After addressing the SALT conference in New York, attended by the global investment and financial community, the UAE Minister for Trade was Abdullah Bin Touk Visited Harvard University for talks with future Emirati and American leaders
WASHINGTON, September 19, 2022 /PRNewswire/ — United Arab Emirates (UAE) Economy Minister HE Abdullah Bin Touq Al Marri hailed the UAE as a hub for commercial expansion, trade and economic growth during his address to over 2,000 global investors, entrepreneurs, policymakers and industry leaders at the SALT conference in New York.
At a keynote panel titled “UAE Rising,” Minister Bin Touq spoke alongside HE Mohamed Ali Al Shorafa Al Hammadi, Chairman of the Abu Dhabi Department of Economic Development, stressed the UAE’s open and welcoming approach to the international business community. Expanding foreign trade relations is a central pillar of the UAE’s strategic plans to stimulate sustainable economic growth.
“The UAE is demonstrating through action that our country is open to business,” said the UAE Economy Minister Abdullah Bin Touk. “In less than a year, we have successful Comprehensive Economic Partnership Agreements with India, Israel, Indonesiaand Colombia. These trade deals will boost our country’s GDP, lead to an increase in UAE exports to new markets and create meaningful new employment opportunities. The UAE Government is committed to our comprehensive economic growth plan.”
During the SALT Conference in New York, Minister Bin Touq and Chairman Al-Shorafah promoted the UAE government’s Investopia initiative, a campaign aimed at highlighting investment opportunities in future sectors. These efforts include building capacity in digital and virtual technologies, expanding investment in artificial intelligence and space exploration, and the green economy.
Minister Bin Touq noted that the UAE’s foreign trade grew by 27% in 2021 compared to 2020 and by about 11% compared to pre-pandemic levels in 2019. The economy of the UAE is one of the most diversified in the middle Eastwith national non-oil exports posting 47.3% growth from the pre-pandemic average.
In 2021, UAE-US bilateral trade reached total $23.03 billionwhen the US exports more than $17 billion of goods and services to the UAE – a 16% increase over 2020 $11.13 billion The US trade surplus is America’s sixth largest trade surplus in the world. Trade relations reflect the success of the UAE’s increasingly diverse economy, with non-oil sectors accounting for 70% of the UAE’s GDP.
The top categories of US exports in 2020 included: Electronics, Nuclear Materials, Passenger Vehicles, and Aerospace Vehicles. The UAE trades with all 50 US states. Trade with the UAE supports more than 123,000 American jobs and reinforces the importance of continued bilateral trade relations.
Before returning to the UAE, Minister Bin Touq traveled there Boston, Mass where he met leading academics on the world famous Harvard Business School and Harvard Kennedy School the government, incl Dean Douglas Elmendorf. The visit to Harvard included a public lecture on future economic potential in the middle East. Minister Bin Touq ended his visit by meeting Emirati and American students at Harvard, where he discussed the UAE government’s priority of attracting world-class talent to the Emirates.
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SOURCE Embassy of United Arab Emirates