UAE and France agree to establish affiliation in new economic sectors

Gulf Today, Staff Reporter

Abdulla Bin Touq Al Marri, Minister of Economy, held a bilateral meeting with  Bruno Le Maire, the French Ministry of Economy, Finance and Industrial and Digital Sovereignty, to explore the means to build more partnerships between the two countries in new economy sectors, including circular and green economies.

The meeting took place during the visit of a UAE delegation, led by Bin Touq, to France to develop economic partnerships in sectors of mutual interest, building on the strategic partnership between the two friendly countries.

Bin Touq affirmed that the UAE-France relations have been witnessing continued growth at various levels, especially in light of the exchange of top-level official visits between both countries and their leaderships’ commitment to supporting them.

He said: “The meeting with our French partners today brings us one step closer to elevating them to new heights. It forms part of our efforts to follow up on economic matters discussed in the last meeting, which was held in July.”

“We continue to support joint efforts to develop cooperation in various economic sectors, most notably in the new economy, thereby driving the growth and diversification of economic partnerships between the two countries,” he added. H.E. also pointed out the need to enable exporters and importers to leverage the UAE’s strategic location as a global trade hub. The UAE enjoys several trade partnerships and agreements with many regional and global strategic markets, which grants it various advantages in export-import activities, H.E. added.

Bin Touq apprised his French counterpart of the UAE’s efforts to transition to a new economic model and embrace the circular economy. Also highlighted were the key goals and strategies outlined in the UAE Circular Economy Agenda 2031. This agenda holds great significance in driving sustainability in the UAE over the next decade, as it includes the implementation of 22 circular economy policies across four primary sectors. These are manufacturing, food, infrastructure, and transportation and the efforts collectively enhance the UAE’s position as a prominent global hub for the circular economy.

Moreover,  Bin Touq shed light on the latest developments and accomplishments that have taken place within the UAE’s economic landscape, including leading initiatives and projects that the UAE recently launched as part of its future vision. These include the transition towards a more sustainable and agile economic model, along with overarching enhancements to the economic regulatory framework to streamline business operations and bolster the country’s attractiveness for pioneering projects and leading international companies, talents and innovations.

During the visit, Bin Touq also held a bilateral meeting with  Olivier Bechet, Minister Delegate for Foreign Trade, Economic Attractiveness and French Nationals Abroad attached to the Minister for Europe and foreign Affairs. The meeting discussed ways to enhance mutual economic and trade ties across various sectors, including trade, agriculture, tourism, entrepreneurship, healthcare, innovation, technology, creative economy, energy, and renewable energy. The ongoing dialogue plays a vital role in advancing economic cooperation between the two countries in the upcoming phase.

 The UAE and French delegations discussed opportunities to bolster tourism and aviation collaboration between their markets with an aim to boost tourism exchanges and further stimulate joint air traffic. Currently, there are over 282 flights per month, operated by the UAE’s national airlines between the UAE and various French cities. Moreover, in 2022, the total number of French tourists who visited the UAE surpassed 490,000, marking a notable increase of 20,000 tourists compared to 2021.

The UAE is home to more the 600 French companies that employ over 30,000 individuals and operate across a wide range of sectors, with a notable presence in renewable energy, transportation, logistics, hospitality, aviation, space, banking, and insurance.

UAE, Thailand trade: Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade has concluded a high-level visit to Thailand, during which the two nations agreed to advance cooperation in a wide number of sectors, in particular trade, logistics, energy, travel and tourism.

As part of the visit,  Dr Thani held a bilateral meeting with  Jurin Laksanawisit, Thailand’s Deputy Prime Minister and Minister of Commerce, in Bangkok. They discussed strategies to accelerate trade and investment flows and reviewed the progress of the Comprehensive Economic Partnership Agreement between the two nations, the negotiations for which are now on their fourth round.  

Al Zeyoudi also met HE Sanan Angubolkul, Chairman of the Thai Chamber of Commerce, in which they outlined the opportunities in each other’s markets, not only in trade but also joint ventures and SME collaboration.