ABU DHABI, (Pakistan Point News - 09th Nov, 2021) On the sidelines of Expo 2020 Dubai, Abdulla bin Touq Al Marri, Minister of Economy, held a meeting with Prince Guillaume, Hereditary Grand Duke of Luxembourg, in the presence of Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and Lex Delles, Luxemburg’s Minister for Small and Medium-Sized Enterprises and Minister of Tourism. During the meeting, the two sides discussed ways to promote friendly bilateral relationships and economic cooperation in the areas of common interest.
Bin Touq said that the UAE attaches great importance to enhancing the trade and economic ties with the country’s strategic partners and that it is a top priority in the national development policies and strategies. He further highlighted the excellent relationships between the two countries thanks to both leaderships’ keenness to develop cooperation at both government and private-sector levels and diversify economic activities, particularly in trade, tourism, SMEs and the space sector. “The UAE is Luxemburg’s largest Arab trade partner, accounting for 30% of Luxembourg’s total trade with the region,” Bin Touq noted.
Bin Touq briefed the Luxembourgian side on the recent developments in the UAE’s economic environment, as well as the pioneering projects and initiatives launched by the UAE government, most prominently the Projects of the 50.
Meanwhile, Lex Delles expressed Luxembourg’s desire to strengthen the friendly relations and economic collaboration between the two countries in the areas of common interest. He highlighted the importance of prioritizing the sectors of entrepreneurship and SMEs to support their access to the markets in both the UAE and Luxemburg, and exploring new opportunities for cooperation and building partnerships between the private sectors of both countries.
Moreover, the two sides discussed developing economic cooperation frameworks, particularly in the SMEs sector, creation of new and diversified opportunities in priority sectors for business communities in both countries. The meeting further discussed ways to enhance available capabilities to further support non-oil trade exchange and diversify investments to ensure sustainable economic growth in the post-COVID-19 era, and encourage companies to explore potential opportunities and invest in new sectors in both countries’ markets. The two sides also discussed cooperation in financial sector, financial technology and combating financial crimes, and enhancing cooperation in the areas of circular economy and space sector.
In 2020, the value of non-oil trade exchange between the UAE and Luxembourg exceeded USD 100 million, while the value of mutual investments between the two countries totaled USD 86 billion by the end of 2019. The UAE is considered among the top 20 largest investors in Luxembourg. Several agreements are already in place between the two countries to avoid double taxation and protect and encourage investments and air services, in addition to the agreements between the chambers of commerce to foster private sector partnerships and boost investments.
