UAE to strengthen economic relations with the United States

His Excellency Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, discussed with HE Robert Hormats, Under-Secretary of State for Economic Affairs of the US, ways of enhancing economic cooperation between the two countries.

The meeting was attended by HE Mohammed Ahmed Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy and a high level American delegation.

During the meeting, HE Al Mansoori briefed the American delegation on the UAE’s focused initiatives to develop SMEs and to spread the culture of innovation to strengthen the country’s pillars of knowledge economy.  He said that the UAE has made tangible achievements already, and has  adopted the latest technologies and techniques that will strengthen this trend.

Mr Al Mansoori highlighted that the UAE offers a strategic investment climate and business environment in the region and the world, and welcomed strategic US investments. He lauded the importance of the open sky policy between the two countries, which has contributed significantly to boosting bilateral economic relations.

During the meeting both parties agreed to consolidate their efforts and increase the pace of economic cooperation by exploring new opportunities for cooperation in vital economic fields that meet new challenges and global economic changes.

The two sides stressed the importance of cooperation in the field of intellectual property rights. The UAE team explained the remarkable progress achieved in this area, having recorded the lowest rates of piracy in the region. 

The two sides agreed to hold joint meetings, round tables and forums to promote investment opportunities in both countries and specifically in the sectors of small and medium enterprises where there is a convergence of trends in the UAE and the United States.

HE Al Mansoori noted that the UAE is looking to increase trade with America, which was valued at $12.2 billion in 2009 and to promote a balance in trade through the adoption practical steps.

Both sides emphasized the importance of developing a follow-up mechanism for effective coordination and to boost exchange visits of entrepreneurs from both countries.