­rati in­vestors and in­vites their part­ner­ship with the UAE in dif­fer­ent in­dus­tries, es­pe­cially food se­cu­rity.

The min­is­ter said: "Paraguay is land of pas­toral agri­cul­ture that in­cludes cat­tle and sheep breed­ing. As a re­sult, much of the ru­ral ar­eas (around 90 per cent) are con­sid­ered agri­cul­tural. This in­dus­try plays a key role in Paraguay's econ­omy and has about two mil­lion hectares of suit­able agri­cul­tural land not to men­tion con­sid­er­able rain­fall through­out the year." The for­eign min­is­ter also stressed that the South Amer­i­can coun­try pro­duces large amounts of en­ergy and has one of the largest plants in the world that pro­duces around one mil­lion megawatts of en­ergy per year. Paraguay also oc­cu­pies third place glob­ally in the num­ber of reg­is­tered ships.

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