Abdullah bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, yesterday received a US delegation that included officials and representatives of the New York State business community.
The meeting, which was held at the Ministry's headquarters in Abu Dhabi yesterday, focused on enhancing cooperation in the vital sectors of the two countries, including the knowledge economy based on creativity and innovation, renewable energy, precision and advanced technology industries and research and development.
Al-Saleh said that the state's investments in the United States are the largest among the Arab countries invested in America.
He said that the figures of trade exchange between the two countries reflect the continuous and growing development in the relations of the two countries, as the value of non-oil trade exchange has doubled during the past decade to reach about 24.5 billion dollars (90 billion dirhams) in 2018.
Al Saleh reviewed the ideal investment environment provided by the UAE to investors and promising investment opportunities in the UAE economy, stressing that the UAE is characterized by a stable investment, economic and political environment, able to continue economic growth despite recessions in the global economy in different periods, and fluctuation in oil prices.
He pointed to the great success achieved by the policy of economic diversification, as the UAE economy is one of the most diversified economies in the region, where the contribution of non-oil sectors in the country's GDP exceeded 70%.
He pointed out that one of the attractive incentives for local, regional and international investors is the presence of 36 free zones that provide unlimited privileges and facilities for investors and businessmen, in addition to the existence of a modern and modern integrated economic legislation system, noting the law on foreign direct investment, which allows foreign ownership of projects up to 100% in 122 Diversified economic activity.
During the meeting, Al Saleh discussed the UAE's advanced position in many international indicators and reports issued by important international bodies, most notably the Global Competitiveness Index, the Ease of Doing Business Index, the Development and Entrepreneurship Index, the Global Innovation Index and the Trade Empowerment Index.
He said that global confidence in the UAE and its national economy, and its competitiveness in various sectors, is firmly rooted.
For his part, the US delegation stressed its keen interest in establishing meaningful partnerships with Emirati investors, and cooperation in important sectors including agriculture and advanced technologies in this regard, calling for boosting UAE investments in America, especially in the field of research, academic development and clean energy.