According to Al Mansouri: UAE-US trade relations to grow stronger

The UAE Minister of Economy, Sultan bin Saeed Al Mansouri with pleasure announced that the UAE and the USA’s trade and investment collaborations have shown an increase and are bound to grow even more. Both nations are willing to strengthen their relations since profitable and unexploited opportunities are presumed to continue coming their way.

Sultan bin Saeed Al Mansouri is preparing to assign to the USA an attractive UAE business project to discuss prospects with senior officials.
 

The Minister explained that both nations agree that it is upon their interest to encourage cooperation between them and undertake new opportunities that will benefit both nations. He added that the countries have strong and stable economic and commercial ties, which is evident from the $26.9 billion they received through their non-oil trade activities during 2013. Furthermore, he added that the UAE is still the biggest export market for USA goods and services among the Mena-region countries.

The Minister continued and explained that during the fifth Economic Policy Dialogue held between the two countries in Abu Dhabi in April 2014, the bonds between the countries grew closer and they discussed about how to create stronger profitable and commercial links between the nations to meet their future goals for the future. Finally, the Minister added that during their present scheduled meeting the two parties would discuss on how to cooperate in vital sectors of the economy such as energy, aviation, information technology and healthcare.

a variety of senior officials and executives from the UAE state and private-sector corporations will attend the meeting. These include high-rank officials from the Ministry of Economy, Dubai Exports, Sharjah Investment and Development Authority, Dubai Outsource Zone, Dubai Internet City, Sharjah Tatweer Forum, Mubadala Aerospace, Abu Dhabi Department of Economic Development, Abu Dhabi National Oil Company, Abu Dhabi Technology Development Committee and the Information and Communication Technology Fund.

During the meeting, the parties will discuss potential projects they can undertake and invest which can benefit both nations. In addition, the officials and executives will discuss ways to increase the trade between them, at both the government and private level. During their stay in the USA, the UAE will visit a variety of cities including Washington DC, Seattle, Palo Alto, Silicon Valley and Los Angeles.

The UAE Ministry of Economy shares the same vision as their leader and hopes the UAE will increase their GDP by at least five percent by the year 2021, by shaping a knowledge-based economy as stated by Al Mansouri.  He added that this is their precedence concern, and so they wish to draw all their attention on promoting and cultivating new ideas that will aid them expand in a variety of economic sectors but simultaneously continue improving their competitiveness on the global level. The USA houses the largest international corporations and the most innovative and technological organizations and companies, so for this reason while the UAE officials are visiting the USA the aim to create strong partnership ties and learn from their partners.

in line with the Ministry of Economy, the UAE marked an increase of 12% in foreign trade, increasing at an impressive rate of 12.6% from 2010 till 2013 where it nearly reached $300 billion.

Apart from the monetary gain that resulted from the two nation’s partnership, both countries experienced several other benefits. For instance, more than two-hundred thousand people were employed in the USA, whereas the direct investments made by the UAE to economic markets in the USA and its economy increased by more than $21 billion.

In accordance with facts and statistics taken from the Ministry of Economy, more than one-thousand USA companies are located in the UAE and more than sixty-thousand USA citizens reside in the UAE.