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Last Updated:[20-03-2009 07:18:37 EDT] Zoom in Zoom out Back to Tradenews

The UAE woos Canada to Boost Trade Ties

tradenews Minister of Economy Sultan Bin Saeed Al Mansouri of the UAE and Canada’s Minister of International Trade, Stockwell Day held a meeting to discuss further strengthening of trade ties between both countries. They primarily focussed on the need for establishing communication between the business communities of respective countries, and to initiate joint ventures with the help of both governments by creating an environment for businesses to succeed.

Al Mansouri encouraged the Canadian businesses to bank on the investment opportunities provided by his country in various sectors. He presented the remedial steps his government had taken to overcome the global economic crisis including support to banks and other measures during the meet. He also tried to draw attention to the fact that most multi-national companies are headquartered in the UAE, thus signalling Canadian companies to emulate.

Al Mansouri at another function had stated the country had stockpiled huge reserves of oil and most infrastructural projects had been completed. The UAE is home to almost 10 percent of oil reserves of the world. He had also said that actions by the federal government and Central Bank to disperse $33bn have largely helped the banks to get stabilised.

According to a latest US data, the UAE has surpassed Israel and Saudi Arabia as the US’ biggest export market in the Middle East and North Africa (MENA) region. The UAE aims to maintain the trade momentum by inviting Canada, another largest trading partner from the Americas.

The Canadian Minister commended the UAE for its urban development and the country’s initiatives to diversify into other sectors. The two-way non-oil trade in 2007 between Canada and the UAE recorded about $1bn. The UAE has unleashed various projects in recent years to diversify from the traditional oil business, and the contribution of non-oil sectors to the national GDP is reported to have increased by more than 64% in 2007.

By Jose Roy

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