Page 111 - MOE ENGLISH PR - APRIL 2024

5/6/24, 9:03 AM H.E. Bin Touq meets with Secretary-General of ASEAN
economy. The meeting took place on the sidelines of H.E.'s participation in the World
Economic Forum, which was held in Riyadh recently.

H.E. Bin Touq highlighted that the UAE and ASEAN states share robust strategic relations,

which continue to grow in various fields, especially economic and investment. He pointed
out the UAE's desire, under the guidance of its wise leadership, to continue building

productive partnerships with ASEAN countries, especially as the two sides share common

future visions in expanding to new economic sectors, stimulating capital flows and
promoting dialogue at the private sector level.

The Minister of Economy said: "We see the ASEAN private sector as a key player in the
UAE's business and economic environment. Therefore, the meeting served as an

important platform for exchanging views and exploring opportunities for cooperation in

priority sectors, supporting the creation of new pathways for stronger economic ties."

The meeting discussed ways to enhance cooperation in support of sustainable tourism

development, as well as opportunities and potential in different sectors and tourism
activities on both markets, and the importance of joint action in increasing mutual tourism

flows and the number of flights between the two sides.

H.E. Bin Touq highlighted the UAE’s efforts in supporting the Belt and Road Initiative since
its launch in 2013 through the country’s development potential, strategic position linking

the East and the West and a USD 10 billion investment into the joint UAE-Chinese

investment fund to support the initiative's projects in East Africa. It has also signed 13
MoUs with China in 2018 for multiple investments in the UAE, enhancing the prospects for

economic cooperation between the UAE and ASEAN countries, especially as it shares its

land borders with China and many of the initiative’s member states.

Furthermore, H.E. Bin Touq briefed the ASEAN Secretary-General on the economic

developments in the UAE business environment, including the amendments made to the
Commercial Companies Law to allow 100% foreign ownership, the modernization of visa

and residency systems and the introduction of self-employment and green residency

pathways to enhance the country’s attractiveness to talents, employers and businesses.
In addition, initiatives launched to support the country’s transition towards a circular

economy were highlighted, most notably the UAE Circular Economy Policy 2031.

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