Emirates News Agency – UAE President’s visit to France will open up new prospects for economic and trade cooperation (Thani Al Zeyoudi)
ABU DHABI, 19th July, 2022 (WAM) — Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi has said that the visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to France is a historic milestone in the relations between the two countries and will have a positive impact on their partnership, taking it to an unprecedented strategic level.
In an interview with the Emirates News Agency (WAM), Dr. Al Zeyoudi said that the visit of His Highness Sheikh Mohamed bin Zayed will open up new prospects for economic and trade cooperation and increase mutual investments in various sectors, including trade, investment, oil and gas, hydrogen, renewable nuclear energy, climate action, artificial intelligence, food security, fintech, intellectual property rights, space and cybersecurity.
He added that bilateral trade between the UAE and France continues to grow, in light of their economic cooperation, allowing them to take advantage of various opportunities in several economic sectors. Dr. Al Zeyoudi pointed out that the UAE is among France’s top partners in the Gulf Cooperation Council (GCC) region, with trade in 2021 reaching AED25 billion, an increase of 25. 9% compared to 2020.
Emirati companies investing in France have had inspiring successes over the past period, thanks to the directives of the leaders of the two countries to promote and diversify investments, which has also widened the scope of investments made by Emirati companies in France. the French market, including DP World, First Abu Dhabi Bank, Abu Dhabi Investment Authority, Etihad Airways, Emirates, Dubai Islamic Bank and Mubadala, he said, adding that more than 600 French companies operate in the UAE.
Al Zeyoudi explained that mutual investments between the UAE and France focus on key sectors of common interest, with French investments in the UAE covering telecommunications, technology, energy, gas, education, manufacturing, mining, retail, vehicle repair, education and transportation.
He went on to point out that Emirati investments in France cover various sectors, including aeronautics, civil and military industry, as well as real estate, tourism, fish and seafood trade, tiles and ceramics. The United Arab Emirates has signed three investment agreements with France on the protection and encouragement of investments, the prevention of double taxation and air services.
Dr. Al Zeyoudi also noted that the economic cooperation between the two countries will see further growth with the support of their leaders, which will directly increase their level of trade and result in the signing of new joint economic agreements and initiatives aimed at achieve development.
All national action teams will operate according to the roadmap established by President His Highness Sheikh Mohamed bin Zayed’s visit to France, which will transform the strategic cooperation between the two countries into long-lasting partnerships, Al Zeyoudi said in conclusion.