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UAE’s 2017 foreign trade valued at Dh1.7tr: Minister of Economy

Sultan Bin Saeed Al Mansouri said that the country’s initiatives and strategic projects to support its commercial stature are continuing

Gulf News

ABU DHABI: The UAE’s Minister of Economy, Sultan Bin Saeed Al Mansouri, has stated that the initial figures for the UAE’s total foreign trade in 2017 will reach a value of Dh1.7 trillion. He expressed his expectation of continuous growth in the country’s trade during 2018 and the following years, in light of its policy of openness and its efforts to create beneficial commercial partnerships with various countries and promote commercial cooperation with promising international markets.

In a statement to Emirates News Agency, WAM, Al Mansouri said the country’s initiatives and strategic projects to support its commercial stature are continuing, including the hosting of the Expo 2020 Dubai, as well as local investment projects that are directly linked to this vital sector, such as the announcement of the construction of Dubai Wholesale City during the first quarter of 2016, which will be the largest international wholesale city in the world.

He also highlighted the UAE’s desire to strengthen its economic, commercial and investment cooperation with various countries while expanding ties with international markets and searching for new and promising business destinations and commercial markets, based on a clear vision, correct planning and future foresight.

Al Mansouri went on to say the Ministry of Economy, in cooperation with relevant federal and local government authorities and in partnership with the private sector, has exerted considerable efforts to establish diversity and sustainability in the national economy while raising its regional and international competitiveness, advancing its policy of commercial openness, promoting promising investments, and focusing on technology, knowledge and innovation, in line with the goals of the national agenda of the UAE Vision 2021.

UAE-Saudi Arabia relations

Regarding the UAE’s relations with Saudi Arabia, Al Mansouri noted that both countries enjoy strong bilateral relations, which are connected via solid ties based on shared culture, history and noble Islamic and Arab values. He affirmed the decision of President His Highness Shaikh Khalifa Bin Zayed Al Nahyan to form a joint cooperation committee — which includes the military, politics, economy and culture sectors — represents another important step in expanding the prospects and levels of cooperation between the two countries, which will help achieve their common development goals.

The committee will have a key role in strengthening the efforts of both the UAE and Saudi Arabia to benefit from their developmental assets as the largest Arab economies, as well as to employ their commercial and investment capabilities, which will achieve their sustainable development, the minister concluded.