(MENAFN) UAE and Canada's economic trade ties are forecast to record further growth in the upcoming years, specifically in the fields of food and agriculture, education, oil and gas, and infrastructure, Gulf News reported.
The chairwoman of the Canadian Business Council (CBC) said that presently there are more Canadian companies considering the UAE as a favorite spot for expanding their businesses in spite of the declining oil prices.
The bilateral trade between Canada and the UAE was USD564 million in 2005. However, almost a decade later, trade between the two countries reached USD2.6 billion in 2014, according to Canada's ambassador to the UAE.
"Now is the time for companies to diversify and look outside their home countries and the markets they've been working in. For example, Canada's largest trading partner is still the US, but now with changes in oil prices, companies are definitely looking more at new markets," the chairwoman said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.