MINISTRY OF ECONOMY HIGHLIGHTS UAE’S ECONOMIC GROWTH DURING MEETING WITH US GOVERNOR OF MISSOURI

Abu Dhabi – H.E. Abdullah bin Ahmed Al Saleh, Undersecretary of the UAE Ministry of Economy (MOE) for Foreign Trade and Industry, has emphasized during a recent meeting with delegates from the State of Missouri in the United States the depth of the economic relations between the UAE and the US, and noted the various opportunities for the development of trade, investment and joint cooperation between the two countries.

Jeremiah Wilson ‘Jay’ Nixon, the Governor of Missouri, led the US delegates in a meeting held at the MOE office in Abu Dhabi. Delegates from the Ministry included Dr. Ayman Ibrahim, MOE Advisor; Hind AlYouha, Director of Foreign Trade Policies, MOE; Saud Al Nowais, Commercial Counselor for the UAE to the US; and Talal Al Kaissi, Chief of Staff and Advisor to the Commercial Counselor at UAE.

H.E. Al Saleh explained that the total foreign non-oil trade between the two countries reached about USD 28 billion in 2015, of which USD 6 billion of trade took place in the free zones. The US ranks third in total foreign trade and is the second largest exporter to the UAE. It was also 11th among countries importing from the UAE. The range of economic activities between the two countries reflects the many possibilities for cooperation and investment in several sectors, especially agriculture, industry and food products, as well as those related to innovation, he added.

AlYouha presented the UAE’s economic growth indicators, highlighting that the UAE achieved 3.8 per cent GDP growth in 2015.

She added that the UAE topped the region in Foreign Direct Investment (FDI) inflow and outflow in 2015 and 2016. The UAE also ranked 26th and 24th respectively globally on the World Competitiveness Yearbook issued by the International Institute for Management Development, posting an FDI inflow of USD 11 billion and outflow of USD 9.3 billion.

Nixon commended the UAE’s distinctive economic policies, emphasizing that the country’s development model based on innovation and economic diversification is the ideal approach for dealing with the challenges posed by global economic fluctuations.

The Governor added that the State of Missouri has significant interest in establishing robust trade and investment ties with the UAE’s business community and trade companies, in addition to enhancing cooperation at the governmental level. These efforts will lead to stronger economic partnerships between the UAE and the US in general and the State of Missouri in particular.