UAE and Malta explore ways to enhance cooperation
Abu Dhabi, 13 April 2023:
H.E. Abdullah bin Touq Al Marri, Minister of Economy, held a meeting with H.E. Ian Burg, Minister of Foreign Affairs, European Affairs and Trade in Malta, during which, he highlighted the UAE’s strong relations with Malta. He explained that these relations are founded on the two countries’ shared aspirations to constantly promote constructive cooperation, with the support of their leaderships.
H.E. Bin Touq said: “Both countries’ markets are teeming with economic potential and promising opportunities in many strategic sectors of common interest, especially sectors of the future economy. By exploiting them, we will be able to enhance the existing economic cooperation between the two countries to create opportunities for the private sector and boost investment exchanges.”
H.E. added: “We are keen to increase the volume of non-oil trade exchange between the two countries and look forward to expanding and diversifying the existing partnerships with Malta. The UAE’s FDI in Malta currently total AED 1.3 billion, while the total Maltese investments in the UAE have grown to reach AED 576 million during the period 2003- 2021.”
Furthermore, the Minister of Economy apprised the Maltese Minister of the most prominent developments in the UAE’s economic environment, which have created an economic climate that significantly supports business and investment growth. These developments have also contributed to boosting FDI inflows into the country, in line with the forward-looking vision of the wise leadership, under the objectives of the 50 and the determinants of the UAE Centennial 2071. As part of these developments, the UAE granted 100 per cent foreign ownership, strengthened the legislation to protect intellectual property, and launched an ambitious strategy to attract talent in all sectors to enhance the UAE’s position as a permanent hub for creativity and innovation.
Moreover, H.E. Bin Touq invited Maltese companies to benefit from the advantages and incentives offered by the national economy for growth and expansion in the UAE and the Middle East and African markets. These include the global investment platform ‘Investopia,’ which aims to create opportunities and enable future investments and the Comprehensive Economic Partnership Agreements (CEPA) under which, the UAE has forged four international agreements so far. CEPA negotiations with more countries are underway.
During the meeting, the two sides discussed ways to enhance joint economic and trade cooperation, especially in the sectors of technology industries, agriculture and food security, renewable energy, tourism and aviation, and financial technology, in addition to exchanging experiences and best practices in combating money laundering and terrorism financing. Both parties agreed to adopt the necessary steps to solidify the economic partnership between them by focusing on identified cooperation sectors.
The UAE is the largest GCC trading partner of Malta as of 2022 as it receives 50 per cent of Maltese imports to the region.
Last Updated on 9 months by News Desk 2
