US seeks more investment opportunities in UAE

Abu Dhabi: US companies are targeting infrastructure projects in Qatar and Abu Dhabi as Washington seeks to achieve President Barack Obama's target of doubling American exports by 2015.

US Under-Secretary of Commerce Francisco Sanchez told Gulf News here yesterday that US firms in the transport and energy sectors are looking at the region's $300 billion (Dh1.1 trillion) in infrastructure projects.

Sanchez made the remarks following meetings with the Urban Planning Council (UPC) and the UAE's Etihad Railway Corporation. The US trade mission will hold similar meetings in Dubai and Sharjah.

He also said that the US was in Abu Dhabi to remove barriers that would curb the flux of US exports to the UAE and Qatar, noting that the US works to eliminate trade barriers and help ensure that foreign business environments are transparent and equitable.

"We are here as facilitators for our exports to the UAE and Qatar and to help our companies solve any problems that would hamper them from getting into these markets," he said, without elaborating on what problems US companies face in gaining access to Gulf markets.

Speaking of the potential market in the GCC, he said that both Abu Dhabi and Qatar held huge promise for US companies, Abu Dhabi because of its rapid development and 2030 plans and Qatar in the run up to the Fifa 2022 World Cup.

"They have ambitious infrastructure plans, and they have the money to pay for them," Sanchez said.

"We seek to deepen and strengthen our economic partnership with the region, particularly with the UAE through enhanced trade and investments in know-how, technology, transportation, renewable energy and green building," he said.

The volume of trade between the US and the UAE in the first five months of 2011 amounted to Dh18.9 billion, according to the Ministry of Foreign Trade.

UAE exports to the US rose 18 per cent between 2000 and 2010, from $971.7 million to $1.15 billion.

Overall from 2000 to 2010 UAE imports of US goods increased more than five-fold from $2.29 billion to $11.64 billion, according to the ministry.