UAE invests around Dhs64 billion in Australia, says deputy premier - GulfToday

UAE invests around Dhs64 billion in Australia, says deputy premier


Two-way trade between the two countries increased by 34% from Dhs18 billion to Dhs24 billion in 2017-2018.

The UAE has around AU$26 billion (Dhs64 billion) worth of investments in Australia, revealed a senior Australian official on Monday. The Australian Deputy Prime Minister Michael McCormack, said that Australia and the UAE enjoy a strong bilateral relationship in areas including trade and investment, defence, law enforcement, security and consular cooperation.

 He told the Emirates News Agency, WAM, that two-way trade had increased 34 per cent from AU$7.3 billion (Dhs18 billion) to $9.8 billion (Dhs24 billion) in 2017-2018.

 McCormack is currently visiting the UAE to take part in the World Road Congress in Abu Dhabi from 6th to 10th October.

 When asked to comment on how the Australian government facilitates economic and commercial diplomacy with the UAE, McCormack said that promoting investment in both directions remains a priority for the two countries.

 “Trade continues to grow in the key sectors of tourism, education and agriculture, and this is aided by over 100 direct flights between Australia and the UAE every week,” he said, noting that in the past two years the two countries have also increased the mechanisms to facilitate consultations between them, and now have a Joint Economic Committee and forum for political consultations.

 McCormack, who is also the Minister for Infrastructure, Transport and Regional Development, went on to highlight Australia’s 28-year record of continuous economic growth. This makes Australia an “attractive investment destination,” he added.

 “During my visit to the UAE, I will be exploring further opportunities for Australian businesses and to advocate for further investment in Australia, including in areas such as regional Australia [towns, small cities and areas], and in infrastructure, which are part of my ministerial responsibilities.

 “I also look forward to hearing about the UAE’s latest initiatives to attract investment,” McCormack continued.

 The UAE’s aviation and aerospace sector is an area of investment interest to the Australian Trade and Investment Commission, Austrade, McCormack said.

 He went on to laud the UAE’s achievements in the space industry, saying, “Let me join the world in congratulating the UAE’s first astronaut, Hazza Al Mansoori, and the UAE more broadly on the successful mission last week. It is an exciting time for the space industry in the UAE as it works towards the Red Planet [Mars] project.

 “Collaboration between the UAE and Australia in this area is already growing,” he said, adding, “We look forward to continued collaboration under the two MoUs between the UAE and Australia through the Australian Space Agency and the South Australian Space Industry Centre in the exploration and utilisation of outer space as well as joint scientific research and development of space technology.” The UAE Space Agency and its Australian counterpart signed an MoU in February this year to facilitate closer international partnership in the space industry sector.

 The MoU is considered part of the Australian Space Agency’s broader mission to triple the size of the country’s space sector to $8.53 billion (Dhs31 billion) per annum, and to create 20,000 new jobs by 2030, McCormack explained.

 “Several weeks ago, the Prime Minister [Scott Morrison], during his visit to the United States, announced that Australia would be committing AU$150 million (AED371 million) to join NASA on its mission to the moon and beyond to Mars,” he added.

 The Australian government also recently announced a 10-year path to guide the growth of Australia’s space sector in priority areas such as position, navigation and timing, Earth observation, communications technologies and services, space awareness and debris monitoring, leapfrog research and development, robotics and automation on earth, and in space, and access to space.

 “Given the focus in Australia and developments in the UAE, I see great potential for collaboration between the countries,” McCormack enthused.  The two countries also have a shared interest in ensuring food security. The Australian government developed a Critical Infrastructure Resilience Strategy to address priority life areas, such as food and water security, in times of crises. The UAE, also, has developed a National Food Security Strategy for 2051.

 The UAE is Australia’s largest agricultural trading partner in Mena, with trade valued at more than AU$900 million (AED2.2 billion) in 2016-2017 period.

 Commenting on how the two countries can work together to address regional and global food insecurity, the Australian Deputy Prime Minister noted Australia’s expertise to share in priority areas including aquaculture, urban farming, vertical gardens and hydroponics.

 He added that the UAE and Australia share certain climatic conditions in common, including desert and heat, noting that Australia “has much to offer in terms of experience in managing agriculture, livestock breeding and water resources.” McCormack also highlighted recent visits by UAE officials, Dr. Thani bin Ahmed Al Zeyoudi, Minister of Climate Change and Environment, and Mariam Hareb Almheiri, Minister of State for Food Security, to Australia in 2018, where opportunities for collaboration between the two countries were explored.