(MENAFN- Emirates News Agency (WAM))
ABU DHABI, 24th November, 2022 (WAM) -- The Abu Dhabi – Poland Business Forum kicked off today to discuss the prospects of accelerating investment and trade cooperation between the two countries in areas of energy, industry, advanced technology and food security.
On the sidelines of the forum, organised by the Abu Dhabi Department of Economic Development (ADDED), the Government of Silesia, and the Embassy of the Republic of Poland in the UAE, the Polish Silesian government announced the launch of a representative office in the emirate of Abu Dhabi, in a step aimed at fuelling growth and prosperity in bilateral, trade and investment relations between the two countries.
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the UAE is currently one of Poland's largest trade partners in the region, noting that non-oil trade between the two countries totalled US$1.3 billion in the first nine months of 2022, with a growth rate of 21 percent over the same period in 2021.“By comparison, in the whole of 2021, non-oil trade between the two countries amounted to US$1.45 billion, a 12 percent growth on 2020,” he said.
Al Zeyoudi explained that in recent years, the UAE has also become Poland's key partner in the Arab world in terms of political dialogue and economic cooperation, with more than 20 agreements signed between the two countries in various fields.
“The UAE's total direct investment into Poland amounts to nearly US$208 million, which is spread across the fields of aviation, tourism, electronics, automobiles, food industries, science, and technology sectors. Meanwhile, Polish FDI into the UAE currently totals US$94 million, distributed in the real estate, technology, science, modern technologies, and retail sectors,” he said.
For his part, Rashed Abdulkarim Al Blooshi, Under-Secretary of ADDED, said that the inauguration of the Polish representative Office in Abu Dhabi is a key milestone in the UAE-Poland relationship, affirming that it will pave the way for more fruitful collaboration between the two countries.
Al Blooshi stressed that the UAE is one of Poland's largest trade partners in the region, noting to the growth rate of 22 percent in non-oil trade between the two countries in the first half of 2022, compared to the same period of 2021, totalling almost AED 3 billion in the first half of 2022.
“Furthermore, non-oil trade between the two countries amounted to almost AED 5.3 billion last year, which represents an increase of 12 percent in comparison 2020,' he added.
Al Blooshi then highlighted the anticipated growth in the near future, especially since the UAE and Poland launched a joint economic collaboration programme, which promotes bilateral business and investment partnerships between them.
“This programme promotes cooperation between public and private sectors in a range of priority areas such as food security, renewable energy, advanced technology, agriculture, transportation, tourism, and space. There are incentives and opportunities for investors and exporters on both sides, which promote the growth and diversification of bilateral trade,” he explained.
There is a lot of potential for our economies to increase cooperation even further, as Abu Dhabi is a popular investment destination, Al Blooshi emphasised, stating that the“Abu Dhabi Industrial Strategy” aims to cement our emirate status as the most competitive industrial hub in the region.
Through six transformational programmes, the Abu Dhabi government is investing AED 10 billion to double Abu Dhabi's manufacturing sector to AED 172 billion by 2031, create 13,600 skilled jobs, and boost Abu Dhabi's trade with international markets, with the goal of boosting non-oil exports by 143 percent to AED 178.8 billion, he said in conclusion.