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UAE and Canada sign MOU for economic cooperation

posted on 19/03/2009: 655 views



HE Sultan Bin Saeed Al Mansouri, Minister of Economy, discussed initiatives to strengthen bilateral cooperation between Canada and the UAE, with HE Stockwell Day, Canada's Minister of International Trade.

Mohammed Al Shihhi, Director General of the MoE; Humaid Butti, Assistant Undersecretary Secretary for Corporate Supervision and Sara Hradecky, Canada's Ambassador to the UAE as well as other members of the visiting delegation attended the meeting.

The two sides discussed ways to encourage the private sector to launch joint trade ventures and energize communication channels between the business communities in both countries as well as efforts to overcome the impact of the global financial crisis.

Al Mansouri praised the strong ties that bind the UAE and Canada in key growth sectors. He explained that the UAE is Canada's biggest trade partner in the region, and stressed on continuous efforts to further strengthen the relations.

He said that the UAE leadership's vision on economic diversification provides a considerable boost to the local economy, highlighting that the contribution of non-oil sectors to the national GDP has increased to more than 64pc in 2007.

Al Mansouri explained the different investment advantages in the UAE, including sophisticated infrastructure, availability of capital, dynamic economic sectors and sea ports which provide world-class services and links various parts of the world. He pointed that many multinationals are headquartered in the UAE, especially corporations seeking expansion and business development.

Al Mansouri urged the Canadian business community to capitalize on the UAE's investment environment and take advantage of available opportunities in several sectors.

He gave a presentation on preventive measures taken by the UAE to overcome the consequences of the financial crisis including providing facilities to banks and reiterated the country's capability to deal with the challenges resulting from the crisis.

The Canadian Minister expressed his country's keenness to strengthen bilateral relationships with the UAE on all levels. He praised the urban growth in the country and the government's plans to diversify the economy.

Trade relations between both countries witnessed concrete growth during the last decade, with the non-oil trade exchange reaching more than AED 2.5 billion in 2007. – Emirates News Agency, WAM

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