(MENAFN - Khaleej Times) Deal signed to establish a framework for mutual assistance
sultan bin saeed al mansouri exchanging documents after signing the agreement. — supplied photo
minister of economy sultan bin saeed al mansouri said the uae companies have registered exceptionally successful performance in drawing international investments and proven their global competitiveness.
“our home grown entities have earned reputation through decades of hard work and excellence. today organisations from the uae are welcomed and sought after worldwide” al mansouri said after a high-level meeting with romanian officials led by prime minister victor ponta in bucharest.
the exchange was held on the side lines of the joint economic committee meeting held in the romanian capital. the uae delegation included high level officials and members of the country’s business community.
“the uae is proud of the developmental role that our companies are playing in different countries around the world. the operations of the uae’s companies abroad are marked by a high degree of corporate social responsibility. the enterprises are seen as real partners in developmental efforts and not just as profit seekers” al mansouri said.
the minister offered detailed insights into the investment landscape of the uae. he highlighted the facilities offered to investors the legislative framework and the ultra-modern infrastructure and logistical capabilities that position the country as a preferred international business hub. he also highlighted the availability of free zones mega ports and airports and the development of infrastructurally-enabled industrial cities that support the significant investment opportunities in the uae.
during the meeting the two sides emphasised the importance of laying out a clear framework for future cooperation. the proposed framework will identify specific sectors timelines and follow-up mechanisms to monitor development and tackle any obstacles. the delegations agreed that a joint team would be set up for the implementation of decisions made by the joint economic committee.
for his part the romanian prime minister expressed his country’s interest in developing cooperation across all sectors focusing on agriculture industry tourism and energy. romania’s state minister for energy meanwhile outlined the country’s significant economic potential in wind energy hydropower and solar power and confirmed interest in attracting investments from the uae in the renewable energy sector.
the delegates also discussed ongoing privatisation plans that are underway and called on businesses in the uae to benefit from the investment opportunities available in romania.
a memorandum of understanding (mou) was signed between the securities and commodities authority (sca) of the uae and the financial supervisory authority (fsa) of romania at the conclusion of the joint economic committee meeting.
the mou seeks to establish a framework for mutual assistance and facilitate the exchange of information between the two authorities. the enhanced cooperation is in turn anticipated to ensure mutual compliance with regulations in the securities and futures domain of the two countries. additionally the agreement aims to augment investor confidence and promote the integrity of the securities markets through establishing a charter for co-operation exchange of information and investigative assistance that conforms to existing laws and practices.
the pact also specifies the mutual scope of work that focuses on the prevention of illegitimate financial market activities including insider dealing market manipulation and other fraudulent practices prevalent among companies securities futures contracts options and collective investment schemes.