Page 136 - MOE ENGLISH PR REPORT - JANUARY 2024

2/1/24, 10:18 AM UAE and United Kingdom explore opportunities
markets and the possibility of providing more facilities and incentives to exporters and
importers in the two countries, thereby supporting the growth and sustainability of both

economies.

UAE's key role in supporting major economic clusters

Furthermore, H.E. Bin Touq highlighted the UAE’s vision to promote economic openness
and build fruitful partnerships with leading regional and global strategic markets. H.E. also

underscored its vital role in supporting major economic clusters, which will shape the

future of the global economy. These efforts are supported by the UAE’s position as a
competitive and vibrant economic hub, which offers direct connectivity to more than 400

cities around the world and boasts extensive shipping lines connecting 88 ports
worldwide.

To this end, the Minister of Economy held a bilateral meeting with H.E. Bim Afolami,
Economic Secretary to the Treasury, to discuss the strengthening of cooperation in the

sectors of fintech, digital transformation, entrepreneurship, circular economy, financial
services and renewable energy.

During their meeting, the two sides shared views on leading global entrepreneurship
practices. They also discussed ways to strengthen bilateral cooperation and support

SMEs in the markets of the two countries, empowering them with possibilities to enhance
growth, financing mechanisms and competitiveness in various UAE-British economic

activities and to expand into foreign markets.

Moreover, the meeting saw the exchange of experiences in the development of flexible

economic policies and their role in promoting the growth and sustainability of the two

countries' economy. H.E. Bin Touq reviewed the UAE’s advanced economic legislative
system and its role in enhancing the competitiveness of the national business

environment and consolidating its leadership regionally and globally. These include the
promulgation and development of new legislation for the sectors of cooperatives,

commercial transactions, commercial registry, and family businesses; the granting of
100% foreign ownership to companies; facilitating business establishment procedures;

and promoting openness to the world by establishing international partnerships with
targeted strategic markets. In addition, H.E. drew attention to the UAE’s promising

investment opportunities in the sectors of tourism, family businesses, e-commerce,
manufacturing, sustainable transport, and technology.

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