Business | Economy
Non-oil trade between UAE and New Zealand touches $242m
Second joint ministerial commission on bilateral ties concludes.
- WAM
- Published: 01:09 March 8, 2008
Wellington: Non-oil trade between the UAE and New Zealand jumped from $63 million to $242 million, increasing at a rate of 30 per cent annually during the four-year period between 2002 and 2006.
This was announced in a statement by Shaikha Lubna Al Qasimi, Minister of Foreign Trade, after she signed a joint communique with New Zealand's Minister for Foreign Trade Phil Goff to mark the conclusion of the second joint ministerial commission on bilateral relations, economic, commercial and investment fields in Wellington.
Lubna noted that there are similarities between the two countries in regard to the economic aspects, notably, free economy and openness to direct foreign investment. She observed that both the countries managed to achieve fast growth in recent decades, moving from communities depending on agriculture, fishing and trade to developing economies.
She said the non-oil sector contributed Dh698 billion, which is nearly 16.5 per cent of UAE's Gross Domestic Product (GDP) rose, while the oil sector represents one third of the GDP, thanks to huge investments in infrastructure and open market economy policies.
Lubna underlined that the leadership and UAE government exert much effort to continuously develop the economy in line with the local, regional and world developments and matching local and international investors interests.
"The UAE enjoys exemplary investment environment that spurs business, particularly at free zones, where there zero taxation on income and companies in most cases", she said.
Lubna added that the UAE strives continuously to complete regulations and laws to promote economic performance and increase investments, indicating that it is endeavouring to enacting advance investment law- the UAE has already finished the draft law on competition and issued consumer protection law.
She indicated that that the UAE has the highest per capita income in the region due to the wise economic diversification strategies- product and income source diversification.
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