The two countries discuss partnerships in water, health and agricultural technology, with 180 companies participating
5.15 billion dirhams UAE trade with Spain in 8 months
Abdullah Bin Touq: “Spain is one of the most important markets in the European Union for the UAE.”
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The Minister of Economy, Abdullah bin Touq Al-Marri, said that the Emirati-Spanish relations are based on strong economic and trade ties, and have the ingredients and potentials to grow and reach more advanced horizons during the next stage.
He added, in a statement yesterday, that Spain is one of the most important European Union markets for the UAE and is ranked sixth as the most important trading partner among the countries of the group, as non-oil foreign trade between the two countries recorded more than 1.4 billion dollars (5.15 billion dirhams) during the period from January to August. 2020, and the total non-oil trade exchange for 2019 amounted to $ 2.5 billion (9.2 billion dirhams).
Fourth place
Spain also ranks fourth among the European Union countries in terms of the percentage of Emirati exports, with a contribution of more than 8.5% of the total UAE non-oil exports to the European Union countries.
Mutual investments represent another important and sustainable path for cooperation, as Emirati investments in the Spanish market are estimated at $ 4.5 billion (16.5 billion dirhams until the end of 2018).
The UAE is the first in the Arab world and among the 20 most important investor markets in Spain.
In contrast, the number of Spanish companies operating in the country exceeds 570 companies in all the emirates of the country and free zones, and they operate in various economic activities.
Forum opening
This came during Bin Touq's inauguration of the UAE-Spanish trade forum, which was held via visual communication technology, with the participation of the Spanish Minister of Industry, Trade and Tourism, Maria Rice Maruto, along with representatives of the Ministry of Health and Community Protection, the Ministry of State for Food Security and the Foreign Investment Office in Abu Dhabi , Dubai Municipality, and up to 180 companies, including 150 Spanish companies.
Abdullah bin Touq said: “The UAE government is looking with great interest to enhance the prospects for economic and commercial cooperation with the Spanish side, and work to explore new opportunities to develop relations and open the way for the private sector of the two countries to enter into strategic projects, and develop development initiatives and commercial partnerships that serve our current interests, and support Our aspirations for the long term ».
Healthcare
He stressed that the sectors of water, health care and agricultural technology are key sectors in the state's government agenda, and constitute a real bet to meet the requirements of sustainable development, in addition to that they offer many opportunities for promising commercial and investment partnerships for the private sector of the two countries.
He reviewed the state’s vision for future economic development and the priority sectors in the coming stage, and the incentives offered by the business and investment environment in the country. He also invited Spanish companies to take advantage of the vast opportunities offered by Expo 2020 Dubai, which will be the most prominent commercial platform for viewing commercial and investment opportunities, and means of access. To many promising markets in the region, and in various countries of the world, from the participants in the most prominent regional event.
For her part, Maria Rice Maruto affirmed her country's keenness to diversify economic and trade cooperation with the UAE to include all priority sectors on the development agenda of the two countries, and to explore opportunities for establishing joint projects in the sectors of the new economy based on advanced technology and clean energy.
She said that the Spanish-Emirati trade relations constitute a main pillar in the Spanish international trade map, as the UAE is Spain's main trading partner in the region, and it is imperative to push this partnership towards more advanced and prosperous horizons by taking advantage of the agreements signed between the two friendly countries, and paving a stimulating and attractive business environment. For business from both sides.
Maruto also affirmed her country's keenness to achieve effective participation in Expo 2020 and its belief in the importance of this huge trade event, and the many and varied opportunities it offers to form partnerships, enhance the presence of Spanish companies in the country's markets, and open the way for them to enter many markets in the region.
Business opportunities
The work of the UAE-Spain trade forum focused on commercial and investment opportunities in three main sectors, including water, health, and agricultural technology, through discussion sessions specializing in the opportunities offered in the state's markets in the agricultural technology and agricultural industries sector, as well as opportunities in the health sector, and water solutions.
Expo 2020 offers various opportunities for partnerships and strengthening the presence of Spanish companies in the UAE market.
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