UAE, Austria to enhance economic cooperation

Abu Dhabi / Emirates Business

HE Eng. Sultan bin Saeed Al Mansoori, the UAE Minister of Economy, emphasized the strong economic and trade relations between the UAE and the Republic of Austria during a meeting with Dr. Andreas Liebmann, the Ambassador of the Republic of Austria to the UAE, held at the Ministry’s offices in the Capital of Abu Dhabi. HE Abdullah Al Saleh, the Ministry’s Undersecretary for Foreign Trade and Industry, was also in attendance.
The two parties expressed their mutual desire to enhance economic cooperation, increase trade volume, encourage investments, and focus on prospective partnerships in the fields of industry, tourism, renewable energy, education, scientific research, and innovation. They also agreed to coordinate on an economic and trade mission from the UAE to the Republic of Austria next year.
HE Al Mansoori said that economic and trade ties between the UAE and the Republic of Austria have been developing significantly over the past years, with non-oil bilateral trade reaching about USD 1.2 billion by the end of 2015 and recorded at around USD 600 million during the half the first of this year. The figures are expected to grow further in the coming years due to joint efforts to improve levels of cooperation.
The minister added that considering the two parties’ potentials, there are still opportunities and great possibilities that have yet to be invested in. He pointed out that the industrial sector is a key area that the UAE is depending on for growth in the coming
period.
HE also referred to the UAE’s eagerness in benefitting from Austrian expertise in several areas of mutual concern, especially the field of renewable energy technology.
HE Al Mansoori further noted that in light of the high growth of their countries’ respective tourism sectors, further enhancing tourism exchange and engaging in joint investments for the development of tourism areas and destinations would lead their bilateral relations to new heights of cooperation.
HE added that innovation is a priority for both their countries. He noted the importance of collaborating further on this field in order to exchange experiences and build partnerships that can help accelerate the development of their education and scientific research fields.
For his part, HE Dr. Liebmann said that his country recognizes the UAE’s prominent role as a trade hub in the region and an attractive investment destination offering well-developed infrastructure, a flexible legislative environment, and full support for business growth. He also pointed out that Austrian investments in the UAE have grown by around 50 per cent over the past 10 years, with more Austrian companies expressing interest in establishing a presence in the UAE to avail of its numerous facilities in various economic activities.
HE Liebmann highlighted the significance of continuous collaboration in further strengthening communications between businessmen and investors from both countries and helping them mutually
explore major investment
opportunities available.