(MENAFN- Khaleej Times) UAE Minister of Economy Sultan bin Saeed Al Mansouri and Canadian Foreign Affairs Minister Rob Nicholson have discussed ways to promote bilateral relations in key sectors.
At a meeting, the two ministers also discussed the issues of common interests and the latest regional and international political developments.
Al Mansouri emphasised during the meeting that partnership between the public and private sectors is a key to the creation of a fully-integrated innovative business environment.
In the UAE, he noted, this is being fostered by his ministry in line with the directives of the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, and that the UAE Cabinet, in November 2014, and in accordance with these directives approved the designation of 2015 as the Year of Innovation, as part of a plan to make the UAE a world innovative leader.
The cabinet then directed all federal government bodies to boost cooperation and to revise their policies to develop a nurturing environment for innovation.
Al Mansouri also noted that trade between the UAE and Canada went up to Dh6.81 billion (around $1.8 billion) by the end of 2013, a 18.1 per cent increase over the previous year.
Trade between the two counties through free zones grew by 169 per cent to reach Dh3.56 billion between 2012 and the end of 2013.
The minister also proposed that trade between the two countries should double in the next five years along with efforts to increase UAE exports to Canadian markets. He invited the Canadian side to actively participate in the World Expo 2020.
The Canadian minister noted that his visit to the UAE is aimed at opening new avenues of cooperation with the UAE in various sectors, exploring investment opportunities in the UAE as well as promoting the investment opportunities provided by Canada.
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