(MENAFN) Danny Seabright, Chairman of the US-Emirati Business Council, revealed a substantial increase in the volume of non-oil trade between the United Arab Emirates (UAE) and the United States of America, reaching USD31.4 billion in the year 2023. Anticipating continued growth at a similar pace throughout 2024, Seabright highlighted the robust economic ties between the two nations, underscoring the significance of their bilateral trade relationship.
According to Seabright, US exports to the UAE experienced a notable surge, reaching USD24.8 billion in 2023, marking a significant increase from USD20.8 billion in 2022, representing a remarkable 19 percent growth. Notably, the UAE maintained its position as the primary export destination for US goods in the Middle East and Africa region for the fifth consecutive year, reflecting the enduring strength of trade links between the two nations.
Highlighting the economic impact of American exports to the UAE, Seabright emphasized that these trade activities support approximately 125,000 jobs in the United States, underscoring the mutually beneficial nature of the bilateral trade relationship. Furthermore, he noted that the UAE's exports to the United States amounted to approximately USD6.6 billion in the past year, illustrating the bilateral nature of trade flows between the two countries.
Seabright also shed light on the growing trend of UAE investments in the American market, with a focus on diverse sectors including real estate, manufacturing, healthcare, and technology. Identifying key areas with significant potential for enhanced cooperation in 2024, he highlighted healthcare and life sciences, financial services, private equity, as well as technology and artificial intelligence as sectors ripe for deeper collaboration and investment.
As both nations look towards the future, Seabright's remarks underscore the mutual commitment to fostering stronger economic ties and capitalizing on opportunities for further growth and collaboration across various sectors, cementing the enduring partnership between the UAE and the United States.
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