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UAE, New Zealand - Strengthening trade relations, enhancing investment opportunities

Thursday, 29 April 2010 13:18

The UAE Minister of Economy HH Sultan Al Mansoori, today, inaugurated the third UAE - New Zealand Joint Economic Committee Meeting, in the presence of His Excellency Home Tim Groser, New Zealander Minister of Trade, who is leading the largest ever delegation of senior officials and entrepreneurs to the Middle East.

Mr Al Mansouri asserted the importance of the committee in strengthening bilateral trade relations between the UAE and New Zealand. "This meeting is a milestone in expanding relations between the UAE and New Zealand and will lead us towards stronger bilateral engagement, especially in the areas of trade and investment. The UAE is one of the most important trading partners of New Zealand in the Middle East with investments in energy, tourism, logistics, education, professional services and agriculture. Last year, we were ranked 19 among the trading partners of New Zealand worldwide." Mr Al Mansoori said the Government of the UAE reaffirms the importance of the successful and speedy conclusion of the GCC-New Zealand Free Trade Agreement. "The Agreement will help remove the remaining barriers for free flow of trade and lead to a new era of economic co-operation between the two sides. Both the UAE and New Zealand have a vibrant private sector which has remained a vital partner in the growth and diversification of our economies. It is also essential that private sector enterprises in both countries take advantage of the unique and attractive mutual investment opportunities that exist in the UAE and New Zealand," he added.

Mr Al Mansouri highlighted the several legislative changes to further strengthen UAE'S global competitiveness and attract foreign direct investment. "The Ministry of Economy is currently working on more than 14 different legislations including the Companies law, foreign investment law, Industrial law, Small and Medium Size business law, competition's law, IPR and consumer protection laws."

HH Home Tim Groser said: "The UAE is a model in development having invested its oil revenues in human resources development and the creation of an advanced and integrated infrastructure, thus building a robust economic environment for huge global projects. The UAE will serve as a gateway for New Zealand businesses to further expand in the Middle East and many investors are keen to leverage the growth opportunities offered."

HE Al Mansouri said that UAE is one of the most dynamic investment destinations in the region, which offers investors 100 per cent ownership in its free zones, superior infrastructure, access to qualified manpower, and a commitment to international intellectual property rights and antipiracy laws.

" Ministry of Economy is committed to enhancing the investment climate and creating a safe environment for investments. To achieve this, we are currently in the process of developing 14 draft laws including the Companies law, Foreign Investment law, Industrial law, Small and Medium Size business law, Competition's law, IPR and Consumer Protection law. Most of them are in the final stages", he divulge this during a meeting with New Zealand Investors.

Bilateral trade between NZ and GCC crossed USD 2.1 billion in 2009, with the UAE making up 28% of that trade. The trade exchange volume between the UAE and New Zealand was 568 million USD in the same year. We are interested in further enhancing this, especially since New Zealand considers the UAE as a strategic partner in the Middle East.

"Today, there are many New Zealand companies operating in the UAE, providing a range of consultancy services in such diverse sectors as postal services, education development, public sector management and English language training", he stated.

The rapidly expanding free trade zones in the UAE have allowed information and communications technology companies from New Zealand, including those present in the newly established New Zealand Technology Oasis at Dubai Internet City, to demonstrate their capabilities and the contribution they can make to the UAE's developing economy.

"The UAE economy has been successful in meeting the challenges posed by the global economic downturn and has remained on the growth track thanks to our wise and prudent leadership".

Al Mansouri said that our geographical proximity to some of the world's largest populations makes the UAE a promising market to reach out to a wider audience. The Middle East alone is home to over 300 million people.

"Hence, I invite investors and companies from New Zealand to be part of the success story of the UAE and make positive use of its strengths".

There are abundant opportunities in almost all major sectors of our economy including industries, renewable energy, tourism, financial services, Islamic banking, retail, health, education, transportation, telecommunication and technology to name a few, he underscored.

Investors and enterprises in the UAE are also interested to learn more about the opportunities in New Zealand. Establishing joint venture projects, particularly small and medium enterprises, as well as partnerships in industries, agriculture and technology represents a productive channel of engagement with the UAE.

"I would also like to share with you the promising results of the third meeting of the joint economic committee formed by our respective countries, We have agreed on strategic areas of co-operation in major fields such as industries, small and medium businesses, technology and agriculture", the minister affirmed.

"We are looking forward to a dynamic and productive relationship with New Zealand so that both of us can benefit from the strengths and potentials of our economies and enhance global confidence in our markets". (WAM)

Global Arab Network

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