The UAE and Ireland are discussing stimulating mutual investments in innovative emerging projects, circular economy and tourism

 Abdullah bin Touq Al-Marri, Minister of Economy, affirmed that the United Arab Emirates and the Republic of Ireland have strong and solid relations, supported by the common visions of the leaderships of the two friendly countries, regarding all issues and sectors of joint cooperation, in a manner that supports the development goals of the two countries and achieves prosperity for their peoples.

This came during his meeting in Dubai with His Excellency Dara Callery, Minister of State for Trade Promotion and Digital Transformation, in the Republic of Ireland.

M. said: "We are keen to activate joint mechanisms that contribute to increasing trade exchange, stimulating mutual investments and diversifying them to include areas of the new economy, including artificial intelligence, the space industry, financial technology, entrepreneurship, and others, and to create new opportunities for partnership in this framework during the next stage." In line with the UAE's new economic model based on knowledge and innovation, and in line with Ireland's goals and efforts in digital transformation.

The two sides discussed ways to develop and diversify joint economic relations, strengthen ties between the two business communities in new economic fields that serve the development goals of the two countries, and explore new investment opportunities in areas of common interest that contribute to diversifying and expanding the existing trade partnership and increasing its momentum in a sustainable manner.

They agreed to strengthen cooperation frameworks in the sectors of the future economy and create opportunities in the fields of the knowledge economy by supporting the sector of small and medium-sized companies of an innovative nature, through the integrated national project "Home of Entrepreneurship", in addition to encouraging innovators from the two countries to raise their creative ideas to the level Companies, they also stressed the importance of cooperation in sectors related to the circular economy, and work to develop joint initiatives and job opportunities in the areas of sustainability.

Ibn Touq reviewed the most prominent developments in the economic environment of the UAE during the past period, in order to create an economic climate supportive of business growth and prosperity, and attract investments, in implementation of the forward-looking vision of the wise leadership in light of the fifty goals and the determinants of the UAE Centennial 2071, by allowing foreign ownership to reach 100%, issuing a system of legislation to protect intellectual property, and launching an ambitious strategy to attract talents and minds in all sectors to enhance the state’s position as a permanent center for creativity and innovation.

He called on Irish companies to take advantage of the advantages and incentives offered by the national economy, for growth and expansion in the UAE markets and the Middle East and Africa region, including the Emirates Investment Summit "Investopia", which aims to create opportunities and enable future investments, in addition to the comprehensive economic partnership agreements that the UAE signed under its umbrella. 3 agreements with India, Israel and Indonesia, and in the process of signing with other countries during the next stage.

In addition, the meeting witnessed a review of the tourism initiatives launched by the country recently, which contributed to the UAE tourism sector achieving great growth, which strengthened the country's position as a sustainable global destination for visitors from all over the world, the latest of which was the National Tourism Strategy 2031, which aims to raise the contribution of the tourism sector in The country's gross domestic product will reach 450 billion dirhams by 2031, attract new investments worth 100 billion dirhams for the tourism sector in the country's markets, and attract 40 million guests in the country's hotels.

In this regard, the two sides agreed on the importance of creating opportunities for tourism companies in the two countries and facilitating their access to the advantages offered by the economies of the two countries, with the aim of stimulating travel and increasing joint flights.

During the meeting, the importance of the UAE hosting the 13th Ministerial Conference of the World Trade Organization in Abu Dhabi was also emphasized, and its role in strengthening the country's position as a major player that contributes effectively to shaping the future of global trade.

For his part, Dara Callery, Minister of State for Trade Promotion and Digital Transformation in the Republic of Ireland, expressed his happiness at visiting the UAE within the framework of a government mission, in order to discuss strengthening cooperation in areas of common interest, and discuss ways to advance bilateral relations towards more momentum levels through initiatives. A joint venture that promotes the sustainable growth of the two countries' economies.

He said: "The mutual trade movement between the United Arab Emirates and the Republic of Ireland is witnessing continuous growth, and we look forward during the next stage to enhancing this growth, by stimulating mutual investments in the sectors of the new economy, through more flexible paths, that allow taking advantage of the opportunities available in the markets." the two countries.”

He stressed that the UAE market contains many promising opportunities that will contribute to the expansion and growth of innovative Irish companies, which in turn will support the new economic model of the UAE.

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 the first Arab trading partner for Ireland with a contribution of 27% of the total. Its trade is with the Arab countries, and about 45% of Ireland's trade is with the countries of the Cooperation Council for the Arab States of the Gulf.

In terms of investments, the value of Irish investments in the UAE amounted to $292 million by the end of 2020. On the other hand, 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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