It targets the fields of artificial intelligence, the space industry, financial technology, and entrepreneurship
The UAE and Ireland are discussing stimulating mutual investments and increasing trade exchange
The UAE and Ireland agreed to strengthen cooperation frameworks in the sectors of the future economy.
From the source
The Minister of Economy, Abdullah bin Touq Al-Marri, affirmed keenness to activate joint mechanisms that contribute to increasing trade exchange between the UAE and Ireland, and to stimulate and diversify mutual investments, to include areas of the new economy, including artificial intelligence, the space industry, financial technology, and entrepreneurship, to provide new opportunities. partnership in this framework during the next stage.
During his meeting with the Minister of State for Trade Promotion and Digital Transformation in Ireland, Dara Kaleri, Al-Marri called on Irish companies to take advantage of the advantages and incentives offered by the national economy, to grow and expand in the UAE markets and the Middle East and Africa, including the Emirates Investment Summit «Investopia», which It aims to create opportunities and enable future investments, in addition to the comprehensive economic partnership agreements under which the UAE signed three agreements with India, Israel and Indonesia, and is about to sign with other countries during the next stage.
The two sides discussed ways to develop and diversify joint economic relations, and agreed to strengthen cooperation frameworks in the sectors of the future economy, and to provide opportunities in the fields of the knowledge economy, by supporting the sector of small and medium-sized companies of an innovative nature.
The meeting also witnessed a review of the tourism initiatives recently launched by the UAE, which contributed to the UAE tourism sector achieving great growth that strengthened the country's position as a sustainable global destination, the latest of which was the National Tourism Strategy 2031, which aims to raise the contribution of the tourism sector to the country's gross domestic product to 450 billion dirhams by 2031, attracting new investments worth 100 billion dirhams for the tourism sector in the country’s markets, and attracting 40 million guests in the country’s hotels.
For his part, the Minister of State for Trade Promotion and Digital Transformation in Ireland, Dara Kaleri, said, "The mutual trade movement between the UAE and Ireland is witnessing continuous growth, at a time when Ireland is looking forward during the next stage to stimulating mutual investments in the sectors of the new economy, through more flexible paths." .
He stressed that «the UAE market contains many promising opportunities, which will contribute to the expansion and growth of innovative Irish companies, which in turn supports the new economic model of the UAE».
Exchange and investments
Exchange and investments
It is noteworthy that the volume of non-oil trade between the UAE and Ireland during the 11 months of 2022 amounted to $907 million, a growth rate of 15%, compared to the same period in 2021.
The UAE is Ireland's first Arab trading partner with a contribution of 27% of its trade with Arab countries, and about 45% of Ireland's trade with the GCC countries.
In terms of investments, the value of Irish investments in the UAE amounted to $292 million by the end of 2020, while the volume of Emirati investments in Ireland exceeded more than $1.3 billion by the end of 2021, and they are concentrated in the sectors of financial technology, tourism and aviation, food security and transportation.
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