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Abu Dhabi, US Economic Council set up

posted on 27/03/2013: 2168 views

The Abu Dhabi Department of Economic Development, Abu Dhabi Chamber and the American Chamber in Abu Dhabi, have announced the formation of Abu Dhabi - United States Economic Council, with the aim of providing a common platform to facilitate and expand trade and investment between the Emirate of Abu Dhabi and the United States.

This came after the signing of a charter to establish the joint economic council between Abu Dhabi Department of Economic Development, Abu Dhabi, chamber, the American Chamber - Abu Dhabi and the Embassy of the United States, the founding members of the Council on the sidelines of the round table meeting held at the headquarters of the New York University-Abu Dhabi.

The charter was signed by Mohammed Omar Abdulla, Undersecretary, Abu Dhabi Department of Economic Development; Mohamed Al Muhairi, Director General, Abu Dhabi Chamber, Hon. Michael Corbin, U.S. Ambassador to the UAE, and Gregory J. Golden, Chairman, of the American Chamber Abu Dhabi.

Mohammed Omar Abdullah in his speech at the Roundtable meeting said that the UAE-American relations are now closer than ever, with strategic depth in many areas, particularly economic cooperation and investment.

He noted that the establishment of the Abu Dhabi-United States Economic Council will provide an opportunity for Abu Dhabi and the United Arab Emirates private sector companies to benefit from the knowledge and long standing experience of American companies, especially those operating in the State, in order to raise their competitiveness and best integrate into the world market.

Abdullah said that Abu Dhabi is progressing with a steady pace towards economic diversification, targeted by Abu Dhabi Economic Vision 2030, to increase their integration into the world economy by creating opportunities and providing incentives and facilities to the private sector, UAE nationals and foreign companies to expand their businesses and create strategic partnerships with their counterparts from around the world.

Abu Dhabi - United States Economic Council work will focus on the development and strengthening of trade and investment between Abu Dhabi and the United States. Working groups will research analyse and make recommendations to the Executive Committee of the Council, to develop economic relations between the two sides and make appropriate decisions aimed at activating the role of the private sectors in the two countries, by taking advantage of investment and trade opportunities provided by Governments of the two countries.

According to the charter, the Economic Council is expected to operate through two permanent committees the Executive Committee and Advisory Committee and ad hoc working groups in a number of economic sectors such as trade, investment, industry.

The Executive Committee membership includes the Undersecretary of Abu Dhabi Department of Economic Development, the Director General of Abu Dhabi Chamber, and the Ambassador of the United States to UAE and the Chairman of the American Chamber in Abu Dhabi.

According to the charter the responsibilities of the Executive Committee include Overseeing the progress of the Council, making final decisions, determining parties and entities who should receive the reports of the Council for further consideration The Executive Committee is to meet at least twice per year.

The Advisory Committee consists of up to nine members, chaired by the Executive Director of the International Economic Relations Sector of the Department of Economic Development, and includes the membership Abu Dhabi Chamber and the US Embassy. An additional member from Abu Dhabi may be added Abu at the discretion of the Chairman of the Advisory Committee.

The responsibilities of the Advisory Committee according to the charter, include managing the operations of the council, supervising, coordinating and facilitation the activities of the working groups, as well as supporting working group to make progress and complete work, in addition to reviewing reports submitted by working groups, and determine if reports should be sent to the Executive Committee for consideration.

The Advisory Committee is envisaged with planning and management of the semi-annual meetings of the Executive Committee.

The charter also identified the functions of working groups to be formed from time to time by the Executive Committee of the Council for specific issues to enhance economic cooperation and investment between the two countries. Each working group should focus on specific fields which constitute a strategic platform for joint cooperation between Abu Dhabi and the United States and make appropriate recommendations to the Executive Committee.

The total trade between the Emirate of Abu Dhabi and the United States in 2012 amounted to more than US$14,483,917 compared to US$13,139,242 in 2011, according to the General Administration of Customs - Abu Dhabi.

The round table meeting is an annual gathering organised by the American Chamber of Commerce in Abu Dhabi for over 150 leading business executives, entrepreneurs, academics and government officials from Abu Dhabi and the United states of America.

The round table meeting addressed challenges facing trade and investment between the Emirate of Abu Dhabi and the United States, including laws, policies and business practices, with aim at increasing US direct foreign investment in the Emirate of Abu Dhabi and the UAE, and promoting U.S exports to the Middle East across the Emirate of Abu Dhabi.

Abu Dhabi Abu Dhabi Platinum members are Lockheed Martin Global Inc., Booz Allen Hamilton, Gulf Diagnostics Centre Hospital, and BPG Group who sponsored the 2013 Roundtable meeting 2013.

It is worth noting that the American Chamber in Abu Dhabi is the trademark of the American Business Group of Abu Dhabi, and is a member of the global network of American Chambers of Commerce. It works to promote the development of commerce and investment between the United States of America, the membership, the American community, and government, semi government entities and the private sector in Abu Dhabi. – Emirates News Agency, WAM


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