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UAE Minister of Economy and Vice-President of Uruguay discuss opportunities to strengthen economic cooperation

H.E. Engineer Sultan bin Saeed Al Mansoori, Minister of Economy, met with Ral Sendic, Vice President of Uruguay, to discuss opportunities to strengthen economic relations, expand areas of cooperation and raise the levels of bilateral trade and investment between the two countries.

The meeting occurred on the sidelines of the Global Business Forum for Latin America, which was recently held in Atlantis Hotel, Palm Jumeirah in Dubai. Also present during the meeting were H.E. Engineer Mohammed Ahmed Bin Abdulaziz Al-Shehhi, Undersecretary for Economic Affairs; H.E. Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Affairs; and Mohammed Nasser Hamdan Al Zaabi, Director of Trade Promotion and Investment Department. Also in attendance were Nelson Shaaban, Ambassador of the Republic of Uruguay to the UAE, and several senior officials from the ministries of tourism and economic and foreign affairs.

Minister Al Mansoori shared that the UAE has succeeded over the years in its move to diversify its economy and reduce its dependence on oil as a major source of income--where oil accounts for less than 30 per cent of the GDP of the state. He added that the UAE has made great strides towards building a post-oil economy.

He also noted that the UAE has placed key focus on the framework of its strategic vision of building a sustainable and competitive knowledge-based economy, which is keen to develop sectors related to innovation and consolidate the efforts of transforming into a smart government and the optimum use of technology in the development of vital economic sectors in the country. Al Mansoori pointed out that this path opens the way for strengthening cooperation with Uruguay across various fields of common interest between the two sides.

Al Mansoori added that Uruguay enjoys a strategic geographical location in South America, which makes it an important destination for the promotion of trade with the region, further emphasizing that the total non-oil trade between the UAE and Uruguay in 2015 reached about USD 36 million including free zones trade.

The UAE Minister explained that the Ministry of Economy is making intensive efforts to expand trade and investment channels of cooperation with various countries, especially across agriculture and food products industries. The move is part of a state policy to strengthen the countrys sources of food security. In addition, the Ministry has remained steadfast in its tireless efforts to promote cooperation in tourism, which represents one of the main engines of development and economic diversification in the country--pointing out the potential of broad prospects for cooperation with Uruguay in these sectors of interest to the two countries.

For his part, Vice President Sendic shared that his country has expressed its eagerness to reinforce its relations with the UAE and build a sustainable partnership across various sectors that are experiencing significant growth. He explained that Uruguays most important sector is the educational sector, which is being further developed with the consolidation of the role of innovation and technology in the educational system.

Sendic added that Uruguay is in the process of securing the necessary signatures and implementing the procedures of the agreement based on the mutual promotion and protection of investments with the UAE. He also noted that Uruguay is fully committed in the promotion of trade with the UAE in many of areas, particularly the export of Uruguay-bred horses, as well as high quality meat and dairy products.

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