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Lubna Al Qasimi discusses bilateral cooperation with US officials

posted on 03/11/2008: 656 views

Foreign Trade Minister, Sheikha Lubna bint Khalid al-Qasimi, met in Washington on Saturday evening with US Under Secretary of State for Economic Affairs, Reuben Jeffery and discussed with him bilateral relations and ways to boost them in view of the numerous opportunities in the two countries.

They also discussed the current global financial crisis and efforts being made to get it under control.

Sheikha Lubna reiterated the strength of the UAE economy and the country's great potentials in various areas. She briefed the US official about UAE's potentials and its investment climate, including the legislative and legal environment and opportunities in various fields, and cited the rapid growth of the UAE's economic sectors and the country's excellent infrastructure in all sectors.

She urged American companies to seize the opportunity on the UAE market. She said many international firms operating in various sectors had made the UAE the regional hub of their operations.

The UAE minister made a presentation about the steps taken by her country to deal with the global financial crisis, saying that the UAE, based on the directives of the country's leadership, pumped in AED120 billion (about US$32.7 billion) into the economy, adding that the step reflects the UAE leadership's commitment to provide the necessary guarantee in support of the UAE's banking sector to ensure the strong economic growth is successfully maintained and the national economy protected. "It also shows the great ability of the UAE government to quickly intervene and respond positively to provide stability to the country's financial and banking sector," she added.

Jeffery, for his part, reiterated the US commitment to further boost cooperation with the UAE. He lauded the UAE for achieving great development in all fields. He also lauded the UAE for its successful measures during the global financial crisis.

Meanwhile, Sheikha Lubna has also met with US Assistant Secretary of State for Middle East Affairs, David Walsh and discussed with him bilateral relations between the UAE and the US. They also discussed the global financial crisis and efforts being made to arrest the situation.

Sheikha Lubna also met with the members of the UAE-US Business Council in presence of Yusuf Manea Otaiba, UAE Ambassador to United States of America.

"The two countries are more than strong partners, who play dynamic role in the global economy. The UAE is the biggest US trade partner in the Middle East. It was ranked 21 in the world as being the market for US exports in 2007", she said.

Lubna added that the trade exchange between the UAE and US touched US$12.9 billion, of which US$11.6 billion was US exports to the UAE market, while the UAE exports to the US markets surged 38 per cent between 2000- 2007 from US$972 million to US$1.3 billion. Non-oil trade between the two countries grew in the first seven months this year by 24.2 per cent to US$8.1 billion against US$6.5 billion in corresponding period last. The US exports to the UAE market were US$8billion, while the UAE exports to the US markets were US$853 million.

She noted the UAE economy, which is the second largest economy in the Arab world, is the most viable and liberal economy in regards to sustainable growth and progress.

The UAE-US Business Council was set up in May 2007 to boost commercial, economic and investment relations between the two countries.

Lubna also discussed with Shepard W. Hill, Senior Vice President, President Boeing International, boosting of the investment in the UAE. She called on Boeing Company to benefit from the UAE government plans on the economy diversification, particularly in the field of aviation. – Emirates News Agency, WAM


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