Ministry of Economy Discusses Ways to Reinforce Economic & Investment Ties with Maldives

Ministry of Economy Discusses Ways to Reinforce Economic & Investment Ties with Maldives
09 November 2017 -
  • Ministry of Economy Discusses Ways to Reinforce Economic & Investment Ties with Maldives
    Ministry of Economy Discusses Ways to Reinforce Economic & Investment Ties with Maldives Ministry of Economy Discusses Ways to Reinforce Economic & Investment Ties with Maldives

H.E. Engr. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, has commended the growing trade relationships in between the UAE and the Republic of Maldives. The complete quantity of non-oil international trade in between the two countries has gradually enhanced over the previous 5 years, raising by 12 percent from AED 422 million in 2015 to AED 475 million in 2016 (USD 129.2 million).

This came during H.E. Engr. Al Mansoori's reception of a Maldivian delegation headed by H.E. Mohammed Saeed, Minister of Economic Development of the Republic of Maldives, in the presence of H.E. Juma Mohammed Al Kait, Assistant Undersecretary for the UAE Ministry of Economy’s Foreign Trade Affairs, and Hind Al Youha, Director of the Ministry's Investment Department.

The conference talked about opportunities for cooperation in between the two countries in a number of industries of common rate of interest that are in line with their economic schedules. The most popular were trade exchange; enhancing teamwork in aviation and tourist; and enhancing financial investments in tourist centers and framework as well as real-estate, renewable energy, innovation, and small and medium enterprises (SMEs).

H.E. Engr. Al Mansoori pointed out the significance of reinforcing cooperation in foreign trade, mostly in export and re-export activities, keeping in mind the requirement for continual coordination and teamwork among concerned government and private sector entities from both nations in the coming duration. H.E. also emphasized the importance of the UAE- Maldives Business Forum which will be hung on December 18, 2017 in the UAE, which he claimed will display the many trade and investment possibilities in the Republic of Maldives.

The Minister further underscored how varied investment participation in between the UAE and the Maldives will open wide horizons for establishing advancement tasks for the advantage of both sides specifically in the industries of tourist, hospitality, renewable energy, innovation, and SMEs which he stated are considered crucial accelerators for economic growth. H.E. emphasized the UAE's keenness to support recurring growth initiatives in the Maldives and its preparedness to share its substantial knowledge and experience in numerous locations of financial growth.

Development opportunities
For his part, H.E. Saeed said that the Republic of Maldives seeks to strengthen economic participation with the UAE, its biggest trading partner in the region. He pointed out that tourism in the Maldives is thought about an eye-catching and competitive field at both the regional and global levels. He said that the industry is continuously broadening and ripe for substantial financial investment and development with the potential to substantially profit the UAE's business and financial investment industries which have leading experiences in this vital area.

H.E. included that the Maldives is focusing on enhancing the industries of air travel, renewable resource, and realty; creating brand-new regulations; and additional establishing cost-free zones to encourage and draw in more investments in numerous areas. He explained that these areas are also priorities under the UAE's growth policies, giving a solid and abundant basis for enhancing partnership and cooperation between both nations.