UAE Minister of Foreign Trade H.E. Sheikha Lubna bint Khalid Al Qasimi and The Right Honourable Lord Peter Mandelson, British Secretary of State for Business, Innovation and Skills and the President of the UK Board of Trade, opened the Emirati-British Businessmen Meeting in the Emirates Palace in Abu Dhabi. The event was organized by the UAE Ministry of Foreign Trade (MoFT) and was attended by prominent officials and businessmen from both countries.

In her opening speech, Sheikha Lubna affirmed the UAE’s commitment to strengthening business and investment partnerships with Britain and raising bilateral trade to higher levels in light of the numerous opportunities and strong potentials offered by both countries. She explained that the Emirates has been able to successfully overcome the global financial crisis and has moved towards positive growth. She attributed this to the policies, procedures and facilities upheld by the country, the diverse and robust national economy, and the increasing role of non-oil sectors, which contributed more than 66 per cent to the national GDP last year.

Sheikha Lubna also emphasized that the UAE is competitive enough to meet the challenges and ensure the smooth flow of foreign investments. The minister pointed out that the UAE currently has 26 free zones that allow full ownership of investment projects, in addition to maintaining a policy of economic, trade and investment openness; facilitating the free transfer of 100 per cent of capital and profits; sustaining numerous industries and non-oil sectors; providing raw materials and cheap energy sources; imposing zero taxes on profits and personal income; waiving a minimum capital requirement for the establishment of limited liability companies; and other measures which make the UAE’s work and business environment one of the most competitive in the world.

The minister added that the Emirates has been making significant progress in the technological, industrial and technical fields, particularly in renewable energy. She noted that Abu Dhabi currently serves as headquarters to the International Renewable Energy Agency.

H.E. urged British companies to further explore the diverse investment opportunities in the UAE. She referred to the presence of more than 1,000 companies and agencies in the UAE, as well as hundreds more operating in domestic free zones. The minister also discussed the importance of looking ahead and further broadening the base of goods and services exchanged between both their countries. She particularly encouraged greater focus on potential partnerships involving small- and medium-sized enterprises.

Sheikha Lubna finally underlined the importance of the results of the meeting held by the UAE- British Economic Committee last October of 2009 in elevating the level of bilateral relation. She called for improved communications between officials from both countries in order to determine the performance of their economic relations and overcome challenges as soon as possible.

For his part, Lord Peter Mandelson expressed his country’s eagerness to strengthen cooperation with the UAE, pointing out that the Emirates is the commercial gateway of the UK in the region and is a comfortable and excellent place for British companies to do business. He revealed that Britain plans to boost bilateral exchange to GBP 12 billion by 2015. The trade official also highlighted the need to act jointly on challenges posed by the global financial crisis in order to protect the common interests of the two friendly nations.

The trade and investment meeting was attended by MoFT Director General H.E. Abdullah Bin Ahmed Al Saleh; H.E. Khaled Al Ghaith, Assistant of Foreign Affairs Minister; and Edward Anthony Oakden, the UK Ambassador to the UAE. Officials from local agencies, members of the UAE Federation of Chambers of Commerce and Industry, Chamber managers; and a number of UAE and British investors and businessmen from various economic sectors were also present. Bilateral sessions were held between businessmen and investors to discuss mutually beneficial partnership prospects.

Non-oil trade between UAE and Britain alone reached GBP 5.15 billion in 2008. The UAE is one of the largest markets in the Middle East for British exports, and ranks 10th among the most important trading partners for Britain. Britain, on the other hand, places sixth among countries that export to the UAE. British investments are the highest among direct foreign investments into the UAE.
 

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