The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI/WAM
Todd McClay, Minister for Trade of New Zealand, has affirmed the accelerating growth in economic ties with the United Arab Emirates, with bilateral trade reaching NZ$400 million (approximately AED880 million) in the fourth quarter of 2024, bringing the total trade volume for the year to NZ$1.3 billion, equivalent to AED2.86 billion.
Speaking to the Emirates News Agency (WAM) on the sidelines of the AIM Congress 2025 in Abu Dhabi, McClay said this sustained growth is driven by the alignment of the two governments’ visions and their shared commitment to enhancing trade and investment ties.
He highlighted notable growth of up to 60 percent in the services sector, reflecting the strength and diversity of bilateral cooperation.
He noted that direct UAE investments in New Zealand exceeded NZ$200 million (AED440 million) in 2024, spanning sectors such as food, infrastructure and productive industries. He added that investment agreements between the two countries, including the Comprehensive Economic Partnership Agreement (CEPA), are opening new avenues for increased capital flows, especially in infrastructure and energy.
McClay said around 20 New Zealand companies are currently active in the UAE market, while discussions are ongoing with several UAE companies interested in establishing offices in New Zealand. He emphasised that New Zealand’s attractive investment climate is underpinned by key bilateral agreements, including a double taxation avoidance agreement, which grants preferential tax treatment to UAE sovereign wealth funds.
He added that New Zealand has launched an ambitious plan to expand its road network and implement large-scale infrastructure projects, presenting ideal opportunities for UAE sovereign wealth funds and companies seeking long-term investments in construction, management and operation.
McClay confirmed that New Zealand welcomes investments in renewable energy sectors such as wind, solar and geothermal, alongside promising ventures in processing industries, agri-tech, artificial intelligence, pharmaceuticals, and data centres.