6.2 billion dirhams trade the UAE and Singapore in 6 months

Al-Zeyoudi and Tan Si Ling during the virtual meeting.

■ from the source

The Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, discussed ways to enhance trade and investment cooperation with Singapore, and discussed new opportunities for partnership in the fields of innovation, research and development centers and investment in modern technology, especially in the food sector, during a virtual meeting that Al-Zeyoudi held with the Minister In the Cabinet Office and Second Minister of Manpower, Trade and Industry of the Republic of Singapore, Dr. Tan Si Ling.

The ministry confirmed, in a statement yesterday, that the volume of non-oil trade exchange between the two countries recorded five billion dollars (18.4 billion dirhams) in 2019, achieving a growth of 28.2% over the previous year, while the total non-oil trade for the first half of 2020 reached about $ 1.7 billion (6.2 billion dirhams).

In terms of investments, the cumulative foreign direct investment balance between the two countries, until the beginning of 2019, amounted to about $ 5.9 billion (21.7 billion dirhams). Singaporean companies' investments in the UAE focused on a wide range of sectors, most notably wholesale and retail trade, construction, construction and financial services. Insurance, manufacturing, real estate, mining, transportation and storage, education, information technology and the food sector.

Al-Zeyoudi said that “the policies of economic diversification and openness to foreign markets constitute one of the main constants of the state’s economic trends since its inception, and today, in light of the changes and challenges that imposed themselves on the global economic scene, as a result of the global pandemic, these policies have become a necessity and a development requirement, not only for the state. , But at the global level ».

He added that the UAE-Singaporean economic and trade relations are strong and witnessing increasing growth, especially as the two countries have many commonalities, in terms of having a geostrategic location linked to many promising markets, as well as what the two countries form from an international trade center and a global destination for money, business and tourism. In addition to possessing the advanced, flexible and attractive legislative, technological and infrastructure infrastructure that attracts foreign investments.

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