UAE, Canada Pledge to Take Economic, Trade Co-Operation to New HeightsSource: www.export-egypt.com 10/2/2016, Location: Middle East |
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The UAE and Canada have restated their willingness to harness promising economic, trade, business and investment opportunities to raise their bilateral co-operation to new heights.
The pledge for greater cooperation came at the conclusion of the first meeting of UAE-Canada Joint Economic Committee meetings, held in the Canadian capital, Ottawa. The two countries explored opportunities for joint co-operation in 11 sectors that serve development plans in both countries, as well as ways to enhance economic relations and upgrade them to the highest levels. The meeting was co-chaired by Sultan bin Saeed Al Mansouri, UAE Minister of Economy, and Chrystia Freeland, Minister of International Trade of Canada. Addressing the meeting, Al Mansouri said that economic and trade ties between the UAE and Canada were robust and evolving steadily, with non-oil trade between the two countries standing at US$2.1 billion, as of the end of 2015. He stated that UAE investment in Canada is currently more than $ 18 billion. He also said there were diverse and promising business opportunities in sectors of key priorities to both countries, including energy, innovation, tourism, healthcare, education, scientific research and agriculture. ''The UAE and Canada have huge potentials and abilities to build mega development partnerships, given the factors, such as an open investment climate, ultramodern infrastructure and flexible business legislation,'' Al Mansouri added, stressing the need for devising a time frame and mechanisms to implement projects agreed to in key sectors. Al Mansouri stressed the importance of strengthening co-operation in the aviation industry, being one of the key factors in advancing trade and economy, and opening up wider horizons for joint investments in various sectors in both countries. The meeting, he noted, coincided with the launch of the UAE- Canadian Business Council in Toronto. Chrystia Freeland, Minister of International Trade of Canada, said bilateral ties were witnessing significant growth in a number of vital sectors, driven by the fact that the UAE is a strategic trade partner to Canada in the Middle East. She said the two countries have the opportunity to build constructive partnerships that serve developmental goals, strengthen capacities for innovation and scientific research, and empower small and medium scale enterprises, as they become a key driving force of economic growth. She also indicated that economic co-operation had seen remarkable growth, particularly in areas of trade, investment, innovation and education. The future, she added, holds promising opportunities to diversify the joint strategic economic partnerships between Canada and UAE. |
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