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A UAE delegation, headed by Sultan bin Saeed Al Mansouri, Minister of Economy, will attend the two-day forum held at the Ritz-Carlton Hotel. The UAE will attend the forum as the main partner, being the number one economic partner for Germany in the Arab region, followed by Saudi Arabia and Egypt.
More than 600 policy makers, businesspeople and experts from both the Arab world and Germany are expected to take part in the forum to discuss ways of boosting Arab-German economic ties. The forum is organised by the German-Arab Chamber of Industry and Commerce in cooperation with the Arab League General Secretariat, General Union of Chambers of Commerce, Industry and Agriculture for Arab countries.
The UAE delegation includes Abdullah bin Ahmed Al Saleh, Under-Secretary of the Ministry of Economy for Foreign Trade and Industry, Rashed Al Baloushi, CEO of Abu Dhabi Securities Exchange, Mohamed Juma Al Shamisi, the CEO of Abu Dhabi Ports, Marwan Al Sarkal, CEO of the Sharjah Investment and Development Authority, Shurooq, other representatives from the chambers of commerce and industry from across the UAE, and a large number of businesspeople and investors from the private sector.
In a statement provided to the Emirates News Agency, WAM, Al Mansouri said that the bilateral relations between the UAE and Germany are growing consistently, especially on the trade and economic levels, especially given that both countries enjoy many promising industrial, investment and commercial opportunities.
The minister added that also linking the two countries are a number of economic agreements that have contributed to boosting economic and trade cooperation to more advanced levels, promoting the expansion of the investment markets in both countries.
The Minister of Economy went on to say that the UAE is keen to participate in the forum as it offers a unique platform to discuss and exchange information and experiences and review the most suitable investment opportunities available under the common interests of the economic sector, as well as providing an opportunity to exchange views on key international economic issues and ways of overcoming them.
He pointed out the remarkable growth rates and trade volume between the UAE and Germany, with non-oil trade between them reaching US$15.5 billion in 2015. Germany is also the sixth most important trading partner of the UAE, and has a growth rate of 3% compared with 2014. Non-oil exports from the UAE to Germany during the same year totaled $485 million, growing by 8% compared with 2014, while re-exports from the UAE to Germany amounted to $672 million, a growth of 9% during the same period. Imports have also grown by 2%.
Al Mansouri explained that what characterises UAE-German relations are the efforts of both sides to strengthen cooperation aspects since the first meeting between the joint economic committee of the two countries in July 1996, and has so far helped to identify frameworks that will support the strategic partnership between the two countries. Bilateral relations between the UAE and Germany in general, and economic relations in particular, have taken a new turn and are characterised by a strategic partnership at all levels.
Having established itself as one of the most important events in the business calendar between the Arab world and Germany, the forum offers an ideal platform for Arab business leaders to get to know the German market well.
The forum also offers industrialists from Germany the opportunity to engage with strategic partners in the Arab world, which is currently undergoing a dramatic fundamental change, both economically and politically.
Arab countries and Germany traditionally share close business ties. Trade volume has more than doubled since 2002, reaching a new record of 52.1 billion Euros in 2015. However, full potential has not yet been tapped.
In the long term, the economic prospects for Arab countries are excellent and offer many opportunities. With almost 400 million inhabitants, the Arab world is a huge market for business and investment. German companies are highly welcome business partners and German products and services enjoy great popularity in the region.
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