Ministry of Economy Discusses Ways to Develop Trade & Investment Ties with Australian Minister for Trade & Investment

H.E. Eng. Sultan bin Saeed Al Mansoori, the UAE's Minister of Economy, has discussed methods to more develop trade and investment ties with Australia with H.E. Steven Ciobo, the Australian Minister of Trade, Tourist and Investment.

Talks were held throughout a meeting at the Ministry's head office 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 consultants from both sides.

The group voiced the usual desire to enhance teamwork in numerous vital private sectors, most notably tourism which has appealing growth opportunities and is gaining increasing passion from UAE financiers who intend to become part of tourist and hospitality projects in Australia. They also went over offered financial investment possibilities in mining and industry and highlighted the value of more reinforcing cooperation in the aeronautics field which is among the most successful areas of participation in between both countries.

Participants touched too on sychronisation for the joint economic board conference between their countries this year, in addition to the finalizing of a Memorandum of Comprehending in the field of innovation which is being prepared by experts from both sides. Existing negotiations between Australia and GCC countries on the finalizing of a free trade agreement were taken on as well.

The Australian delegation underscored the significance of participating in Dubai Exposition 2020 as the occasion provides major chances for teamwork between the two countries and can further boost the existence of Australian investments in the UAE and the region.

H.E. Engr. Al Mansoori said that economic and trade relationships in between the UAE and Australia continuously expand, pointing out that their volume of non-oil foreign trade reached around USD 2.8 billion in 2015 and USD 2.1 billion during the very first nine months of 2016. He noted that while these ready numbers, the UAE waitings to pushing their financial relations to advanced levels throughout the following stage in accordance with the economic vision and growth goals of their respective countries.

He included that the tourist sector is getting a great deal of attention from UAE investors as the Australian market is revealing promising development, specifically in the growth of tourism and hotel jobs. H.E. Al Mansoori even more mentioned that mining is another market that uses diverse investment possibilities and could bring about wider financial investments relations between both nations.

In regards to innovation, the Minister described that the UAE has actually created a National Innovation Strategy which focuses on seven key industries and which will certainly attract quality financial investments along with establish international partnerships for trading info and experiences and moving finest methods. H.E. reviewed a number of concern sectors with the potential to progress collaborations between the two nations, consisting of water, transport, renewable resource, area, and advanced modern technology.

H.E. Engr. Al Mansoori reiterated the country's support for all initiatives that can result in fruitful negotiations, especially the finalizing of an open market contract between Australia and GCC countries, in order to ensure optimal advantage for both sides.

For his part, H.E. Ciobo stated that the UAE and Australia delight in exceptional bilateral economic and trade connections which continuously thrive because of continuous efforts to explore more comprehensive chances for cooperation that offer the financial goals of the two nations.

The Australian Minister assessed numerous opportunities for establishing tourist framework in promising locations in Australia, and welcomed much more UAE financial investments in key Australian tasks offered its worldwide credibility in this area. He additionally addressed investment opportunities in mining, industry and aviation.