Abu Dhabi: Delivering a lecture to a group of business administration students in Brussels, Shaikha Lubna Al Qasimi, Minister of Foreign Trade, underscored that the UAE is considered one of the advanced open economy states which adopt free market and fair competition principles.
"The UAE's economy is the second largest in the Arab world. It registered positive growth during 2009, reaching 3.1 per cent, raising the GDP (gross domestic product) to $249 billion (Dh914 billion). It was supported by the strong non-oil related sectors which contributed 66 per cent of the year's GDP," she added, indicating "this was achieved despite the global economic slowdown."
Shaikha Lubna said the percentage of foreign trade to GDP reached 173 per cent in 2009. She explained the UAE's non-oil foreign trade amounted to $181 billion in 2009, conducted with 202 countries from seven regions, with Asia leading with 47 per cent, Europe with 23 per cent, America with 8.6 per cent, the GCC states with 8.3 per cent and other Arab countries with seven per cent. She added the UAE's foreign trade average growth rate reached around 31 per cent during the period between 2004 to 2008.
She confirmed 2010 carries with it a positive outlook for business, especially after the UAE's economy pulled through the effects of the global economic crisis.
