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Ministry of Economy discusses ways to develop trade & investment ties with Australian Minister for Trade & Investment

  • Al Mansoori: ‘Our countries are interested in developing fruitful partnerships in tourism & mining’

Abu Dhabi, April 26, 2017

H.E. Eng. Sultan bin Saeed Al Mansoori, the UAE’s Minister of Economy, has discussed ways to further develop trade and investment ties with Australia with H.E. Steven Ciobo, the Australian Minister of Trade, Tourism and Investment.

Talks were held during a meeting at the Ministry’s headquarters in Dubai in the presence of H.E. Abdullah Sultan Alfan Alshamsi, Assistant Undersecretary for Industrial Affairs, H.E. the Australian Consul General to the UAE, and senior officials and advisors from both sides.

The group voiced the common desire to enhance cooperation in several vital economic sectors, most notably tourism which has promising growth opportunities and is gaining increasing interest from UAE investors who want to be part of tourism and hospitality projects in Australia. They also discussed available investment opportunities in mining and industry and emphasized the importance of further strengthening cooperation in the aviation sector which is one of the most successful areas of cooperation between the two countries.

Participants touched as well on coordination for the joint economic committee meeting between their countries this year, as well as the signing of a Memorandum of Understanding in the field of innovation which is being prepared by specialists from both sides. Current negotiations between Australia and GCC countries on the signing of a free trade agreement were tackled as well.

The Australian delegation underscored the importance of participating in Dubai Expo 2020 as the event offers major opportunities for cooperation between the two countries and can further enhance the presence of Australian investments in the UAE and the region.

H.E. Engr. Al Mansoori said that economic and trade relations between the UAE and Australia continue to grow, citing that their volume of non-oil foreign trade reached around USD 2.8 billion in 2015 and USD 2.1 billion during the first nine months of 2016. He noted that while these are good figures, the UAE looks forward to pushing their economic relations to more advanced levels during the next phase in line with the economic vision and development goals of their respective countries.

He added that the tourism sector is getting a lot of attention from UAE investors as the Australian market is showing promising growth, especially in the development of tourism and hotel projects. H.E. Al Mansoori further stated that mining is another sector that offers diverse investment opportunities and can lead to broader investments relations between the two countries.

In terms of innovation, the Minister explained that the UAE has developed a National Innovation Strategy which focuses on seven key sectors and which will attract quality investments as well as establish international partnerships for exchanging information and experiences and transferring best practices. H.E. reviewed a number of priority sectors with the potential to advance partnerships between the two countries, including water, transport, renewable energy, space, and advanced technology.

H.E. Engr. Al Mansoori reiterated the country’s support for all efforts that can lead to fruitful negotiations, particularly the signing of a free trade agreement between Australia and GCC countries, in order to ensure maximum benefit for both sides.

For his part, H.E. Ciobo said that the UAE and Australia enjoy excellent bilateral economic and trade relations which continue to prosper in light of ongoing efforts to explore broader opportunities for cooperation that serve the economic objectives of the two countries.

The Australian Minister reviewed several opportunities for developing tourism infrastructure in promising areas in Australia, and welcomed more UAE investments in key Australian projects given its international reputation in this area. He also addressed investment opportunities in mining, industry and aviation.

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