The UAE has been expanding its economic and trade relations with countries across the globe, including the United States, China, India, and the European Union. The government has been implementing various policies and initiatives to make it easier for foreign investors to do business in the country. In this article, we delve into the UAE’s latest agreements and initiatives to boost investment opportunities.
The UAE’s efforts to boost its foreign partnerships have been successful in attracting more investment to the country, and it is likely that this trend will continue in the future. Recently, the UAE and China discussed investment opportunities in new economic sectors, trade, transportation & technology. Additionally, the UAE and Republic of Congo discussed enhancing economic cooperation and boost investment exchanges between the two nations. Moreover, they UAE is set to invest USD 30 billion in South Korea over the next few years.
During the recent UAE-China Economic Forum in Dubai, H.E. Abdullah Ahmad Al Saleh, the Undersecretary of the Ministry of Economy, held a bilateral meeting with Zhang Xiangchen, the Deputy International Trade Representative for the People’s Republic of China. They discussed joint investment opportunities in various economic sectors such as trade, logistics, real estate, financial services, technology, and insurance activities.
H.E. Al Saleh highlighted that the UAE is China’s top trade partner among the Arab and GCC countries, and China is the UAE’s top global trade partner. The non-oil trade value between the two countries exceeded $72B in 2022, indicating an 18% growth from 2021. Additionally, investment exchanges between the two countries are continuously growing in sectors such as real estate, logistics, storage, financial services, insurance activities, manufacturing, and information technology. In early 2021, it amounted to almost $12B. China is also the UAE’s third-largest foreign investor, with investments worth $9.3B as of the beginning of 2021, showing a 514.5% increase compared to 2013.
Furthermore, H.E. Al Saleh briefed the Chinese side about the UAE’s economic policies that aim to improve its investment environment’s growth and competitiveness. These policies include providing incentives and enablers to encourage the private sector to invest and expand in the UAE’s markets, amending the Commercial Companies Law to allow 100% foreign ownership, enhancing labor mobility, and modernizing the country’s residency system.
On the other hand, H.E Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met with H.E. Denis Christel Sassou Nguesso, Minister of International Cooperation and Public-Private Partnership Development of the Republic of the Congo, to discuss how to enhance economic, trade, and investment cooperation between their countries.
H.E. Al Zeyoudi highlighted the UAE’s commitment to strengthen their ties the Congo and increase non-oil trade between the two countries in order to diversify their investments. The two ministers explored ways to deepen economic and trade partnerships, particularly in the areas of transport and warehousing, ports and logistics, food security, and natural resources, in a mutually beneficial way. According to recent data, non-oil trade between the UAE and the Congo amounted to $2.3B in 2022, with non-oil exports from the UAE to the Congo totaling nearly $57M.
Furthermore, H.E. Al Zeyoudi and H.E. Dukgeun Ahn, the Minister of Trade of the Republic of South Korea, met in Dubai to discuss joint investment opportunities in various fields, including trade, industry, real estate, insurance, health, technology, digital transformation, and food security. The meeting was attended by the South Korean Ambassador to the UAE and representatives from various South Korean government entities.
The non-oil trade between the UAE and South Korea in 2022 reached nearly AED 19.5B, showing a 14% increase from the previous year. UAE exports to South Korea grew by 17.5% in 2022, exceeding AED 2.8B, while re-exports to South Korea totaled AED 1.3B. The two ministers agreed to enhance trade and investment cooperation between the UAE and South Korea through joint efforts, and to implement the recently signed Memorandum of Understanding (MoU) between the UAE Ministry of Economy and the South Korean Ministry of Trade, Industry, and Energy. The MoU aims to facilitate import and export procedures for exporters and importers in both markets to create more investment and trade opportunities for the private sector. The UAE plans to invest nearly $30B in South Korea in the coming years, while South Korean FDI in the UAE totaled $2.2B up until the beginning of 2021.
The UAE has been increasing its economic and trade links with nations worldwide, and the government has been introducing diverse measures and programs to facilitate the operations of overseas investors in the country.
The UAE has been making tremendous efforts to enhance its economic and trade ties with nations worldwide to become an increasingly prominent player in the global economy. The government has implemented a variety of measures and programs aimed at facilitating the operations of foreign investors in the country, in addition to signing several bilateral and multilateral trade agreements with various countries to boost its trade relations and promote investment; these agreements provide investors with access to new markets, increased protection, and better trade terms.
