After addressing the SALT conference in New York attended by the global investment and finance community, the Minister of Commerce of the United Arab Emirates Abdullah Bin Touk visited Harvard University for discussions with future Emirati and American leaders
WASHINGTON, September 19, 2022 /PRNewswire/ — United Arab Emirates (UAE) Minister of Economy SE Abdullah Bin Touq Al Marri hailed the UAE as a hub for business expansion, commerce and economic growth during his address to more than 2,000 investors, entrepreneurs, policy makers and global industry leaders at the SALT conference from New York.
During an opening panel titled “UAE Rising”, Minister Bin Touq, joined by HE Mohamed Ali Al Chorafa Al Hammadi, Chairman of the Department of Economic Development Abu Dhabi, highlighted the UAE’s open and welcoming approach to the international business community. Expanding foreign trade relations is a central pillar of the UAE’s strategic plans to drive sustainable economic growth.
“The UAE is demonstrating through action that our country is open for business,” said the UAE Minister of Economy. Abdullah Bin Touk. “In less than a year, we have successfully concluded Comprehensive Economic Partnership Agreements with India, Israel, Indonesiaand Colombia. These trade deals will increase our country’s GDP, lead to increased UAE exports to new markets, and create significant new employment opportunities. The UAE government is committed to our comprehensive plan for economic growth.”
At the SALT conference in New York, Minister Bin Touq and President Al Chorafa promoted the UAE Government’s Investopia initiative, a campaign to highlight investment opportunities in up-and-coming sectors. This effort includes building capacity in digital and virtual technologies, increasing investment in artificial intelligence and space exploration, as well as the green economy.
Minister Bin Touq noted that the UAE’s foreign trade increased by 27% in 2021 compared to 2020, and by around 11% compared to pre-pandemic levels in 2019. The economy of the Arab Emirates United is one of the most diverse in the world. Middle Eastnon-oil national exports registering a growth of 47.3% compared to the pre-pandemic average.
In 2021, UAE-US bilateral trade totaled $23.03 billionthe United States exporting more than $17 billion of goods and services in the UAE – an increase of 16% compared to 2020. The result $11.13 billion the US trade surplus is the sixth largest US trade surplus globally. The trade relationship reflects the success of the UAE’s increasingly diversified economy, with non-oil sectors accounting for 70% of UAE’s GDP.
Top U.S. export categories in 2020 included: electronics, nuclear materials, passenger vehicles, aircraft and spacecraft. The United Arab Emirates trades with all 50 US states. Trade with the United Arab Emirates supports more than 123,000 American jobs, which reinforces the importance of continued bilateral trade relations.
Before returning to the UAE, Minister Bin Touq visited Boston, MA where he met world-renowned academics Harvard Business School and Harvard Kennedy School government, including Dean Douglas Elmendorf. The visit to Harvard included a public lecture on the future economic potential of Middle East. Minister Bin Touq concluded his visit by meeting with Emirati and American students at Harvard, where he discussed the UAE government’s priority to attract world-class talent to the Emirates.
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SOURCE Embassy of the United Arab Emirates