ABU DHABI, 19th July, 2022 (WAM) — Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said 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, advancing it to an unprecedented strategic level.
In an interview with the Emirates News Agency (WAM), Dr. Al Zeyoudi said the visit of His Highness Sheikh Mohamed bin Zayed will uncover 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 the bilateral trade between the UAE and France is continuing to grow, in light of their economic cooperation, enabling them to leverage various opportunities in several economic sectors. Dr. Al Zeyoudi stressed that the UAE is among the key partners of France in the Gulf Cooperation Council (GCC) region, with trade exchange in 2021 reaching AED25 billion, a rise of 25.9 percent compared to 2020.
Emirati companies investing in France have achieved inspiring success stories over the past period, due to the directives of the two countries’ leaderships to promote and diversify investments, which also widened the scope of investments made by Emirati companies in 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 the mutual investments between the UAE and France are focused around key sectors of common interest, with French investments in the UAE spanning across telecommunications, technology, energy, gas, education, manufacturing, mining, retail, vehicle repair, education and transportation.
He went on to highlight that Emirati investments in France cover various sectors, most notably the aircraft industry, both civil and military, as well as real estate, tourism, fish and seafood trade, tiles and ceramics. The UAE has signed three investment agreements with France on protecting and encouraging investments, avoiding 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 leaderships, which will directly increase their level of trade and result in the signing of new joint economic agreements and initiatives aimed at achieving development.
All national action teams will operate according to the roadmap set by President His Highness Sheikh Mohamed bin Zayed’s visit to France, which will turn the strategic cooperation between the two countries into sustainable partnerships, Al Zeyoudi said in conclusion.