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Lubna invites Japanese firms to invest in UAE

posted on 25/04/2007: 766 views



Tokyo - Visiting UAE Minister of Economy Sheikha Lubna Al Qasimi called yesterday on Japanese businessmen to take advantage of the UAE's ultra-modern infrastructure, free market economy, flexible legal and business framework to expand their investment portfolios in the UAE.



'The UAE non-oil economy is making steady growth with the service sector being the star. The UAE foreign trade accounted for 142 per cent of the total GDP in 2006 thanks to the economic liberalisation policies adopted by the UAE,' Sheikha Lubna said in a key note address to the opening session of the UAE-Japan economic forum. The GDP grew by 23.4 per cent to Dh 599 billion in 2006 and non-oil sectors' share in the GDP rose to 62.5 per cent despite the high world oil prices.



'The UAE has adopted a long-term openness policy which seeks in the first place luring foreign direct investment and spur trade exchange,' she added. She also highlighted the vital role the tourism sector plays in the domestic economy, noting that the UAE welcomes holiday-makers whose number is far larger than its population thanks to the attractive tourism landmarks and modern infrastructure.



The UAE, she stressed, was revising and refining its laws and policies to provide fertile ground for businesses, citing the recent international reports which ranked the UAE among the leading countries in terms of competitiveness and transparency.



'Japan is a key importer of UAE oil and gas and one of the UAE's major strategic trade partners and we are looking forward to boost this strategic partnership to new heights,' she affirmed. Dubai, she said, has established itself as a competitive trade and finance hub with international standards at par with London, Singapore, Tokyo and Shanghai while Abu Dhabi is maintaining high profile in the petrochemicals and industry sectors.



Two-way trade exchange saw a big leap in 2006 standing at US$42 billion of which US$35 billion were UAE exports. Around 200 Japanese companies are operating in the UAE. (Emirates News Agency, WAM)

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