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UAE urges Germany to boost investments

posted on 12/05/2002: 605 views

Mohammed Khalifa bin Yusuf Al Suwaidi, Director of the Foreign Ministry's Department of Economic Affairs and International Cooperation, opened here yesterday the 4th meeting of the UAE-German joint committee. In his opening address, Al Suwaidi, who welcomed the German delegation, praised the relations between the UAE and Germany. He described those relations as "very understanding and fruitful cooperation", adding that the two countries have practically shown a very strong will to further enhance those relations of cooperation and friendship which are strongly based on mutual respect and interest.

Al Suwaidi called on Germany to consider these relations to exert more efforts in support of the UAE's stance to see an end to the Iranian occupation of the three UAE islands of Abu Musa, and the Greater and Lesser Tunbs. He said that economic and trade relations between the two countries are the most significant aspect of the unique relations between the UAE and Germany. But he said that "unfortunately German investment in the UAE remains very limited, which does not match with the volume of the German investment abroad".

He expressed the hope that the German economic representatives will re-evaluate the various investment opportunities in the UAE and the numerous incentives the country offer to foreign investors. He urged the chambers of commerce and industry from both sides to work to increase the volume of trade exchange between the two countries by stepping up the rate of exchange of visits by trade delegations from both countries and by organising promotional exhibitions. He also called for the setting up of a legal and judicial mechanism to streamline economic, trade and industrial relations between the two countries.

Al Suwaidi also urged Germany to play an active role in the efforts to eliminate the obstacles hindering the sealing of GCC-EU free trade agreement by supporting the GCC's call for the cancellation of the taxes imposed on its aluminium products. (The Gulf News)


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