Business | Economy

Visiting president calls on UAE business to launch ventures in Ukraine

UAE GDP grew by a nominal 29.9 per cent in 2011

  • By Shehab Al MakahlehStaff Reporter
  • Published: 19:27 November 26, 2012
  • Gulf News

  • Image Credit: WAM
  • Sultan Bin Saeed Al Mansouri, Minister of Economy, and his Ukrainian counterpart during a signing ceremony in Abu Dhabi on Monday. President His Highness Sheikh Khalifa Bin Zayed Al Nahyan held today a round of talks with the visiting Ukrainian President, Viktor Yanukovych, over mechanisms of boosting bilateral relations.

Abu Dhabi: Viktor Yanukovych, President of Ukraine, who is on an official visit to the UAE, called on the UAE businessmen on Monday at the opening of the “UAE- Ukraine Business Forum” in Abu Dhabi to launch ventures his country as its economy is promising and booming.

“I call on the UAE businessmen and entrepreneurs to benefit from the recent legal and business reforms that had been achieved in the country which had helped to attract many foreign investors to the country to have their ventures in various sectors,” said President Viktor Yanukovych.

Valeriy Bilyy, Vice President of the Ukrainian Chamber of Commerce and Industry, said that Ukraine and the UAE have to enhance their bilateral trade ties as both markets are promising.

He called on the UAE businessmen to promote investments in various infrastructural projects, noting that the Ukrainian economy is robust and strong.

“In Ukraine, we have very good investment opportunities, particularly in the fields of heavy industries, high technologies, energy future, steel, metals, wood, aviation, tourism, and construction,” said Bilyy on Monday at the opening of the “UAE-Ukraine Business Forum” in Abu Dhabi.

“The Ukrainian government offers great facilities for investors to motivate them to invest in the country,” he said, adding that “Ukraine had managed to attract billions of dollars in foreign direct investments during the past years”.

Mohammad Thani Murshed Al Rumaithi, Chairman of the Federation of UAE Chambers of Commerce and Industry, said that the two countries enjoy very strong friendly relations.

“Both countries have very good attractive investment opportunities,” said Al Rumaithi, calling on the Ukrainian businessmen to benefit from the advantages in the UAE market to launch their investments.

Khalfan Seed Al Ka’abi, first vice chairman of Abu Dhabi Chamber of Commerce and Industry, told the Gulf News: “While major economies are still trying to contain recessionary impact, Abu Dhabi has managed to report robust growth. Its GDP grew by a nominal 29.9 per cent in 2011, exceeding $200 billion for the first time and putting the economy high up the list of growth centres.”

Al Ka’abi added that while the oil sector is the biggest strength of Abu Dhabi, the Emirate is shifting focus to build a sustainable knowledge based economy.

“Non-oil sector grew 7 per cent last year, contributing 41 per cent of the Emirate of Abu Dhabi’s GDP, rising from $27 billion in 2001 to $91 billion in 2011,” he continued.

Non-oil imports from the UAE to Ukraine grew to Dh973.4 million in 2011 while non-oil imports from Ukraine to Abu Dhabi have increased to Dh109 million in 2011.

Al Ka’abi poined out that the UAE is experiencing phenomenal economic growth as it becomes one of the region’s foremost business centre.

“Abu Dhabi is setting for itself the highest standards and intends to be ranked alongside other transformation economies on indices relating to economic competitiveness. This will further consolidate Abu Dhabi’s position as an attractive destination for international companies to base their regional and global operations,” stressed Al Ka’abi.

He highlighted that there had been increased focus on some sectors indentified as key growth drivers which are expected to grow more than 7.5 per cent yearly.

“These include metals, aviation, astronomy, defence, petrochemicals, pharmaceuticals, bio-technology, tourism, healthcare, logistics, education, media, financial services and telecommunications,” concluded Al Ka’abi.

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