Inaugural UAE-US forum in NY tackles key issues

new york — The UAE Ministry of Foreign Affairs and International Cooperation, together with the UAE Consulate in New York and the UAE Embassy in Washington DC, hosted the inaugural UAE-US Corporate Networking Luncheon recently, coinciding with the 72nd session of the United Nations General Assembly in New York City.

The event, themed “Shifting Trends in Global Foreign Direct Investment”, convened nearly 100 senior-level business leaders and government officials for a panel discussion on the challenges and opportunities faced by UAE and US investors.

“We have built a robust UAEUS trade and investment relationship over the years through the insightful vision of our UAE leadership and efforts by the US administration,” Dr Thani bin Ahmed Al Zeyoudi, UAE Cabinet Member and Minister of Climate Change and Environment, said in his opening remarks. “It is a testimony to the strong trade figure between both countries, which has more than doubled between 2006 and 2016,” he added.

According to recent data from SelectUSA, the combined UAEUS FDI in 2016 was worth nearly $40 billion.

“While UAE-US economic cooperation is strong, a dominant trend we are seeing across foreign investments, in general, is a weaker correlation between FDI flows and economic fundamentals, due to an elevated level of political and economic uncertainty. The UAE has focused on building an external bridge of cooperation to unlock the entrepreneurial sector and knowledge-sharing partnerships to help offset these trends,” said Fahad Al Taffaq, director of Economic Affairs and International Cooperation at Ministry of Foreign Affairs and International Cooperation.

The luncheon aimed to explore new avenues of collaboration with the US and foster economic growth and job creation on both sides. Key business leaders from General Electric, GlobalFoundries, The Carlyle Group, British Petroleum, IBM, Nasdaq, Boeing and Bloomberg attended the event. — Wam