- Middle East
- Minister of Economy, Governor of Maryland discuss increasing bilateral trade, investments
Minister Of Economy, Governor Of Maryland Discuss Increasing Bilateral Trade, Investments
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 23rd Sep, 2021) Abdullah bin Touq Al Marri, UAE Minister of Economy, and Larry Hogan, Governor of Maryland, reviewed the prospects of promoting trade between the UAE and the American state's markets, particularly at the private sector level.
A number of key sectors of commercial and investment cooperation and partnership between UAE companies and the Maryland business community were identified during the next phase, primarily information security and technology, healthcare, the space sector and defence industries.
This came at a meeting on the sidelines of the official visit of Abdullah bin Touq Al Marri who is leading a UAE large official and commercial delegation to USA to discuss ways of developing the economic partnership between both countries, including increasing and diversifying trade and investments over the next phase.
The UAE minister reviewed the promising opportunities offered by the investment environment in UAE to partners from all over the world, and the leading economic fundamentals, incentives and benefits offered by the new business climate in UAE as a vital gateway for American companies wishing to establish and expand their trade and investment activities in Asia and Africa set from UAE.
He said: "USA -UAE relations are a strong strategic relationship that is characterized by diversity and growth in various areas. We are keen to develop economic and commercial partnership with the State of Maryland and promote investments by UAE companies. We are also interested in inviting state companies to increase their trade with Emirates and to take advantage of the opportunities and partnerships offered by the promising sectors in UAE as a leading regional trade and investment center which provides a vital gateway facilitating access for American companies to large markets and big opportunities in Asia and Africa".
He emphasised that the UAE companies, with their global and cumulative expertise through their investments in most countries of the world, and with their modern potentials and techniques, could effectively contribute to the overall development agenda in Maryland in partnership with their private sector and benefit all parties. He also invited the Maryland Ruler and the business community to participate actively in Expo 2020 Dubai.
He also discussed with Maryland Ruler the opportunities to increase and diversify UAE investments in the State. Both agreed to identify the health-care, manufacturing, technology and electronics sectors as key hubs for increasing joint trade and investment activities during the next phase. They also approved to encourage the private sector and companies of both parties to take advantage of their respective opportunities. In 2020, Maryland's exports of goods and services to UAE generated some $63 million, while in 2017-2020 total exports amounted to approximately $314 million.
To that end, he called on Maryland companies to enhance their presence in the Emirates markets, and to take advantage of Expo2020 Dubai, which will be launched next October, as the world's leading platform for offering products and services, reaching markets from different countries and forging new partnerships that serve their growth plans.