UAE economy owns ability to compete within economic changes in 2012

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CORONAVIRUS IMPACT

  • UAE is ready to cooperate with Norway and Denmark in the fields of innovation, research and pharmaceuticals
  • UAE economy owns the ability to compete within the economic changes in 2012: Al Mansoori

His Excellency Sultan Al Mansoori, UAE Minister of Economy, said that the UAE economy is able to enhance the UAE’s competitive position during 2012 through its ability to deal with the economic variables of the financial crisis taking place in both Europe and the US.

His Excellency pointed out that this crisis offers many opportunities for the UAE, which enjoys a strategic location and is a major gateway for major world economies to the Middle East, in addition to economic and security stability and policies of openness and economic diversification.
The remarks came during a meeting today at the Fairmont Bab Al Bahr Hotel in Abu Dhabi with H.E Åse Elin Bjerke, the Ambassador of Norway to the UAE and H.E Poul Hoiness, the Danish Ambassador to UAE, where they discussed ways to strengthen the frameworks of economic cooperation and bilateral relations, especially in the fields of innovation, research and pharmaceuticals.

The Minister reiterated during his meeting with the Danish Ambassador the importance of the recently opened Emirates Airlines route to the Danish capital, Copenhagen, which contributes to the enhancement of trade relations, investment and tourism between the two countries and promotes bilateral relations with the rest of the Nordic countries, including Sweden, Norway, Finland and Iceland in different fields of trade and economic development and tourism. The minister said that Denmark is a meeting point for many international airlines that serve the Nordic region in general.

Mr Al Mansoori emphasized the UAE’s commitment towards the expansion of investment and technological cooperation with the Nordic countries, especially Denmark and Norway, to take advantage of their expertise in the areas of communications, education, technology, and generating clean energy in a bid to become one of the wealthiest states in the world.

The Minister pointed out that trade relations between the UAE and the Nordic countries, especially Denmark and Norway, are very sophisticated, explaining that there are about 80 agents and distributors of Danish products and 100 companies operating in the country, as well as more than 4,000 Danish people living in the UAE.

Both sides discussed the possibility of cooperation in the field of alternative energy as the UAE has extensive experience in the field of alternative energy source through the Masdar initiative.

The two parties agreed on the importance of cooperation in the field of tourism through the exchange of tourists and the marketing of tourist areas in both countries through the competent authorities. The two sides discussed the need for cooperation in the field of innovation and small and medium enterprises.

Mr Al Mansoori has discussed with the Norwegian Ambassador ways to promote industrial and commercial cooperation and increase joint investments in various fields, as well as activating the free trade agreement signed late last year between the Gulf Cooperation Council (GCC) and the Association of Scandinavia.

The Minister reiterated the UAE’s keenness to strengthen trade relations with Norway and benefit from the economic fundamentals in both countries to build strategic partnerships, contribute to the promotion of development in the two countries. His Excellency reviewed the economic and social development in the UAE, adding that the UAE had a stable economic and social spheres that enhanced the investment environment of a country that is , the regional headquarters of international companies of different nationalities.

The Minister stressed the importance of the investment environment and the promising opportunities offered by the investors from all over the world, which strengthened the position of the UAE on the global investment map. His Excellency pointed out that there are many areas of cooperation between the two countries, especially in non-oil sectors such as various industrial sectors and in the renewable energy and technologies industry, emphasizing that the UAE is characterized by high quality and high-tech competitive global counterparts.

Mr Al Mansoori invited Norwegian companies to take advantage of the investment climate, business environment and economic openness in the UAE to exploit the diverse investment opportunities in the different economic sectors.

The Norwegian Ambassador praised the economic developments in the UAE and its attractive investment environment, pointing out the existence of about 100 Norwegian companies operating in the UAE market.

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