Trade between the UAE and the United Kingdom is on track to touch the targeted £12 billion (Dh69.56 billion) a year, Sultan Bin Saeed Al Mansouri, Minister of Economy, said yesterday.
Speaking at the meeting of the UAE-UK Joint Economic Committee, Al Mansouri said trade between the two countries is currently worth about £10 billion. “Since the last UAE-UK Joint Economic Committee meeting, the ties between our countries have grown ever stronger. We are on track to reach that target £12 billion, and are continually finding new ways to facilitate and stimulate business between our countries,” Al Mansouri said.
Boost for SME sector
He noted that the UK’s Department of Trade and Industry had supported more than 2,500 British companies seeking a foothold in the UAE over two years. “This strategic cooperation has contributed to developing our SME [small and medium enterprises] sector, which, accounting for 90 percent of economic activity, is the backbone of our economy,” he added.
He said the UAE economy, though linked to the global system, remained a standout performer. “It has proven to be uniquely resilient and intrinsically strong. As a federation the UAE is economically diverse and economically strong. More than 70 percent of our GDP now comes from non-oil sectors. We continue to build on this as we strive to create a true knowledge economy founded on the pillars of education and innovation, that can provide a rewarding, fulfilling future for our people,” Al Mansouri said.