UAE and UK discuss the ways to reinforce economic cooperation
UAE and the UK to develop ties in areas related to innovation and entrepreneurship and discuss how to diversify their partnerships in the SME and tourism sectors
UAE and the UK discuss the ways of reinforcing the economic cooperation between the two countries and also discuss how to diversify their partnerships in the small and medium-sized enterprise (SME) and tourism sectors.
Dr. Ahmed Beloul Al Falasi, Minister of State for Entrepreneurship and SMES, discussed, with Lord Gerald Edgar Grimstone, Minister of Investment at the Department of Foreign Trade, Business, Energy and Industrial Strategy of the United Kingdom, UK, ways of reinforcing the economic cooperation between the UAE and the UK and how to diversify their partnerships in the small and medium-sized enterprise, SME, and tourism sectors.
The meeting, which was held remotely, witnessed a presentation on the growth of the SME sector in the two countries, their plans for supporting and advancing the sector, and ways of developing partnership in areas related to innovation and entrepreneurship.
The two ministers also discussed the strong economic ties between the UAE and the UK, noting that their non-oil trade totalled some $10 billion in 2019.
Both sides also talked about the daily trends that affect investment and economic growth, and opportunities for cooperation and exchanging expertise in managing current economic strategies and their effects on vital sectors, such as the global implications of the coronavirus, COVID-19, pandemic, Brexit, and benefiting from the new economic situation.
Dr. Al Falasi highlighted the UAE’S keenness to strengthen cooperation and develop a strategic partnership between the two countries in advanced sectors.
“The tourism sector is one of the drivers of economic development in the UAE and one of the key areas of cooperation between the two countries. The UAE received around 1.4 million visitors from Britain in 2019, and UK citizens accounted for some seven per cent of hotel guests in the UAE during the same year,” he said.
The UAE is the UK’S 19th-largest trading partner with bilateral trade standing at 18.4 billion pound at the end of 2019.
Meanwhile the united kingdom business council on Nov.12 hosted its Plenary Session in Abu Dhabi.
The event was hosted by the two Co-chairs,
Ahmed Al Sayegh, Minister of State to the UAE Cabinet and Chairman of Abu Dhabi Global Market, and Sir Edward Lister, Chief Strategic Adviser to UK Prime Minister Boris Johnson.
The event marks a milestone in the Business Council’s transformation process, as it strengthens its reputation as a forum for business leaders and entrepreneurs from both countries to exchange ideas and opportunities for future collaboration.
2021 marks the 10th anniversary of the Business Council’s founding, and, over the year ahead, it will focus on harnessing new partnerships in innovation, future technology and 4th industrial revolution applications, education, culture and skills, healthcare, energy and sustainable growth, industry, and infrastructure. In addition, the Business Council will run a series of campaigns on priority areas such as food security and space, where there is strong potential for closer engagement between UK and UAE businesses and innovators.
The Business Council will be expanding its membership in order to include more SMES and entrepreneurs.
Ahmed Al Sayegh commented, “The UAE is about to enter its Golden Jubilee year, and like the UK, our economy is going through an exciting transition -- with a much stronger focus on technology, innovation and creativity. UK businesses are our natural partners on this journey, and there is great potential to increase the volume of trade and investment in both directions. The UAE-UK Business Council will play a critical role in fostering new business partnerships between the UAE and UK.”
Sir Edward Lister commented, “The UK is establishing new trading relationships with key partners around the world, and as the UAE continues to diversify its economy and invest in skills and technology, the opportunities for collaboration will be stronger than ever before. As the Business Council approaches its 10th anniversary, we will harness the entrepreneurial dynamism of both our economies to increase trade and investment across a wider range of sectors, and for the benefit of all companies, large or small.”
Mansoor Abulhoul, UAE Ambassador to the UK, commented, “As we look forward to a period of recovery, we will be doing all we can to help Emirati and British companies grow together. The work of the revamped UAE-UK Business Council will not only help us bounce back from COVID-19, it will take our economic relationship to even greater heights.”
Patrick Moody, UK Ambassador to the UAE, commented ,“theuk and th eu ae are both charting a similar course as we rebuild our economies and develop a future-focused trading relationship by investing in clean and sustainable growth, harnessing the potential of new technology, empowering entrepreneurs and SMES across a diverse range of sectors, and maintaining open and competitive markets. The UAE-UK Business Council will play a very important role in helping British and Emirati companies capture these opportunities.”