UAE And Republic Of Congo Seek To Enhance Economic Cooperation And Boost Investment Exchanges
Date
3/19/2023 9:15:51 AM
(MENAFN- Dubai PR Network) UAE and Republic of Congo seek to enhance economic cooperation and boost investment exchanges
Non-oil trade exchange between the two countries totaled USD 2.3 billion in 2022
Abu Dhabi, 17 March 2023: H.E Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a meeting with H.E. Denis Christel Sassou Nguesso, Minister of International Cooperation and Public-Private Partnership Development of the Republic of the Congo, to explore the means to strengthen economic, trade, and investment cooperation between the two countries.
H.E. Al Zeyoudi said:“The Republic of the Congo is one of the UAE's key trade partners in the African continent. We look forward to expanding the scope of cooperation with them in the fields of mutual interest, building on what was achieved in the past period with the support of both leaderships.”
“We are keen to bolster our existing ties with Congo Brazzaville and boost non-oil trade movement between the two countries in order to diversify investments in fields of mutual interest, as well as create new channels for our private sectors to explore the opportunities offered by both markets,” H.E. added.
The meeting discussed ways to deepen economic and trade partnerships between the two countries, especially in the transport and warehousing, ports and logistics, food security, and natural resources sectors in a mutually beneficial manner.”
The meeting also saw H.E. Al Zeyoudi apprise the Congolese minister of the measures adopted by the UAE to enhance its business environment, led by its wise leadership's vision and in light of the goals of the 50 and the pillars of the UAE Centennial 2071. These include the granting of full foreign ownership, strengthening of the intellectual property landscape, and the launch of an ambitious strategy to attract talented and innovative individuals in all sectors to strengthen the UAE's position as a permanent center for creativity and innovation.
In 2022, the non-oil trade exchanges between the UAE and the Republic of the Congo amounted to USD 2.3 billion with a 13.4 per cent growth compared to the same period in 2021. The UAE's non-oil exports to Congo Brazzaville totaled nearly USD 57 million with a 59.2 per cent growth during this period.
Moreover, the UAE's total re-exports to Congolese market amounted to USD 170 million in 2022 with a 10 per cent year-over-year growth. The UAE is Congo Brazzaville's number one Arab trade partner as of 2021.
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