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Sheikha Lubna and Assistant Secretary of US Commerce discuss strengthening mutual relations

posted on 31/05/2010: 2316 views

Sheikha Lubna bint Khalid Al Qasimi, UAE Minister of Foreign Trade and Suresh Kumar, US Assistant Secretary of Commerce discussed mutual relations and ways to strengthen them in the fields of trade and economy in a meeting yesterday.

Both sides also discussed developments in trade and economy and mechanisms to encourage business community to communicate and take advantage of investment opportunities in projects that strengthen the journey of economic growth in both countries.

Sheikha Lubna stressed the importance of strengthening the existing partnership between UAE and United States, noting that the USA is the third largest trade partner of UAE in non-oil sector, which last year reached to US$2.12 billion.

She pointed out that American companies are keen to invest in local markets and their continuous presence in the exhibitions hosted by the country proves the robustness of UAE-US relations and the opportunities provided by developed markets, mainly in the non-oil sector.

"The UAE has succeeded in building a network and extensive business relationships with various countries of the world, pointing out the advanced commercial status of UAE in the world, which is based on the fundamental constituents that rely on advanced infrastructure, high level of competitive services, and the geographical location," added Sheikha Lubna.

The UAE Minister highlighted the attention given by the UAE to modern techniques and advanced technologies to keep pace with economic growth and strengthen the role of non-oil sector such as industry and renewable energy.

She called on US companies to take advantage of the opportunities given by the government to boost trade and investment and the economic successes achieved by the State in the field of economic diversification and its strategy to enhance contribution of non-oil sector that reached 71 per cent of the GDP of the state in 2009.

On his part, US Assistant Secretary assured his country's keenness to enhance trade and economic relations with the UAE, pointing out that the UAE is the largest market for U.S. goods.

The US official said that the UAE is an active centre for regional business growth and a major contributor to increased global trade, pointing to the existence of 750 American companies operating in the UAE market and are ready to contribute to technical and advanced technological projects in the UAE.

He explained that the National Initiative for exports launched by US President Barack Obama aims at promoting higher trade figures of the United States with the countries of the world and increasing rates of export subsidies. The meeting was attended by officials. – Emirates News Agency, WAM


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