H.E. Al Zeyoudi meets British Minister to discuss strengthening of trade & investment partnership focusing on new economy sectors

H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a meeting with H.E. Kemi Badenoch, Secretary of State for the Department for Business and Trade in the United Kingdom recently. The meeting was also attended by Edward Hobart, Ambassador of United Kingdom of Great Britain and Northern Ireland to the UAE.

During the meeting, H.E. Al Zeyoudi underlined the depth and strength of the historical ties between the UAE and the UK, noting that they continue to develop on all fronts thanks to the shared aspirations of both leaderships. H.E. Al Zeyoudi emphasized that the economic partnership between the two countries is the main driver of this growth.

H.E. added: “The non-oil trade between the two countries amounted to nearly AED 37 billion in 2022, up 26 per cent from 2021. The United Kingdom is the UAE’s fourth largest European trading partner as of 2022, accounting for 11 per cent of our total foreign non-oil trade with the continent. Similarly, the UAE is the UK’s number one Arab trade partner and the 19th largest globally. The UAE accounts for nearly 30 per cent of the UK’s total trade with Arab countries. In terms of investments, British FDI in the UAE amounted to about AED 77 billion by the end of 2020, while the UAE’s FDI in the UK totaled AED 29 billion by the end of 2021.”

The meeting explored the means to strengthen cooperation in all priority sectors, mechanisms to increase the volume of trade exchanges, and the arrangements for the 8th UK-UAE Joint Economic Committee, which is a key platform in advancing bilateral economic and trade cooperation.

Furthermore, the two ministers discussed developments in preparations for the UAE’s hosting of the 13th WTO Ministerial Conference, scheduled to be held in Q1 2024 with the participation of 164 countries.

The two sides agreed on exploring more promising investment opportunities in their markets, in addition to strengthening existing economic partnerships and exploring new prospects in new economic sectors. These include the financial and finance sector, advanced technology and science, industry, renewable energy, e-commerce, logistics, and supply chain. Moreover, the strengthening of cooperation in the fields of marine science, climate change, sustainable agriculture, agricultural innovation, food security, exchange of experiences in scientific research, smart mobility, public transport, railways, maritime transport was also discussed.

During the meeting, H.E. Al Zeyoudi elaborated on the most prominent developments in the UAE’s business environment that have contributed to establishing an economic climate that is highly conducive to business growth and FDI inflow. Most notably, these include the issuance of investment-friendly legislation and the launch of an ambitious strategy to attract talent in all sectors to enhance the country’s position as a permanent hub for creativity and innovation.

H.E. Al Zeyoudi invited the British private sector to capitalize on the advantages and incentives offered by the UAE economy to grow and expand in the country’s markets and the wider Middle East and Africa region. These include the Comprehensive Economic Partnership Agreements (CEPA), under which the UAE signed four agreements so far, with India, Israel, Indonesia, and Turkey, and completed negotiations with Georgia and Cambodia, to be officially signed soon. The UAE is continuing negotiations with more strategic global markets of regional and global significance in this regard. Another notable initiative launched by the country is NextGenFDI, which continues to attract leading global companies operating in the sectors of the future economy to the UAE.