Page 877 - MOE ENGLISH PR - MAY 2024

5/10/24, 2:27 PM UAE and Iran hold first session of Joint Economic Committee to promote cooperation in new economy sectors, tourism, transport, …
H.E. stated: “The convening of the first session of the UAE-Iran JEC reflects our shared
aspirations to solidify existing economic ties and expand them to the future sectors. These

efforts are in line with the UAE wise leadership’s vision to strengthen the country’s bilateral
cooperation with global partners.”

Moreover, the Minister of Economy apprised the Iranian delegation of the economic

developments witnessed by the UAE’s business environment over the recent years. Most
notably, these include the amendments made to the Commercial Companies Law to allow 100

per cent foreign ownership, modernization of visa and residency systems and introduction of
self-employment and green residency pathways to enhance the country’s attractiveness to
talent, investors, employers and businesses. He also reviewed the promulgation and

introduction of new federal laws, including those concerning family businesses, commercial
agencies, cooperatives and trade through modern technical means. These economic

developments ensure a favorable climate for various business models, thus promoting
sustainable growth of the UAE economy. Apart from these, the launch of initiatives designed to

support the national economy’s transition to a circular model, most notably the ‘UAE Circular
Economy Policy 2031,’ were highlighted.

The inaugural UAE-Iran JEC session also discussed new mechanisms to enhance trade

exchanges and the key role played by the private sector in promoting economic cooperation.
The provision of all means of support to exporters and importers to facilitate trade exchanges

and the diversification of these goods and services; and the opening of new communication
channels between the two private sectors also formed part of the discussions.

The two sides agreed to establish joint technical task forces to follow up on the
implementation of the Committee’s outputs, which outline economic and trade cooperation in

the immediate future. The JEC also agreed to provide various programs and facilities to
promote the growth of SMEs and support their exports in entering new markets.

Furthermore, the two sides explored the strengthening of cooperation and investment in

sectors and activities related to tourism, trade, traditional energy, renewable energy and
industry, R&D, institutional innovation, the exchange of knowledge in financial markets,

entrepreneurship, agriculture and aviation.

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