UAE Minister of Economy Encourages Expanding Trade Partnerships and Investment Opportunities for US Business Leaders

After addressing the SALT conference in New York attended by the global investment and finance community, the UAE Minister of Commerce Abdullah bin Tuq visited Harvard University for discussions with future Emirati and American leaders

WASHINGTON, September 19, 2022 /PRNewswire/ — United Arab Emirates (UAE) Minister of Economy H.E Abdullah Bin Tuq Al Marri hailed the UAE as a hub for commercial expansion, trade and economic growth during his address to over 2,000 global investors, entrepreneurs, policymakers and industry leaders at the SALT conference in New York.

At a keynote panel titled The Rise of the UAE, Minister Bin Took, joined by H.E. Mohammed Ali Al Shorafa Al Hammadi, Chairman of Abu Dhabi’s Economic Development Department, highlighted the UAE’s open and welcoming approach to the international business community. Expanding foreign trade relations is a central pillar of the UAE’s strategic plans to drive sustainable economic growth.

“The UAE is demonstrating through actions that our country is open for business,” said the UAE’s Minister of Economy Abdullah bin Tuq. “In less than a year, we concluded successful Comprehensive Economic Partnership Agreements with India, Israel, Indonesiaand Colombia. These trade deals will expand our country’s GDP, increase UAE exports to new markets and create significant new job opportunities. The UAE government is committed to our overall plan for economic growth.”

While at the SALT conference in New York, Minister Bin Took and the Chairman Al Shorafa promotes the UAE government’s Investopia initiative, a campaign aimed at highlighting investment opportunities in future sectors. This effort includes capacity building in digital and virtual technologies, expanding investments in artificial intelligence and space exploration, as well as a green economy.

Minister Bin Took noted that foreign trade in the UAE expanded by 27% in 2021 compared to 2020 and by around 11% compared to pre-pandemic levels of 2019. The UAE’s economy is one of the most diversified in Middle Eastwith national non-oil exports up 47.3% from the pre-pandemic average.

In 2021, bilateral trade between the UAE and the US amounted to a total of $23.03 billionwith the US exporting more than 17 billion dollars of goods and services to the UAE – a 16% increase from 2020. As a result $11.13 billion the trade surplus for the US is America’s sixth largest trade surplus globally. The trade relationship reflects the success of the UAE’s increasingly diverse economy, with non-oil sectors accounting for 70% of the UAE’s GDP.

Top US export categories in 2020 include: electronics, nuclear materials, passenger vehicles, and aircraft and spacecraft. The UAE trades with all 50 US states. Trade with the UAE supports more than 123,000 American jobs, reinforcing the importance of the ongoing bilateral trade relationship.

Before returning to the UAE, Minister Bin Took traveled to Boston, Massachusetts where he met leading academics in the world-famous Harvard Business School and Harvard Kennedy School of the government, incl Dean Douglas Elmendorf. The visit to Harvard included a public lecture on the future economic potential in Middle East. Minister Bin Took concluded his visit with a meeting with Emirati and American students at Harvard, where he discussed the UAE government’s priority of attracting world-class talent to the Emirates.

Media contact:
Lamia Jbari
[email protected]
202 243 2464

SOURCE Embassy of United Arab Emirates

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