UAE-Austria to bolster economic, trade and investment cooperation
- 27 Apr 2024
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, has met with Karl Nehammer, Chancellor of the Republic of Austria, Alexander Schallenberg, Austria’s Minister of Foreign Affairs, Dr Magnus Brunner, Austria’s Minister of Finance, and a number of Austrian government and private sector officials in Vienna.
Dr Al Jaber conveyed the greetings of the UAE leadership, emphasising their keenness to bolster UAE-Austria cooperation. He also praised the strong Emirati-Austrian relationship, spanning 50 years, which continues to grow and thrive, highlighting the Comprehensive Strategic Partnership announced in 2021 as a recent example.
Dr Al Jaber stressed the importance of further expanding existing ties through the pursuit of new collaborations that drive mutually beneficial and sustainable economic yields, and joint investments that drive economic diversification efforts, strengthen cooperation, and deliver benefits for both countries in vital sectors. Dr Al Jaber also commended Austria’s positive and active participation in COP28, where it announced an increase in its contribution to the Green Climate Fund (GCF) to 160 million euro per annum, its support for initiatives to boost renewable energy production capacity threefold and double energy efficiency by 2030, as well as its announcements and commitments related to agriculture, food systems and health.
The Austrian side praised the strategic ties and affirmed the desire to advance them across all sectors within the strategic partnership, which includes political, economic, trade, financial, cultural, advanced technology, and artificial intelligence (AI) fields, as well as infrastructure, energy, and renewable energy. They also congratulated the UAE on its presidency and organisation of COP28, during which it succeeded in delivering the UAE Consensus to transition away from fossil fuels in energy, and other strategic initiatives and commitments set to turbocharge global climate action. The two sides stressed the importance of building on the outputs of the conference and working to implement them.
Chaired by Dr Sultan Al Jaber and Alexander Schallenberg, the first ministerial meeting of the UAE- Austria Comprehensive Strategic Partnership took place during the visit. The meeting included deliberations on the latest developments in bilateral relations related to all facets of the partnership, which includes political, diplomatic, and international cooperation areas, including strengthening diplomatic efforts aimed at resolving global crises that threaten international peace and security. It also discussed cooperation across economic, energy, trade, industry, and advanced technology fields, including AI and data centers, as well as cross-sectoral partnerships and collaboration in arts, culture, and heritage.
The meeting also addressed the latest developments in investments and emphasised the importance of boosting joint investments in priority sectors, such as energy, its supply, and diversifying its sources, climate action, and enhancing the role of small and medium-sized enterprises (SMEs) in both countries. The two sides praised the outcomes of the UAE-Austria Joint Economic Committee meeting held in Dubai in December 2023, and the recently signed Air Transport Services Agreement, which will boost trade exchange, cooperation, and create more opportunities in the aviation sector, and the cooperation agreement to promote the adoption of artificial intelligence in various sectors.
Dr Al Jaber said, “The UAE leadership is committed to building and strengthening its cooperation with the international community in a way that contributes to driving economic and social progress and growth. In this context, we appreciate the efforts made under the strategic partnership with Austria, which will undoubtedly contribute to bolstering bilateral cooperation, achieving sustainable economic growth in the two countries, and enhancing joint work on issues of common interest.
“Since the launch of the comprehensive strategic partnership, UAE-Austria ties have witnessed great progress, and this partnership has contributed to strengthening cooperation within its key pillars and creating new opportunities for joint work between all concerned parties in the government and private sectors of the two countries.”
Karl Nehammer Said, “The UAE is an important strategic partner on a variety of fields from energy diversification to security and stability in the region.
Alexander Schallenberg said, “It is good to welcome my colleague Dr Sultan Al Jaber to Austria on the occasion of the 50th anniversary of our diplomatic relations. The United Arab Emirates are Austria’s most important trading partner in the Gulf region, with over 150 Austrian companies already present. Our Strategic Partnership allows us to greatly expand our bilateral relations, spanning not just trade, but also the political and cultural realm.
