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113876
Sun, 03/28/2010 - 16:06
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https://oananews.org//node/113876
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UAE will continue to maintain an open market, offer incentives, says Sheikha Lubna Al-Qasimi
Brussels - March 28, 2010 (WAM)- Sheikha Lubna Al Qasimi, Minister of Foreign Trade, stressed that the UAE will continue to maintain an open market, offering numerous business and investment incentives such as a close geographic proximity to the top European and Asian markets, world-class free zones; 100 % repatriation of capital and profits.
She added that the UAE enjoys a highly diversified economy which relies on non-oil industries to generate 66 per cent of national GDP; easy access to raw materials; cheap energy sources; and zero corporate profit and personal income taxes.
H.E Sheikha Lubna was addressing a meeting in Brussels organised by the Arab-Belgium-Luxembourg Chamber of Commerce under the theme "Sustainable Development, Diversification, Investment Opportunities in the UAE." She described the gathering as a way to affirm the unique bond between the UAE and the European nations.
"The UAE looks forward to sustaining strong trade in pearls, precious stones and metals, machinery and appliances, chemical products, base metals, plastics, textiles and articles in stone with Belgium, although of course we encourage broader participation in our highly diversified economic sectors. Same goes with Luxembourg, with whom we actively engage in the trade of (top trade products / services)."
Sheikha Lubna underscored that through the directions of our visionary leaders, the Emirates intends to broaden its appeal as a trade and investment destination. Our President, H.H. Sheikh Khalifa Bin Zayed Al Nahyan, has taken the lead by authorising initiatives such as the abolishment of the minimum capital requirement for establishing a Limited Liability Company in the Emirates and the creation of a national statistics centre." She stressed that other improvements to the UAE commercial and company laws are underway to provide the UAE regional and international allies with the best environment for doing business.
The Minister noted that the UAE honoured an agreement signed with Belgium and Luxembourg on the mutual exploration of economic, scientific, industrial, mining, agricultural, investment, navigation and technological opportunities.
This "highly productive alliance" led to the year on year growth of Belgian exports to the UAE by 12.1% to EUR1.9 billion in 2008, while imports rose 3.6 per cent to EUR1.46 billion. Trade between the UAE and Luxembourg, meanwhile, reached EUR10.78 million during the same year, she noted.
A few months ago, the UAE Ministry of Foreign Trade (MoFT) was discussing ways to further enhance partnerships between the government and the private sector.
The Brussels gathering affirms the "UAE's vision of a collaborative approach to development as well as the strong ties that exist between our nations." The Minister further noted that the world "will have to deal with the global financial crisis a little longer," stressing the need for consolidating joint efforts "to consolidate our strengths and coordinate on measures to counter this threat." Sustainability, stressed Sheikh Lubna, has become a key goal across the UAE local and federal development agendas.
At the core of the UAE competitiveness in international trade and commerce is its robust economy, which has been able to withstand the brunt of the global economic crisis, according to Sheikha Lubna. "We have proven throughout 2009 that we have the financial capability and the political will to assist businesses, sustain liquidity, and continue our infrastructural development plans."
"In the UAE, we have redefined how we perceive business and national growth and have shifted emphasis to new economic generators such as renewable energy. Our selection last January as headquarters to Irena, the International Renewable Energy Agency, has in fact positioned us as a research and business centre for alternative energy, in stark contrast to our status one of the world's top oil producers. We plan to promote this contradiction as a new model for Middle Eastern development." She also noted the "many other non-oil businesses to explore that together combined for EUR149.94 billion of our total trade in 2008 to top the 2007 figure by 42 per cent." She further said the UAE encourages them to further energise global trade. Now is the time to enhance our commercial partnerships and work together towards economic recovery.
Since its inception in 2008, the UAE Ministry of Foreign Trade has been actively pursuing greater cooperation between the public and private sectors. MoFt has also been leading efforts to improve regional trade. MoFT firmly believe that "we can achieve the levels of progress we aspire to only if we work in harmony with the local, regional and international communities", she stressed..
