UAE to further reinforce trade, investment co-operation with New Zealand

DUBAI, 27th September, 2016 (WAM) – Sultan bin Saeed Al Mansouri, Minister of Economy, and New Zealand's Trade Minister Todd McClay have discussed ways to enhance co-operation and economic relations between the two countries, especially in renewable energy, agriculture, food and innovation fields.

A special trade delegation from New Zealand was accompanying McClay.

The meeting was attended by senior officials including Mohammed Ahmed Bin Abdulaziz Al-Shehhi, Under-Secretary for Economic Affairs; Abdullah bin Ahmed Al Saleh, Under-Secretary for Foreign Trade and Industry; Juma Mohammed Al Kait, Assistant Under-Secretary for Foreign Trade Affairs; Sultan Ahmed Darwish, Director of Trade Negotiations and WTO and Tariq Al Suwaidi, Government Communication Director for the Ministry of Economy.

The participants focussed on reinforcing co-operative ties between the two countries in the field of renewable energy, which complements an agreement signed between the two countries in 2014, which covers the deployment of renewable energy solutions in various regions of the world. They lauded the role played by Abu Dhabi Future Energy Company (Masdar) as a crucial factor to its success.

The officials also discussed moves on how to strengthen co-operation in the trade sector and to increase non-oil trade rates between the two countries, which stood at US$715 million in 2015 (AED 2.6 billion).

They also talked about effectively urging institutions and investors from both countries to take advantage of the available investment opportunities in various fields while concentrating on agriculture, food industries, innovation, knowledge economy and civil aviation. The participants also discussed the current status of the Free Trade Agreement between the GCC and New Zealand.

During the meeting, Sultan Al Mansouri emphasised the UAE's keenness on strengthening and developing bilateral relations with New Zealand, especially in the economic and trade sectors that contribute to the promotion of development and upgrading frameworks of co-operation in various fields such as technology, small and medium enterprises (SMEs) and tourism.

Al Mansouri highlighted the unique investment environment of the UAE and welcomed the entry of New Zealand's investments across various sectors, urging their business community to take advantage of investment opportunities in the UAE and the attractive incentives that come with it.

The UAE minister also encouraged New Zealand to participate in the upcoming Expo 2020 Dubai, which is expected to be attended by more than 180 countries giving them the opportunity to showcase their products and communicate directly with 25 million visitors.

The New Zealand minister praised the development of bilateral relations between the two countries and expressed confidence in furthering co-operation, and exploring new areas and opportunities. He also praised the early preparations for the Expo 2020 Dubai and expects Dubai to organise a distinctive successful version of the expo as backed by its capabilities and expertise in hosting and organising major international events.