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Al Mansouri discusses boosting economic ties with Canada

posted on 02/09/2009: 698 views

His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, has met with Canadian Ambassador Sarah Hardetsky to discuss accelerating trade relations between the two nations.

The minister and ambassador discussed cooperation in the economic and cultural arenas and specific industries including aviation. Air traffic between Canada and the UAE, for example, is of particular interest to both nations, with UAE carriers Emirates and Etihad looking to increase the frequency of flights to destinations in the world's second-largest nation to boost commerce and cultural exchange.

"The historical ties between the UAE and Canada date back to the 1970s, and the UAE is proud to devote time and resources to strengthening this valuable relationship," Al Mansouri said. "We will certainly re-energize the UAE-Canadian joint economic committee, and undertake many other steps to drive this relationship forward." The UAE is also keen to increase cultural exchange with Canada through its multiple federal and local cultural institutions, he said.

The UAE remains among Canada's top trading partners, and constitutes the largest regional market for Canadian goods, accounting for 25 per cent of GCC market share. The UAE's trade with Canada surpassed US$1.5 billion in 2008. In 2007, Canadian exports crossed US$1.1 billion, an increase of 43.3 per cent from the previous year.

More than 115 Canadian companies are active in the UAE, with more than a third (40) working in the oil and gas sector. UAE investors are also active in Canada, with Emirati businessmen concluding significant investment deals across economic sectors in 2008. - Emirates News Agency, WAM


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