UAE-Luxembourg ties gaining steam across all sectors
Despite bilateral trade touching $83M in 2012, the two countries have greater ambitions given the untapped opportunities that the destinations offer.
UAE Minister of Economy Sultan bin Saeed Al Mansouri stressed that the bilateral relationship between the UAE and Luxembourg is witnessing significant progress across the economy, trade and investment sectors, and holds high potential for further collaboration.
He also pointed out that non-oil trade between the two countries is on the rise. Despite bilateral trade touching $83 million in 2012, he pointed out that the two countries have greater ambitions given the untapped opportunities that the destinations offer.
Al Mansouri’s comments came during a meeting with Nicole Bntnar Bakeshian, Ambassador of the Grand Duchy of Luxembourg to the UAE. Urging Luxembourg to step up its marketing and promotion initiatives in the UAE to highlight its investment opportunities as a distinctive tourist destination, the minister additionally suggested developing an action plan to promote mutual trade and bilateral relations between the two countries. The first step, he recommended, would be to identify suitable investment opportunities and activate the role of the business community in the Middle East and Europe.
He also confirmed the UAE’s desire to organise joint activities and bilateral business meetings to help establish a strong platform for dialogue that serves the national interests of both sides. Al Mansouri specifically highlighted the need to invest in the small and medium enterprises sector as a key component to strengthening any economy, creating jobs and laying a solid foundation for projects based on creativity and innovation.
Bakeshian reiterated Luxembourg enabling business legislations that make it attractive for foreign direct investments. She added that Luxembourg shares many similarities with the UAE in terms of diversity, multi-national investments and the strategic location of the country as a re-export and cargo storage hub. Commending the UAE’s Expo 2020 winning bid, she articulated Luxembourg’s keenness to be part of the mega global event. She also invited Al Mansouri to visit Luxembourg to explore the investment opportunities available in the country and enhance new synergies.
Credit: Khaleej Times
