Abdullah Bin Touq Al Marri, Minister of Economy, and Mircea Abrudean, Head of the Chancellery of the Romanian Prime Minister, discussed trade and economic cooperation between the two countries in priority sectors, especially investments.
The meeting was on the sidelines of the World Government Summit (WGS) 2023.
Bin Touq emphasised the solid relations between the UAE and Romania, highlighting the shared aspirations to strengthen economic cooperation to drive sustainable economic development. He explained that both countries possess excellent capabilities and enjoy strategic geographical locations that enable access to the Middle Eastern, Asian, European, and African markets.
He said,
“The nature of today’s challenges makes cooperation and strengthening existing trade and economic ties inevitable. This is particularly true for transportation, logistics, food security, energy and other strategic sectors. The UAE is keen to solidify cooperation with all global partners through our innovative initiatives.”
Moreover, both sides agreed on the need to forge new economic and trade partnerships in food security, transportation, logistics, and technology sectors, which contribute to cementing economic relations between the two countries.
In addition, Bin Touq elaborated on the prominent developments in the UAE economy, which have made the country an ideal global destination for business and investments. These developments align with the UAE’s wise leadership’s vision in light of the “Project of the 50” and the objectives of the UAE Centennial 2071. The most prominent changes witnessed by the economy are the granting of 100 per cent foreign ownership; enhanced intellectual property protection; and the launch of an ambitious strategy to attract and retain talent in all sectors to reinforce the UAE’s status as a dynamic hub for creativity and innovation.
Furthermore, he invited Romanian companies to take advantage of the benefits and incentives offered by the UAE economy to achieve growth and expansion in the UAE and other MENA markets. He further highlighted the Investopia summit, which aims to shape the future of investments; and the comprehensive economic partnership agreements (CEPA), under which, the UAE has signed three partnerships so far with India, Israel, and Indonesia. Negotiations with more target markets are currently progressing.
The trade and economic relations between the UAE and Romania continue to grow. The volume of non-oil trade between the two countries totalled US$1.01 billion in 2022, up 82 per cent from 2021. Besides, the UAE’s total non-oil exports to Romania reached US$66 million in 2022 with a 79 percent YoY growth, while re-exports totalling US$120 million with a 297 percent growth. The country is Romania’s number one Gulf Cooperation Council trade partner as of 2021.
Romanian foreign direct investment (FDI) in the UAE stood at US$34 million by the beginning of 2021 while the UAE’s investments in Romania reached US$180 million the same year, focussing mainly on medicine, beauty products, technology, agriculture, food security, ports, and logistics.
The World Government Summit is a leading platform dedicated to shaping the future of governments. Since its launch in 2013, the summit has made significant strides in coordinating the efforts to enhance joint government action to find solutions for future challenges through establishing effective partnerships.
The latest edition of the Summit is hosting over 10,000 participants, including presidents, senior government officials, experts, and businessmen, to build the future of governments through 220 interactive panel discussions.
The World Government Summit is a leading platform dedicated to shaping the future of governments. Since its launch in 2013, the Summit has made significant strides in coordinating the efforts to enhance joint government action to find solutions for future challenges through establishing effective partnerships.
The latest edition of the Summit is hosting over 10,000 participants, including presidents, senior government officials, experts, and businessmen, to build the future of governments through 220 interactive panel discussions.
News Source: Emirates News Agency
