ID :
111561
Sun, 03/14/2010 - 14:08
Auther :
Shortlink :
https://oananews.org//node/111561
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UAE - UK adopt new mechanism for SME cooperation
Abu Dhabi, March 14, 2010 (WAM)- H.E Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, and Lord Davis, British Minister of State for Trade, Investment and Small Business, have adopted an effective mechanism to enhance cooperation in small and medium businesses and exchange experiences and data between both countries, during a meeting held in Emirates place in Abu Dhabi. The step comes within the follow up plan on the UAE-UK Joint Economic Committee held last October in London.
Mr Al Mansouri said this mechanism will develop the performance of SMEs in the UAE and supports the governments' initiative and the Ministry of Economy plans to make this vital sector a major supporter to the national economy.
During the meeting, both parties also identified sectors and ways to increase bilateral trade by 60% from £7.5 billion to £12 billion in 2015. Innovation, Industry, Finance, renewable energy and SMEs are the main sectors to contribute to achieve this target.
Mr Al Mansouri pointed that there are many opportunities in both countries that should be explored through adopting effective mechanisms. He also emphasised the strategic role of the industrial sector in creating balanced trade exchange rates where it highly contributes to increase bilateral trade between UAE and UK.
Al Mansouri described the meeting as 'highly productive' and an excellent way to break down any challenges and increase the investment opportunities between the two countries. "This is not simply a platform to introduce businesses to each other, but a more strategic approach to help make that step more rewarding. We have agreed that both countries need to organise task forces to gather information on the ease or difficulty of conducting business. There are certain factors we need to measure in order to improve.
There will, of course, be trade shows and conferences that bring together top businessmen and decision makers from both countries to help us with that.
"One of the most encouraging points of the meeting was that it shows how enthusiastic both nations are to follow-up on developing economic ties," he added.
Lord Davis agreed that the meeting was extremely valuable to business relationships between the two countries and that the UK contingent of the working group would fully commit to achieving the goals within the agreed timeframe.
This is the second meeting to be held within the follow up plan of the UAE- UK joint economic committee. The first meeting held last February between His Excellency Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Director General, UAE Ministry of Economy, and Alderman Nick Anstee, Lord Mayor of the City of London, where they focused on increasing bilateral trade by 60% from £7.5 billion to £12 billion in 2012, and strengthening the capacity of capital markets through exchange of experiences and information, including the launch of specialised training programs.
Several similar meetings will be held in the near future to follow-up and implement new programs.
Mr Al Mansouri said this mechanism will develop the performance of SMEs in the UAE and supports the governments' initiative and the Ministry of Economy plans to make this vital sector a major supporter to the national economy.
During the meeting, both parties also identified sectors and ways to increase bilateral trade by 60% from £7.5 billion to £12 billion in 2015. Innovation, Industry, Finance, renewable energy and SMEs are the main sectors to contribute to achieve this target.
Mr Al Mansouri pointed that there are many opportunities in both countries that should be explored through adopting effective mechanisms. He also emphasised the strategic role of the industrial sector in creating balanced trade exchange rates where it highly contributes to increase bilateral trade between UAE and UK.
Al Mansouri described the meeting as 'highly productive' and an excellent way to break down any challenges and increase the investment opportunities between the two countries. "This is not simply a platform to introduce businesses to each other, but a more strategic approach to help make that step more rewarding. We have agreed that both countries need to organise task forces to gather information on the ease or difficulty of conducting business. There are certain factors we need to measure in order to improve.
There will, of course, be trade shows and conferences that bring together top businessmen and decision makers from both countries to help us with that.
"One of the most encouraging points of the meeting was that it shows how enthusiastic both nations are to follow-up on developing economic ties," he added.
Lord Davis agreed that the meeting was extremely valuable to business relationships between the two countries and that the UK contingent of the working group would fully commit to achieving the goals within the agreed timeframe.
This is the second meeting to be held within the follow up plan of the UAE- UK joint economic committee. The first meeting held last February between His Excellency Mohammed Ahmed Bin Abdul Aziz Al Shihhi, Director General, UAE Ministry of Economy, and Alderman Nick Anstee, Lord Mayor of the City of London, where they focused on increasing bilateral trade by 60% from £7.5 billion to £12 billion in 2012, and strengthening the capacity of capital markets through exchange of experiences and information, including the launch of specialised training programs.
Several similar meetings will be held in the near future to follow-up and implement new programs.
