Dubai: Charles Rivkin, US Assistant Secretary of State for Economic and Business Affairs, is calling upon American businesses to take part in the ongoing growth in the UAE.
“We are interested in the UAE, and we are going to tell Americans to come here,” Rivkin said in an interview with Gulf News during his first official trip to the UAE. Rivkin is here for the Economic Policy Dialogue, which began on Wednesday.
“The American Business Community (ABC) in the UAE is very excited to be here. Americans are coming here because they see Dubai as the centre of business and they are looking to take part in the development strategy in the UAE,” he said.
“Emiratis are thinking 20 years ahead. They give you a chance to see the future. and think beyond the horizon in terms of infrastructure and ambition,” he said.
Broadening links
Held every six months, the initiative for Economic Policy Dialogue works to broaden links and explore trade-offs in development policy by bringing the best ideas in development to policy-makers who face complex challenges and opportunities resulting from globalisation. The US government holds EPD meetings with its most important trading partners, which serves as a platform to develop new initiatives that will strengthen the economic, trade and commercial relationship between the two countries.
“Our role is to make the opportunities for the American businesses in the UAE real.” In the UAE there are over 1,500 American companies while around 55,000 Americans are living in the UAE.
Furthering cooperation on bilateral economic policies are the main topics for discussion during the Economic Policy Dialogue. These government-to-government meetings could help officials to eliminate non-tariff trade and commerce barriers, explore opportunities to increase cross-border investments, and work to expedite the process for business travel between the UAE and US.
Rivkin said that a Free Trade Agreement between the UAE and US is currently in the works but needs more time. Rivkin said that the US is also discussing Trade Framework Agreements with other GCC counties.
“I believe it will be a better strategy to do trade deals with the region. It is about lowering barriers and harmonising and regulating common standards as well as identifying barriers in trade that could be eliminated,” he said.
Rivkin said that according to Secretary of State, John Kerry wants the US State Department to be fully engaged in helping to build economic ties with friendly countries around the world.
US exports
The UAE is already the largest export market for US goods in the Middle East, with the value of US exports to the UAE totalling about $25 billion in 2013, he said.
The total US foreign direct investment (FDI) inflows to the UAE is estimated at $7.8 billion in 2012 while the UAE FDI flows to the US is valued at $21 billion during the same period.
The UAE is the 19th largest US partner in FDI.
“There is no question that the US investments in the UAE will be witnessing an increase in the coming years. And the State Department has the chance to connect US investors with opportunities in the UAE, especially those who may not be aware about this potential,” Rivkin said.
Aviation, energy, oil, oil products, foodstuff and Halal food top the list of US exports to the UAE while most of the exports from the UAE to US is aluminum.
GCC investments
The US will be trying to convince investors from the Gulf Co-operation Council (GCC) counties to invest in the US.
“We still have opportunities in America. The US market has opened for investments. The advantages of this market is not because it is recovering and getting very strong but because of its expertise as the largest economy in the world, a $15 trillion economy,” he said.
