UAE, Spain keen to boost trade innovation, investment ties

ABU DHABI / WAM

The 4th session of the UAE-Spain Joint Economic Committee was held in Dubai, chaired by Sultan bin Saeed Al Mansouri, Minister of Economy, and by Luis de Guindos Jurado, Spain’s Minister of Economy, Industry and Competitiveness.
The meeting touched on important economic and development issues in both countries. The ministers also reviewed the latest
developments and trends in
international economics and exchanged views on the many
challenges and changes facing
the global economy as well as
the cooperative approaches to confronting them.
The committee focused on enhancing trade in goods and services, encouraging mutual investments, establishing joint ventures that serve the interests of both sides, deepening cooperation in innovation, small- and medium-sized enterprises, SMEs, entrepreneurship, scientific research and development, and participating in investments and business activities related to the hosting of Expo 2020 Dubai. It also sought to build effective and mutually beneficial partnerships between the business sectors of the two countries.
Speaking on the occasion, Al Mansoori said, “We are proud to count Spain among one of our closest political and economic allies. Our non-oil bilateral foreign trade has flourished in recent years, growing by an impressive 26.3 percent from $1.9 billion in 2011 to $2.4 billion in 2016. Spain’s direct investments to the UAE continue to grow, with 45 commercial companies, 112 commercial agencies and 2,456 trademarks from Spain registered locally as of 2015.”
“There is still huge room for growth, and given the ongoing major shifts in the global economy, we would mutually benefit from exploring new avenues of cooperation especially in areas prioritized by our respective national development agendas. Since its first session in Madrid in 2010, the UAE-Spain Joint Economic Committee has played a pivotal role in bridging our commercial and economic gaps. For the 4th round of meetings we will assess the progress of the joint actions we agreed on during the last session in Granada and explore prime investment and partnership opportunities in sectors of common interest moving forward,” he added.
He further noted that the UAE looks forward to exchanging experiences and knowledge and activating cooperation with Spain in several areas of common interest, particularly those that are in line with UAE Vision 2021 and those that reflect Spain’s leading developmental experiences, especially in the fields of innovation, SMEs, entrepreneurship, and scientific research. He also expressed optimism in intensifying trade and enhancing mutual investment as well as strengthening cooperation in the industrial and tourism sectors which are policy priorities in the two countries. He emphasised the importance of deepening collaboration in the fields of agriculture, food security and Halal products, health, education, transport, infrastructure, the Islamic economy, specifications and metrology as well.
De Guindos Jurado said, “We have strong bilateral relations with the UAE, mainly in terms of economic and trade cooperation which continues to grow. The UAE is among our country’s most important partners in the Middle East and we consider it an important economic destination for
the Spanish Government and our private sector.”