Ministry Of Economy Discusses Commercial Ties With Czech Republic

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 25th Sep, 2018) Sultan bin Saeed Al Mansouri, Minister of Economy, and Radek Vondr??ek, Speaker of the Chamber of Deputies of the Czech Republic, discussed ways of reinforcing the overall economic and commercial ties between the UAE and the Czech Republic.

While receiving Vondr??ek and his delegation in Abu Dhabi, Al Mansouri said that the UAE has strong economic and commercial ties with European Union, EU, countries and is seeking to reinforce its cooperation with many emerging and promising destinations in Europe while noting that he welcomes the new partnership and cooperation with the Czech Republic, which is a key economic centre in Eastern Europe.

The meeting discussed potential cooperation in several priority sectors, such as renewable energy, water, innovation, and small and medium-sized projects, as well as in the sectors of health, infrastructure and foreign trade.

Al Mansouri highlighted the importance of future dialogue and exchanging visits to reviewing developments in the Czech economy, promoting cooperation, discovering commercial and investment opportunities, and exchanging expertise. He also stressed the importance of the formation of a joint economic committee between the two countries, which will aim to advance their partnership and economic integration and provide mutual benefits.

He also explained the key components of the UAE’s economy and the advantages of its economic and investment environment while highlighting the pillars of the country’s economic vision and its goals to achieve sustainable development and create a future economy, through achieving economic diversity and international competitiveness and focusing on innovation, knowledge, technology and scientific research and investing in human resources.

Al Mansouri stressed the importance of building public and private partnerships between the UAE and the Czech Republic, especially in areas such as innovation, technology and emerging companies.

Both sides also discussed ways of connecting interested companies from their countries in various industries, such as electric and hydrogen vehicles.

Al Mansouri affirmed the importance of increasing the level of trade between the two countries while pointing out that their total non-oil external trade witnessed a slight decrease in 2017, totalling US$1.08 billion, compared to around $1.13 billion in 2016. He also noted that there are many opportunities to promote commercial activities between the two countries, and the UAE’s strategic location, leading commercial stature, and advanced infrastructure and services in the areas of ports, air transport and logistical services have made it a gateway for re-exporting Czech products to new markets.