Page 901 - MOE ENGLISH PR - MAY 2024

5/10/24, 2:29 PM UAE and Iran hold first session of Joint Economic Committee to promote cooperation in new economy sectors - Middle East News…

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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