Page 23 - MOE ENGLISH PR REPORT - JANUARY 2024

Press Release

cooperation, especially given the diversity of economic opportunities in both 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.

-Ends-

For further information, please contact:

Orient Planet Group (OPG)
Tel: +971 4 4562888
Email: media@orientplanet.com
Website: www.orientplanet.com

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