UAE, Senegal trade volumes hit Dhs9.1b mark in 5 years

The commercial and economic ties between the UAE and Senegal have witnessed significant developments recently, with the value of their trade from 2014 to 2018 amounted to Dhs9.1 billion, according to statistics from the Federal Competitiveness and Statistics Authority (FCSA), and the Ministry of Economy.

President Macky Sall of senegal arrived in the UAE on Wednesday for a several-day official visit.

The official visit of Macky Sall, President of Senegal, to the UAE is expected to reinforce the commercial and economic ties between the two countries, as well as increase their future trade.

The UAE and Senegal decided to boost their ties by forming the “Joint Emirati-Senegalese Committee,” which held several recent meetings that have helped reinforce the cooperation between their public and private sectors.

Official figures show that the trade exchange between the two countries in 2014 totalled in value to around Dhs1.656 billion, and this figure reached some Dhs1.5 billion the following year.

In 2016, the value of their trade amounted to Dhs1.4 billion, which increased to Dhs2.29 billion in 2017, as per the FCSA’s statistics, which also highlighted a further increase to Dhs2.3 billion in 2018.

The statistics also show that re-exports from the UAE to Senegal amounted to around Dhs4.9 billion, accounting for 53.8 per cent of their total trade during the reporting period.

Imports totalled in value to around Dhs2.9 billion or 31.8 per cent of the total trade between the two countries while exports amounted to around Dhs1.3 billion or 14.4 per cent.

The official visit of the President of Senegal, to the UAE is an opportunity to strengthen the promising ties between the UAE and senegal.

These ties, which were officially launched in 1973, are historic and beneficial, in light of the ongoing projects between the two countries based on mutual interests and respect.

The UAE considers senegal a key country in its strategic network in Africa. Under this framework, the UAE Embassy in Dakar was launched in 2008, and it moved to its new headquarters in 2018.

In 2015, a joint committee between the two countries was established, and its regular meetings have helped strengthen their overall cooperation.

The UAE has supported senegal’s development by financing various transportation and educational projects valued at over $30 million since 2014.

The UAE is keen to provide scholarships to senegalese students to study in the country’s universities, including at the Sorbonne University. It has also supported senegalese women’s empowerment programmes, including a project that trained 100 women to work in tourism and hospitality.

The UAE chose the senegalese capital, Dakar, to be the headquarters of the Mohamed Bin Zayed Centre for Innovation and Entrepreneurship, which is expected to become a regional centre for supporting local small and medium-sized enterprises, SME, in 2021.

In November 2019, Ahmed Ali Al Sayegh, Minister of State, and Amadou BA, Minister of Foreign Affairs of Senegal, co-chaired the UAE-Senegal Joint Committee meeting held in Abu Dhabi.

Opening the second Joint Committee meeting, Al Sayegh noted significant growth in the UAE-Senegal partnership since the establishment of diplomatic relations in 1973 and expressed the UAE’s interest in exploring new horizons of cooperation between the public and private sectors of the two countries.

Al Sayegh remarked that trade between the UAE and Senegal increased from approximately $494 million in 2015 to $626 million in 2018.

“The UAE is ranked first among Senegal’s trading partners in the Arab world. This encourages us to further enhance trade exchange between our two countries, particularly in the sectors of precious metals, basic chemicals, and petrochemicals, all of which have constituted the bulk of bilateral commodities trading in past years,” he added.

Al Sayegh also praised joint efforts to promote sustainable development and economic and social development initiatives. Referring to bilateral cooperation in development, he said that the UAE has funded many transport and education projects in Senegal, where UAE assistance to Senegal since 2014 amounted to more than $30 million.

In addition, scholarships are provided to sponsor Senegalese students at universities in the UAE, such as Sorbonne University, and support women’s empowerment programs by training 100 women in tourism and hospitality.

Al Sayegh then commended the laying of the foundation stone for the Mohammed Bin Zayed Centre for Innovation and Entrepreneurship, which is expected to be inaugurated as a regional centre to support the growth of small and medium enterprises in the Senegalese capital Dakar in 2021.

For his part, Amadou BA underlined his government’s commitment to strengthening cooperation with the UAE on the economic, political, and cultural fronts, and thanked the UAE for hosting the meeting. The meeting was attended by high-level officials from both sides.

WAM