August 12, 2022

Dubai Week

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Emirates News Agency – Thani Al Zeyoudi to WAM: President’s visit to France opens new horizons for economic and trade cooperation

Emirati companies investing in France have achieved great success stories.

-French investments promote efforts to move towards a new economic model.

From Ahmad Al Nuaimi.

ABU DHABI, July 19, WAM/ His Excellency Dr. Thani bin Ahmad Al Zayoti, Minister of Foreign Affairs, confirmed the visit of the Head of State, Sheikh Mohammed bin Zayed Al Nahyan, “may God protect him”. , represents a historic milestone in the course of relations between the two countries and has a great positive impact on the friendly French Republic. It transforms the partnership between the two countries to an unprecedented strategic level and gives a new and unique impetus to development. To strengthen the momentum of cooperative relations in all fields of common interest to ensure the achievement of the interests of both friendly countries.

In an interview with Emirates news agency WAM, he said the visit of the head of state would open new horizons for economic and trade cooperation between the two countries and lead to the development of mutual investments in key sectors. Cooperation between them, i.e. trade, investment, oil and gas, carbon-neutral hydrogen, nuclear and renewable energy and climate change, artificial intelligence, food security, fintech, intellectual property rights, space, cybersecurity and other common sectors of interest in solutions.

Al Zayoti said that bilateral trade levels will continue to develop and prosper in the next phase in light of enhancing opportunities and maximizing benefits for economic cooperation through various elements and opportunities in various trade sectors in both countries. reached about 25 billion dirhams in 2021, a growth of 25.9% compared to 2020, during which trade turnover recorded 19.8 billion dirhams.

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Emirati companies investing in France have achieved great success stories in the past years, thanks to the directives of the two countries, which emphasize the promotion and diversification of mutual investments between them and the provision of all opportunities and possibilities. Stimulating the investment and business environment, this has contributed to the expansion of the base of Emirati companies in the French market, in particular Ports Dubai World, First Abu Dhabi Bank, Abu Dhabi Investment Authority, Etihad Airways, Emirates Airlines, Dubai Islamic Bank and Mubadala Development. More than 600 French companies operate in the UAE market.

Regarding the most important sectors within the economic cooperation between the two countries, Al Siodi said mutual investments between the UAE and France, French investments in the UAE are based on key sectors of common interest for both countries to serve their mutual interests. Covering sectors such as telecommunications, technology, energy, gas, education, manufacturing, mining, retail, auto repair, education and transport, most French investments comply with government directives to invest in new economic sectors. Efforts to move towards a new economic model.

His Excellency continued, “On the other hand, Emirati investments in France cover various sectors, particularly in civil and military sectors such as aviation industry, real estate, tourism, fish and seafood trade, tiles and ceramics industry. In relation to protection and promotion of UAE investment and avoidance of double taxation and services. Signed three investment treaties with France.

Also on the future prospects of economic cooperation between the two countries during the next phase.

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Al-Siodi said that with the support and attention of the leaders of both countries in the next phase, the economic cooperation between the two countries will definitely see qualitative improvements and will directly contribute to improving the level of trade relations. New joint economic agreements and initiatives concluded in Europe markets.

At the same time, the business sector in the friendly French Republic will greatly benefit from the economic position of the UAE and its strategic location in the region, as its trade will reach countries in Asia and Africa, opening new horizons for cooperation between businesses. Sectors of the two countries create vast opportunities for investment and trade between the UAE and France.

He said that all the working groups in the country will work according to the blueprint drawn by His Excellency the President’s visit to France and translate that strategic cooperation between the two countries into sustainable partnerships that contribute to progress. To address the long-term growth and challenges of the two friendly countries, improve the resilience of their economies and create more employment opportunities, cooperation and partnerships at the level of the public and private sectors.

WAM/ Ahmad Al Nuaimi/ Emad Al Ali