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1/31/24, 9:28 AM UAE, UK Strengthen Economic Ties Through Bilateral Meeting - The Gulf Observer
pivotal for the transition towards economic expansion and investment,
reflecting the shared visions and strategies of both nations.
The Minister emphasized the significance of the meeting in broadening
the scope of existing cooperation, focusing on emerging economic
sectors, and exploring new opportunities. The UAE’s strategic
geographic location and the UK’s role as a promising economic hub for
UAE businesses in Europe were highlighted.
The bilateral talks included discussions on facilitating dialogue between
the UAE and British private sectors to identify new avenues for
cooperation. Both nations explored diverse economic opportunities and
the potential to provide more facilities and incentives to exporters and
importers, supporting the growth and sustainability of their economies.
Bin Touq reiterated the UAE’s commitment to economic openness and
building fruitful partnerships with strategic global markets. The nation’s
role as a competitive economic hub, offering connectivity to over 400
cities worldwide and extensive shipping lines connecting 88 ports
globally, was emphasized.
Additionally, a meeting was held between the Minister of Economy and
Bim Afolami, Economic Secretary to the Treasury, focusing on
strengthening cooperation in fintech, digital transformation,
entrepreneurship, circular economy, financial services, and renewable
energy. Discussions included sharing views on global entrepreneurship
practices and supporting SMEs in both markets.
The exchange of experiences extended to the development of flexible
economic policies, their role in promoting growth and sustainability,
and the UAE’s advanced economic legislative system. Key legislative
initiatives, such as granting 100% foreign ownership to companies,
facilitating business establishment procedures, and promoting
international partnerships, were highlighted. The UAE also showcased
promising investment opportunities in tourism, family businesses, e-
commerce, manufacturing, sustainable transport, and technology. The
bilateral meeting marks a significant step toward reinforcing economic
ties between the UAE and the UK.
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