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171547
Tue, 03/29/2011 - 11:24
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https://oananews.org//node/171547
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UAE set to boost foreign trade competitiveness: Lubna Al Qasimi
Abu Dhabi March 29, 2011 (WAM) - The UAE will leverage its trade advantage competitiveness to reach new markets in areas such as Latin America, Africa and Middle Asia within the coming months, while reinforcing its existing ties with important trade partners especially in maritime logistics and trade, said UAE Foreign Trade Minister Sheikha Lubna Al Qasimi.
"The UAE in particular offers many advantages as an international port of call, as it is home to one of the world's top 10 container ports and is located just hours away from leading Asian and European markets. Its historic ties to the sea as a pearling and merchant marine hub indeed make it a perfect platform for discussing and debating the diverse themes of this Summit", she added.
Sheikh Lubna was speaking at the 2011 World Port '&' Trade Summit at Abu Dhabi National Exhibition Centre.
Sheikha Lubna commended the Abu Dhabi Ports Company and the rest of the Summit organisers for their excellent work. "I would also like to thank the government and private sector representatives, decision-makers and experts present for your participation and full support." The UAE minister underlined that the UAE boasts of an attractive trade and investment climate, serving as a regional hub for more than 25 per cent of the top 500 international companies. It is also ranked by the World Trade Organisation among the top 30 trading nations of the world.
"Moreover, the country relies on foreign trade to generate over 15 per cent of its GDP, with the sector growing to a little over US$ 205 billion last year to surpass its 2009 output by 14 per cent. The UAE's diversified economy - where non-oil sectors account for more than 70 per cent of our GDP is another strong incentive for commercial partnerships", she added.
Sheikha Lubna said the global ports community was able to score a major victory last year when it was able to survive the 10 per cent drop in container volume recorded in 2009, indicating that it learned several valuable lessons along the way, most notably the need to further rationalise freight rates, increase shipment speeds and control environmental impacts in order to remain competitive in a tightening industry.
She noted that the past years have also seen a global industry shift towards the growth regions of Asia which have been resilient against the downturn and which have been playing greater roles in international commerce. The Middle East alone is spending an estimated US$ 46.5 billion in port projects - making it one of the most vibrant maritime hubs in the world - and so "I invite all of you to explore the numerous opportunities our region offers in this regard." Sheikha Lubna underscored that the UAE's foreign trade grew 18.6 per cent between 2005 and 2009, with non-Arab Asian countries accounting for a majority share at 46.1 per cent. European countries came in second at 25.5 per cent. As for ties with the Arab territories contributing 14.1 per cent.
"India is currently our biggest foreign trade partner, accounting for more than 16 per cent of our trade volume in 2009. China is next at 7.5 per cent followed by the US at third at 6.8 per cent", she said.
The UAE minister added that the increased trade activity and more international commercial partnerships are necessary to realise faster and sustainable global economic recovery.
"The Middle East alone is spending an estimated US$46.5 billion in port projects - making it one of the most vibrant maritime hubs in the world - and so I invite all of you to explore the numerous opportunities our region offers in this regard", she said. - Emirates News Agency, WAM
"The UAE in particular offers many advantages as an international port of call, as it is home to one of the world's top 10 container ports and is located just hours away from leading Asian and European markets. Its historic ties to the sea as a pearling and merchant marine hub indeed make it a perfect platform for discussing and debating the diverse themes of this Summit", she added.
Sheikh Lubna was speaking at the 2011 World Port '&' Trade Summit at Abu Dhabi National Exhibition Centre.
Sheikha Lubna commended the Abu Dhabi Ports Company and the rest of the Summit organisers for their excellent work. "I would also like to thank the government and private sector representatives, decision-makers and experts present for your participation and full support." The UAE minister underlined that the UAE boasts of an attractive trade and investment climate, serving as a regional hub for more than 25 per cent of the top 500 international companies. It is also ranked by the World Trade Organisation among the top 30 trading nations of the world.
"Moreover, the country relies on foreign trade to generate over 15 per cent of its GDP, with the sector growing to a little over US$ 205 billion last year to surpass its 2009 output by 14 per cent. The UAE's diversified economy - where non-oil sectors account for more than 70 per cent of our GDP is another strong incentive for commercial partnerships", she added.
Sheikha Lubna said the global ports community was able to score a major victory last year when it was able to survive the 10 per cent drop in container volume recorded in 2009, indicating that it learned several valuable lessons along the way, most notably the need to further rationalise freight rates, increase shipment speeds and control environmental impacts in order to remain competitive in a tightening industry.
She noted that the past years have also seen a global industry shift towards the growth regions of Asia which have been resilient against the downturn and which have been playing greater roles in international commerce. The Middle East alone is spending an estimated US$ 46.5 billion in port projects - making it one of the most vibrant maritime hubs in the world - and so "I invite all of you to explore the numerous opportunities our region offers in this regard." Sheikha Lubna underscored that the UAE's foreign trade grew 18.6 per cent between 2005 and 2009, with non-Arab Asian countries accounting for a majority share at 46.1 per cent. European countries came in second at 25.5 per cent. As for ties with the Arab territories contributing 14.1 per cent.
"India is currently our biggest foreign trade partner, accounting for more than 16 per cent of our trade volume in 2009. China is next at 7.5 per cent followed by the US at third at 6.8 per cent", she said.
The UAE minister added that the increased trade activity and more international commercial partnerships are necessary to realise faster and sustainable global economic recovery.
"The Middle East alone is spending an estimated US$46.5 billion in port projects - making it one of the most vibrant maritime hubs in the world - and so I invite all of you to explore the numerous opportunities our region offers in this regard", she said. - Emirates News Agency, WAM
