UAE, New Zealand concur seven-monitor financial partnership

The UAE and New Zealand have agreed on a 7-pronged financial cooperation programme at the eighth session of the UAE-New Zealand Joint Financial Committee (JEC) held a short while ago on the sidelines of Expo 2020 Dubai.

The 7 new tracks aimed at consolidating the financial partnership concerning the two international locations above the upcoming two decades consist of improvement of trade and mutual investment decision, innovative technological know-how and revolutionary industries, agriculture and food items stability, vitality and renewable vitality, logistics products and services, tourism, and entrepreneurship and compact and medium-sized enterprises.

The session was chaired by Dr Thani bin Ahmed Al Zeyoudi, the UAE Minister of Condition for International Trade and Damian O’Connor, Minister for Trade and Export Progress of New Zealand.

The session also witnessed the signing of a Memorandum of Being familiar with (MoU) concerning the Etihad Credit score Export Insurance policy in UAE and the New Zealand Export Credit score Company to increase the momentum of trade and boost export-connected investments concerning the two international locations.

Dr Al Zeyoudi explained: “The non-oil trade concerning the UAE and New Zealand amounted to virtually AED2.eight billion ($762 million) by the stop of 2021, reflecting a expansion of fourteen.two% in comparison to 2020 and a thirteen.four% boost in comparison to 2019. The UAE is New Zealand’s tenth greatest investing husband or wife globally, accounting for two.five% of New Zealand’s overseas trade.

“We are also New Zealand’s selection a single Arab investing husband or wife, accounting for fifty% of its trade with the Arab planet. In the meantime, the UAE’s immediate investments in New Zealand totalled AED625 million by the stop of March 2021. In the meantime, New Zealand has investments really worth much more than AED272.five million in the UAE.”

Dr Al Zeyoudi invited the New Zealand enterprise local community to discover about the numerous incentives the UAE provides. He highlighted the central part of the Joint Financial Committee in the exploration of promising expansion options and as a principal system for bilateral financial cooperation.

He more famous that the upcoming period will aim on stimulating investment decision in potential sectors these kinds of as innovative technological know-how, as perfectly as sharing ordeals in the deployment of innovation in industrial improvement, financial diversification, generation abilities, modern-day agricultural technological know-how and food items stability, renewable vitality, logistics, expertise attraction and numerous other people.

The minister also known as for intensified joint attempts to carry out the Committee’s outputs on the floor and to shift to a new amount of partnership with a important contribution from the personal sector and the whole aid of the two governments.

Damian O’Connor explained that relations concerning the two international locations are dependent on powerful ties, noting that the UAE is a critical trade husband or wife for New Zealand. He highlighted the UAE’s crucial place as an lively logistics gateway facilitating the movement of New Zealand’s exports to the Center East, Asian, and African marketplaces.

He additional: “We are eager to fortify our trade and financial relations with the UAE by forging new partnerships with the general public and personal sectors, in gentle of what was talked about in the course of the most recent JEC session held in the New Zealand Pavilion at Expo 2020 Dubai. We will get the job done to fortify our cooperation with the UAE in the regions of agricultural technological know-how, innovation, and trade facilitation.”

He more expressed his enjoyment at the signing of the MoUs that define shut cooperation attempts concerning the two international locations in the regions of food items stability and export credit rating, noting that his nation is wanting ahead to reaching better ranges of financial partnership with the UAE in the upcoming period.

The eighth JEC session noticed the UAE and New Zealand concur on the relevance of continuing attempts to examine more options for financial cooperation in precedence sectors at the governmental and personal ranges. The assembly of the Committee also witnessed the signing of an MoU concerning the Etihad Credit score Export Insurance policy in the UAE and the New Zealand Export Credit score Company to increase the momentum of trade and boost mutual export investment decision, as perfectly as cooperate in insurance plan and re-insurance plan options and co-insurance plan products and services to aid commodity exports, investments and products and services.

The two sides also agreed on encouraging the enterprise communities of both of those sides to assessment popular options, amenities, and gains offered in both of those marketplaces and examine new factors of advertising and marketing trade and mutual investment decision, and enter into personal joint investments in sectors of widespread curiosity.

The UAE facet invited its New Zealand counterpart to take part in the impending once-a-year trade and investment decision gatherings hosted by the nation these kinds of as Gulfood GITEX Technological innovation 7 days, and the Investopia Summit, which will start its 1st session in Dubai on March 28 together with Expo 2020 this 12 months.

The assembly also noticed the arrangement to fortify cooperation in the regions of tourism, renewable vitality, agricultural stability, logistics, entrepreneurship, civil aviation, communications, maritime functions, industrial ports, and totally free zones, therefore establishing and facilitating trade and improving upon the performance of offer chains concerning the two international locations.

The two sides also agreed to produce a joint prepare of motion with a promising agenda for cooperation in the regions of modern-day agriculture and food items stability in the curiosity of the financial expansion for the two international locations.

What’s more, both of those sides underlined the relevance of strengthening investigation and improvement partnerships in rising renewable vitality systems these kinds of as battery and photo voltaic vitality storage and squander conversion, as perfectly as advertising and marketing cooperation concerning corporations in the two international locations to spend in this sector.

The relevance of checking out options to share ordeals in the SME procedures and courses and driving SMEs’ electronic transformation, and cooperation in the improvement of an innovative technological natural environment for startups and entrepreneurships ended up also talked about. 

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