UAE Minister of Economy Discusses Opportunities For Cooperation With Austrian Ambassador

Abu Dhabi, November 17, 2016

H.E. Eng. Sultan Bin Saeed Al Mansoori, the UAE Minister of Economic situation, emphasized the strong financial and also trade relationships in between the UAE and also the Republic of Austria during a conference with Dr. Andreas Liebmann, the Ambassador of the Republic of Austria to the UAE, held at the Ministry's offices in the Funding of Abu Dhabi. H.E. Abdullah Al Saleh, the Ministry's Undersecretary for Foreign Trade as well as Sector, was also present.

Both parties shared their mutual wish to improve financial collaboration, rise trade volume, motivate financial investments, and also focus on possible collaborations in the fields of industry, tourist, renewable resource, education, scientific study, and development. They additionally accepted coordinate on an economic and also profession mission from the UAE to the Republic of Austria following year.

H.E. Al Mansoori claimed that financial and profession ties in between the UAE and the Republic of Austria have actually been establishing dramatically over the past years, with non-oil bilateral trade reaching regarding USD 1.2 billion by the end of 2015 and videotaped at around USD 600 million during the half the initial of this year. The figures are expected to grow further in the coming years because of joint efforts to boost degrees of teamwork.

The Minister included that thinking about both parties' possibilities, there are still chances and terrific opportunities that have yet to be invested in. He mentioned that the industrial field is a vital location that the UAE is relying on for development in the coming period.

H.E. additionally described the UAE's passion in taking advantage of Austrian experience in numerous locations of shared concern, particularly the field of renewable resource technology.

H.E. Al Mansoori additionally noted that taking into account the high development of their countries' particular tourist markets, even more boosting tourism exchange and also taking part in joint investments for the growth of tourist areas and locations would certainly lead their bilateral relationships to brand-new elevations of collaboration.

H.E. added that advancement is a priority for both their countries. He noted the importance of teaming up even more on this area in order to exchange experiences as well as develop partnerships that could help speed up the advancement of their education as well as scientific study fields.

For his component, H.E. Dr. Liebmann claimed that his country recognizes the UAE's famous role as a trade hub in the area and also an appealing investment location offering strong facilities, an adaptable legal atmosphere, and also full support for organisation development.

He also explained that Austrian investments in the UAE have actually expanded by around 50 per cent over the past One Decade, with more Austrian business expressing rate of interest in establishing an existence in the UAE to get its various centers in various financial activities.

H.E. Liebmann highlighted the significance of constant partnership in more reinforcing communications in between businessmen and investors from both nations and helping them mutually discover significant financial investment opportunities readily available.