H.E. Abdullah bin Touq Al Marri, UAE Minister of Economy, met with a trade and industry delegation from Germany recently, during his visit to the country to explore the strengthening of cooperation between Abu Dhabi and Berlin. The German delegation consisted of H.E. Dr. Mark Speich, State Secretary for Federal, European and International Affairs and Media of North Rhine-Westphalia; Wolfgang Niedermark, Member of the Executive Board at BDI; Christine Shkoeder, Vice President of the German Chamber of Commerce and Industry; Tilman Mieseler, CEO of the V-Line Group; Dr. Gabriela Soscotti, CEO of (AescuAcademy); and Dr. Walter Andreas, Chairman of the Board of Directors of Airbus. The meeting, which examined opportunities to develop partnership between the business communities of the two friendly countries, was also attended by H.E. Ahmed Wahib Moez Ahmed Al Attar, UAE Ambassador to Germany.
The Minister of Economy said that the UAE-Germany relations are well-established and have undergone significant development over the past years thanks to the shared aspirations of both governments.
H.E. Bin Touq said: “The new strategic partnership agreement between the two countries, which was signed under the auspices of H.H. Sheikh Mohammed bin Zayed Al Nahyan, President of the UAE; and H.E. Olaf Scholz, Chancellor of the Federal Republic of Germany; in Abu Dhabi in September 2022 ushered in a new era of cooperation. It reflects the two countries’ shared vision for many strategic and economic sectors and topics. We look forward to benefiting from this consensus to explore growth opportunities in new economy sectors, diversify investment exchanges, and enable our business communities and startups to benefit from the advantages offered by both UAE and German markets.”
H.E. added: “Germany is a key economic partner of the UAE in the European continent as it possesses distinguished trade and industrial capabilities, expertise in new economy sectors, and an extensive trade network that extends beyond EU’s borders. Similarly, the UAE has diverse economic opportunities and advantages that make it a key financial and trade hub on the global economic landscape. The two countries will be able to leverage these strengths to become a strong economic force and move closer to the achievement of our development goals for the long term.”
In addition, H.E. Bin Touq elaborated on the prominent developments in the UAE economy, which have made the country an ideal global destination for business and investments. These developments align with the UAE’s wise leadership’s vision in light of the ‘Objectives of the 50’ and the goals of the UAE Centennial 2071. The most prominent changes witnessed by the economy include the granting of 100 per cent foreign ownership; enhanced intellectual property protection; and the launch of an ambitious strategy to attract and retain talent in all sectors to reinforce the UAE’s status as a dynamic hub for creativity and innovation.
Moreover, the Minister of Economy invited the German private sector to capitalize on the advantages and incentives offered by the UAE economy to achieve growth and expansion in the UAE and into the neighboring Middle East and African markets. He drew their attention to the global investment platform ‘Investopia’, which is creating opportunities and catalyzing future investments, in addition to the UAE’s comprehensive economic partnership agreements (CEPA) program, under which, the country has signed four agreements to date – with India, Israel, Indonesia and Turkey. Negotiations with more strategic global markets are currently underway. Also under the spotlight was the UAE’s NextGenFDI initiative, which aims to attract 300 digitally enabled businesses that focus on advanced technology applications in various sectors. The initiative supports their expansion in the UAE, thus injecting the national economy with approximately USD 500 million.
The two parties agreed on enhancing economic cooperation and boosting investment exchanges in the sectors of renewable energy, food security, advanced technology, transport and logistics.
The volume of non-oil trade exchange between the UAE and Germany amounted to nearly USD 9.6 billion in 2022. The share of UAE exports in these exchanges is approximately USD 340 million. Germany is the UAE’s second largest trading partner in the European Union, as it accounted for 17 per cent of the UAE’s total trade with the bloc in 2022. The UAE is Germany’s largest Arab trade partner as of 2021, accounting for 20 per cent of Germany’s trade with the Arab countries, and 45 per cent of its trade with the GCC countries.
As for investments, the value of German investments in the UAE exceeded USD 2.6 billion by the end of 2020, while the volume of UAE investments in Germany totaled USD 1.2 billion by the end of 2021.