Government

UAE, January 18, 2017 - H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economic y(MOE), affirmed that the economic connections between the UAE and New Zealand continue to grow and are expected to create further as both nations aspire to enhance collaboration in a number of economic sectors of common passion and prioritized within their particular growth strategies.

The statement came during a meeting in between the UAE Minister of Economy and H.E. Todd McClay, New Zealand Minister of Trade, and his accompanying delegation at the MOE's Dubai head office. Both events demonstrated the possibilities of raising trade and enhancing cooperation in a number of locations, most significantly agriculture and food, renewable energy, innovation, civil aviation, and tourism. The officials likewise talked about the existing condition of the Open market Contract (FTA) in between the GCC and New Zealand. They touched on major problems that can be raised at the following conference of the Joint Economic Committee which is readied to occur this year in New Zealand.

Among the MOE authorities who attended the conference were H.E. Eng. Mohammed Ahmed Bin Abdulaziz Al-Shehhi, Undersecretary for Economic Affairs; H.E. Humaid bin Butti Al Muhairi, Assistant Undersecretary for the Business Industry and Customer Security; Abdullah Sultan AlFan AlShamsi, Assistant Undersecretary for Industrial Matters; and various other senior authorities and consultants. New Zealand was stood for by Jeremy Clarke-Watson, New Zealand's Ambassador to the UAE; H.E. Kevin John Mckenna, Consul General of New Zealand; and the New Zealand Embassy Deputy Head of Mission, Rebecca Wood.

H.E. Eng. Al Mansoori stated that the nation's management prioritizes innovation and therefore positions excellent relevance on the National Innovation Technique. He highlighted the strong passion of the UAE Ministry of Economic situation to closely function and cooperate with New Zealand on innovation initiatives, as it looks to complete the finalizing of a Memorandum of Understanding between the parties.

The Minister further explained that the following conference, the Sixth session of the Joint Economic Board, will certainly be a vital platform for speeding up the rate of existing cooperative agreements. The session will also promote discussions on methods to raise growth opportunities and overcome potential difficulties that may impact the efficient bilateral relationships, specifically their economic, trade, and investment ties and partnerships with the private sector.

The UAE Minister of Economy included that cooperation in the farming and food markets and allowing the UAE's farming financial investments in New Zealand through the current innovative tools top the listing of the Committee's agenda for its upcoming conference provided their major functions in resolving the country's food security. The meeting will certainly likewise concentrate on teamwork in civil aeronautics, which is a key variable for the shared development of trade, investment and tourism.

Both Ministers discussed the most up to date updates on the FTA in between New Zealand and the GCC, with H.E. Eng. Al Mansoori making clear that the arrangement is currently in its final stages and is currently undertaking lawful review by several of the GCC nations prior to final authorization. He noted the significance of the agreement in enhancing trade and investment exchange in between both parties.

H.E. McClay revealed his nation's paramount interest on the authorization of the FTA because of its considerable influence on increasing trade volumes with the nations in the region, and complimented the UAE's significant duty via the Ministry of Economic climate in making this agreement a fact.

The Minister likewise discussed the possibility of bilateral participation in gaining access to new regional markets by capitalizing on the economic advantages and the calculated geographical location of both nations. The UAE Minister kept in mind the relevance of the UAE as an industrial portal that capably facilitates New Zealand's trade accessibility to the Middle East, African and European markets, and New Zealand's worth as a significant link for the UAE to accessibility South American markets. He asked for continual interaction to open up even more trade potential customers for both nations.

Overall international trade in between the UAE and New Zealand reached USD 1.6 billion in 2016, and is anticipated to raise considerably in the coming years as both countries remain to press bilateral trade and financial collaboration efforts.

H.E. McClay stated that New Zealand will certainly soon advance with the development and expansion of hospitality tasks in several cities, noting that this action opens an important possibility for UAE investments that have actually successfully built a global track record in this field.

In response, H.E. Eng. Al Mansoori advised New Zealand firms to discover the prospects of doing business in the UAE which supplies an advanced financial atmosphere, centers, benefits and growth rewards especially conducive to the development of high-value sectors.

H.E. Eng. Al Mansoori said that these kind part of the government's regulations to establishing a knowledge-based economic situation focused on innovation, imagination and innovation, especially in transportation, renewable energy, facilities, and tiny- and medium-sized enterprises.

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