Abu Dhabi Chamber Discusses Investment Cooperation with Malta

The Abu Dhabi Chamber of Commerce and Industry emphasized on the necessity to expand economic, technical and investment cooperation relations between Abu Dhabi and Malta.

In a speech he delivered at an extended meeting with a Maltese economic delegation headed by His Excellency Dr. Christian Cardona, Malta’s Minister for the Economy, Investment and Small Businesses, and the attendance of His Excellency Naser Al Maamari, Abu Dhabi Chamber Board Member, and His Excellency Mohammed Helal Al Muhairi, Director General of the Abu Dhabi Chamber; Hi Excellency Khalfan Saeed Al Kaabi, 1st Deputy Chairman of the Abu Dhabi Chamber, said that the Republic of Malta is one of the countries which Abu Dhabi is keen on enhancing business and trade relations with and elevating such relations to new heights in order to meet the ambitions of both sides. He noted that growing trade figures reflect the friendly relations that are a result of a long-standing history of cooperation between both sides in the areas of trade, business and investment.

Al Kaabi presented the Maltese delegation with the services the Abu Dhabi Chamber provides for more than 95,000 companies of its members. He also mentioned the role of the Chamber in facilitating the businesses of companies through providing a number of services for the business sector and information and guidelines on how to establish new projects as well as founding a network of international partnerships between the private sector in the Emirate of Abu Dhabi with their counterparts in the world.

The 1st Deputy Chairman pointed out that the economy of the Emirate of Abu Dhabi achieved considerable accomplishments over the past few years and that the GDP of the emirate doubled five times since 2000, which reflects the economic and constructional development of Abu Dhabi under the umbrella of the wise leadership.

He explained that such accomplishments came along with the launch of Abu Dhabi Economic Vision 2030 which included plans and policies developed specifically to meet the diverse economic activities in the emirate, and at the same time founding an economic and investment climate that allows growth and development through enhancing the partnership between the public and private sectors.

Materializing the Abu Dhabi Economic Vision, Abu Dhabi currently focuses on developing some sectors that would help in diversifying its income resources, and thus not depending on oil. Among such sectors are the aviation sector, defense, petrochemicals, medical equipment, biotechnology, tourism, healthcare, education, transportation, financial services and telecommunications. Al Kaabi noted that several important successes were made in these sectors regionally and internationally. “These sectors are expected to achieve a growth rate of 7.5% annually,” he said.

He stated that as a result of the enormous dedicated efforts to develop the above mentioned sectors, the economy of Abu Dhabi is witnessing massive growth. Consequently, the number of investment companies registered in the Emirate exceeded 95,000 in 2012, of which 10.4% were new businesses, compared to 86,000 registered in 2011. “This only proves the various benefits and advantages that Abu Dhabi offers to encourage and stimulate foreign investments,” he added.

Al Kaabi called on businessmen and investors in Malta to benefit from the services and facilities the respected authorities in Abu Dhabi offer for foreign companies. He also invited them to boost their investments in a number of sectors, especially those which are envisioned by Abu Dhabi Economic Vision 2030.

For his part, His Excellency Dr. Christian Cardona, Malta’s Minister for the Economy, Investment and Small Businesses, urged businessmen and investors in Abu Dhabi to boost their investments in his country and benefit from the important geographical location of his country within the European Union, noting that his country enjoys distinguished relations with the UAE and desires to strengthen these relations and expand them, especially after relieving UAE citizens from obtaining entry visa to the EU.

The Maltese minister delivered a presentation on the facilities and incentives his government offers for foreign companies and investors who are willing to invest in a number of pivotal sectors that serve the development process in Malta.

On the sideline of the meeting, a cooperation agreement was signed between the Abu Dhabi Chamber and the Malta Chamber of Commerce, Enterprise and Industry. His Excellency Mohammed Helal Al Muhairi, Director General of the Abu Dhabi Chamber signed the agreement on behalf of the Abu Dhabi Chamber; whereas, His Excellency Tonio Casapinta, a Board Member at the Malta Chamber signed the agreement on behalf of his establishment.

The signed agreement states that both sides exchange economic information on investment opportunities and the best practices in serving members and companies as well as exchanging lists of specialized economic exhibitions and conferences due to be held in the Emirate of Abu Dhabi and the Republic of Malta.