Page 367 - MOE ENGLISH PR - MAY 2024

5/29/24, 3:45 PM H.E. bin Touq meets with Miami Business Council members as well as senior officials & investment funds in the states of Florida a…
Economic partnership between UAE and Florida

H.E. Bin Touq highlighted the robust and longstanding bilateral ties between the UAE and the state of

Florida, which is witnessing continuous growth in the economic and investment sectors. Florida’s
exports to the UAE reached approximately USD 6.3 billion from 2019 to 2023, marking a remarkable

annual growth of 39 per cent and reaching USD 1.9 billion in 2023. Furthermore, the economic

partnership between both sides has resulted in the creation of 14,500 job opportunities in the past year.

H.E. said: “We consider the American private sector a significant economic partner of our country’s

business sector. Under the guidance of both countries’ leaderships, we are fully confident that the
economic and investment collaboration will continue to advance and thrive.”

Strengthening of economic ties with Miami

During the meeting, H.E. said: “Miami is strategically situated, serving as a vital link to the Caribbean,
Central and South America. With a stable and adaptable financial market, our priority lies in

strengthening economic ties with Miami across the government and private sectors. Our aim is to

explore promising prospects in areas such as the new economy, creative industries, technology and

artificial intelligence in both markets. We strive to embrace innovative economic solutions that support

the growth and sustainability of our economies.”

Diversity of the UAE Economy

The Minister of Economy elaborated on various strategies and visions implemented by the UAE in

recent years to diversify and sustain its national economy. This is of particular significance as the non-

oil sectors now contribute 74 per cent to the non-oil GDP, positioning the UAE at the top spot among

the fast-growing economies among both the Gulf and Arab countries. Furthermore, the UAE has
outpaced several prominent global economies. In the first half of 2023, it secured the top ranking

globally for economic strength and stability, according to the Global Soft Power Index for 2024.

UAE’s Flexible Economic Legislations

H.E. reviewed an array of flexible economic policies and legislation promulgated by the country, their

role in promoting the competitiveness of the business and investment climate, and the establishment of
a distinct legislative infrastructure in accordance with global best practices in this regard. A number of

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