Sheikha Lubna cited author Ben Sweetland who once said, ‘Success is a journey, not a destination.' She told the meeting "our real success lies in our ability to work together and support each other. The value we place in our relationships, as partners and as friends, will carry us through these challenging times and towards our shared goals of enduring prosperity and peace."
She added that the UAE enjoys a highly diversified economy which relies on non-oil industries to generate 66 per cent of national GDP; easy access to raw materials; cheap energy sources; and zero corporate profit and personal income taxes.
H.E Sheikha Lubna was addressing a meeting in Brussels organised by the Arab-Belgium-Luxembourg Chamber of Commerce under the theme "Sustainable Development, Diversification, Investment Opportunities in the UAE." She described the gathering as a way to affirm the unique bond between the UAE and the European nations.
"The UAE looks forward to sustaining strong trade in pearls, precious stones and metals, machinery and appliances, chemical products, base metals, plastics, textiles and articles in stone with Belgium, although of course we encourage broader participation in our highly diversified economic sectors. Same goes with Luxembourg, with whom we actively engage in the trade of (top trade products / services)."
Sheikha Lubna underscored that through the directions of our visionary leaders, the Emirates intends to broaden its appeal as a trade and investment destination. Our President, H.H. Sheikh Khalifa Bin Zayed Al Nahyan, has taken the lead by authorising initiatives such as the abolishment of the minimum capital requirement for establishing a Limited Liability Company in the Emirates and the creation of a national statistics centre." She stressed that other improvements to the UAE commercial and company laws are underway to provide the UAE regional and international allies with the best environment for doing business.
The Minister noted that the UAE honoured an agreement signed with Belgium and Luxembourg on the mutual exploration of economic, scientific, industrial, mining, agricultural, investment, navigation and technological opportunities.
This "highly productive alliance" led to the year on year growth of Belgian exports to the UAE by 12.1% to EUR1.9 billion in 2008, while imports rose 3.6 per cent to EUR1.46 billion. Trade between the UAE and Luxembourg, meanwhile, reached EUR10.78 million during the same year, she noted.
A few months ago, the UAE Ministry of Foreign Trade (MoFT) was discussing ways to further enhance partnerships between the government and the private sector.
The Brussels gathering affirms the "UAE's vision of a collaborative approach to development as well as the strong ties that exist between our nations." The Minister further noted that the world "will have to deal with the global financial crisis a little longer," stressing the need for consolidating joint efforts "to consolidate our strengths and coordinate on measures to counter this threat." Sustainability, stressed Sheikh Lubna, has become a key goal across the UAE local and federal development agendas.
At the core of the UAE competitiveness in international trade and commerce is its robust economy, which has been able to withstand the brunt of the global economic crisis, according to Sheikha Lubna. "We have proven throughout 2009 that we have the financial capability and the political will to assist businesses, sustain liquidity, and continue our infrastructural development plans."
"In the UAE, we have redefined how we perceive business and national growth and have shifted emphasis to new economic generators such as renewable energy. Our selection last January as headquarters to Irena, the International Renewable Energy Agency, has in fact positioned us as a research and business centre for alternative energy, in stark contrast to our status one of the world's top oil producers. We plan to promote this contradiction as a new model for Middle Eastern development." She also noted the "many other non-oil businesses to explore that together combined for EUR149.94 billion of our total trade in 2008 to top the 2007 figure by 42 per cent." She further said the UAE encourages them to further energise global trade. Now is the time to enhance our commercial partnerships and work together towards economic recovery.
Since its inception in 2008, the UAE Ministry of Foreign Trade has been actively pursuing greater cooperation between the public and private sectors. MoFt has also been leading efforts to improve regional trade. MoFT firmly believe that "we can achieve the levels of progress we aspire to only if we work in harmony with the local, regional and international communities", she stressed..
Sheikha Lubna cited author Ben Sweetland who once said, ‘Success is a journey, not a destination.' She told the meeting "our real success lies in our ability to work together and support each other. The value we place in our relationships, as partners and as friends, will carry us through these challenging times and towards our shared goals of enduring prosperity and peace."
