Minister of State for Financial Affairs Holds a Series of Bilateral meetings on the sidelines of the meetings of the IMF and World Bank in Istanbul

Published October 14th, 2009 - 09:27 GMT

On the sidelines of IMF and World Bank meetings in Istanbul, HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs held a series of bilateral meetings with his counterparts participating in these meetings, in harmony with United Arab Emirates continuous efforts to enhance its relations with all states of the world.


HE Obaid Humaid Al Tayer met with the Minister of Finance of Turkey. During this meeting, they discussed the means for strengthening partnership between the two countries in all areas, particularly investment, economic and trade.


The Minister explained that this meeting reflects the special relations between the United Arab Emirates and Turkey, where the Turkish Minister of Finance stressed that Turkey is keen to strengthen the relationship with the United Arab Emirates, which is witnessing a strong economic boom and is considered a business- attraction center for a large number of countries, thanks to its potentials and the security and stability it enjoys. In this regard, HE Obaid Humaid Al Tayer noted that investment-attracting climate Turkey enjoys enables Emirati investors to benefit from investment opportunities in Turkey.


The Minister met with Shaukat Tarin, consultant to Pakistani Prime Minister supervising the Ministry of Finance in Pakistan. The meeting discussed ways to strengthen bilateral relations between the two countries in the economic, trade and investment fields.


The Minister confirmed the keenness of UAE to strengthen bilateral relations with the Islamic Republic of Pakistan in various fields and for the benefit of the two friendly peoples. He also stressed that the UAE would spare no effort in supporting the people of Pakistan in the areas of development and humanitarian assistance.


It is worthy to mention that the UAE exports to Pakistan increased from 900 millions Dirhams in 2007 to 1.5 billions dirham on 2008 (7.3%), making Pakistan a key trading partner of the UAE. The crude oil, chemicals, rubber, plastics, heavy equipments and engineering products and pure gold are the most important exports of the UAE to Pakistan.


HE Obaid Humaid Al Tayer also met with HE Dato Seri the Malaysian Minister of Finance. The two sides discussed bilateral cooperation ties between the two countries and ways of enhancing them in the cultural, commercial, investment and Islamic financing arias, in addition to discussing economic and trade relations and shedding the light on development done in these areas. Al Tayer and Seri also discussed views on many regional and international issues.


During the meeting, The Minister expressed UAE's high appreciation for Malaysia, confirming that the UAE is keen to promote trade ties with Malaysia, taking into consideration that Malaysia is one of the largest Islamic economies. The volume of trade between the two countries increased from 202 million dirhams in 2007 to 338 million Dirhams in 2008 which is 67%.


For his part, The Malaysian Minister of Finance praised the development seen in UAE, wishing to further progress under the wise leadership of the state.


HE Obaid Humaid Al Tayer, with UAE accompanying delegation, held talks with Minister of Finance of Bangladesh. The meeting focused on a number of the most important topics like bilateral relations between the two friendly countries and the ways of developing these relations in respect of economic, investment, trade fields.


The UAE exports to Bangladesh increased from 79 million dirhams in 2007 to 107 million dirhams in 2008.


HE Obaid Humaid Al Tayer said that he outlined the economic development that the country is witnessing with the delegations he met, shedding the light on the impact of this development on the economic status of UAE in light of the global financial crisis, investment climate and the evolution of the industrial sector and investment opportunities in UAE in a large number of areas.


HE Obaid Humaid Al Tayer also emphasized the importance of these meetings, especially in light of the current exceptional economic circumstances, pointing to the need to continue in permanent consultation between countries in order to monitor the economic developments and participate in developing appropriate solutions to the current crisis.


HE Obaid Humaid Al Tayer also stressed the importance of uniting global efforts to get out of the financial crisis, alluding to the role played by the UAE government and the central bank to address the challenges arising from the financial crisis through a series of initiatives and policies.


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