UAE, Ireland explore means to stimulate investment exchanges

Abdulla Bin Touq Al Marri, Minister of Economy, held a bilateral meeting with Dara Calleary, Irish Minister of State for Trade Promotion and Digital Transformation, during which, he highlighted the strong and solid relations shared by the two countries.

Bin Touq explained that these ties are founded on the shared visions of the UAE and Irish leaderships on all issues and sectors of cooperation in a way that supports the development goals of both nations and contributes to the prosperity of their peoples.

Bin Touq said: “We are keen to bolster joint mechanisms to increase trade exchanges with Ireland, stimulate mutual investment flows and diversify them to include areas of the new economy, including AI, space industry, FinTech, and entrepreneurship, among others. The UAE is also keen to create new opportunities for partnership in the next stage in line with our new economic model based on knowledge and innovation, which aligns with Ireland’s goals and efforts in digital transformation.”

The meeting saw the two ministers explore means to develop and diversify existing economic relations between the UAE and Ireland and strengthen private sector partnerships in the new economics fields. They also discussed new investment opportunities in areas of common interest that can contribute to diversifying and expanding existing business partnerships in a sustainable manner.

Furthermore, the two sides agreed on strengthening cooperation in sectors of the future economy and creating opportunities in the fields of knowledge economy by supporting innovative SMEs through the UAE’s Entrepreneurial Nation project, in addition to encouraging innovators from both sides to turn their ideas into profitable ventures. The two ministers emphasized the importance of cooperation in sectors related to the circular economy and in the development of joint initiatives and employment opportunities in the areas of sustainability.

Bin Touq highlighted some of the key developments in the UAE’s economic environment during the last period, which have contributed to creating a highly conducive economic environment for the growth and development of businesses and mobilizing investments. These developments are in line with the future vision of the UAE’s wise leadership, the principles of the 50, and the UAE Centennial 2071 goals. The most notable of these include the granting of 100% foreign ownership; the issuance of a legislation for the protection of intellectual property; and the launch of an ambitious national strategy to attract talent and creative minds in all sectors to further consolidate the UAE’s position as a permanent hub for creativity and innovation.

The Minister of Economy further invited Irish companies to take advantage of the benefits and incentives provided by the national economy, allowing them the opportunity to grow and expand in the UAE and MENA markets. Opportunities are being created through Investopia summit that redefines the future of investments; and Comprehensive Economic Partnership Agreements (CEPA) program, under which, the UAE has signed three agreements with India, Israel, and Indonesia. Negotiations for the establishment of more such partnerships are underway.

Moreover, the meeting highlighted the recently launched UAE tourism initiatives, which contributed to propelling the growth of the national tourism sector as well as consolidating the UAE’s position as a sustainable global destination for visitors from all over the world. These include the recent UAE Tourism Strategy 2031 aimed at increasing the contribution of the tourism sector to the national GDP to Dhs450 billion by 2031. The strategy further seeks to mobilize new investments valued at Dhs100 billion to the tourism sector, and attract 40 million hotel guests. In this regard, the two sides agreed on the significance of creating opportunities for tourism companies in both countries’ markets, facilitating their access to the incentives offered by both economies, thereby boosting tourism exchanges and air connectivity.

The meeting also emphasised the significance of the UAE’s hosting of the 13th Ministerial Conference of the World Trade Organization (WTO) in Abu Dhabi, and its role in promoting the country’s influential role in shaping the future of global trade.

Dara Calleary T.D., Ireland’s Minister of State for Trade Promotion and Digital Transformation, said “I am delighted to be here in Dubai as part of the Irish Government trade mission to the United Arab Emirates. Trade between our two countries continues to grow year on year and there are many opportunities for innovative Irish companies to support the growth and future vision of the United Arab Emirates.”

He added “It was a pleasure to meet with Abdulla Bin Touq Al Marri to discuss how we can collectively solve some of the greatest challenges facing our societies and I look forward to deepening bilateral relations between Ireland and UAE into the future.”

He emphasised that the UAE market contains many promising opportunities that will contribute to the expansion and growth of innovative Irish companies, which in turn will support the new economic model of the UAE.

During the first 11 months of 2022, the volume of non-oil trade between the UAE and Ireland amounted to $907 million, reflecting a 15% growth compared to the same period of 2021. The UAE is considered Ireland’s number one trade partner in the Arab region with a contribution of 27%, as well as accounting for 45% of Ireland’s trade with GCC countries.

As for investments, the value of Irish investments in the UAE reached $292 million by the end of 2020, while the UAE’s investments in Ireland exceeded $1.3 billion by the end of 2021, mostly concentrated in fintech, tourism, aviation, food security, and transportation sectors.