UAE UK review investment horizons in Manchester
Date
10/25/2015 1:17:48 AM
(MENAFN- Emirates News Agency (WAM))
LONDON 24th October 2015 (WAM)Sultan bin Saeed Al Mansouri Minister of Economy has led the UAE's trade delegation to the United Kingdom (UK) from October 21- 23rd.
The visit included meetings with high-profile officials in the UK government in London and Manchester.
During the meeting they discussed ways to enhance trade and economic co-operation as well as joint investments.
The UAE delegation included Abdulrahman Ghanem Almutaiwee the UAE Ambassador to the UK Mohammed Ahmed bin Abdul Aziz Al Shehhi Under-Secretary for Economic Affairs Sheikh Mohammed bin Maktoum Al Maktoum First Secretary at the UAE Embassy in the UK a number of top officials at local and federal departments and a number of businesspersons as well as small- and medium-sized enterprises (SMEs).
The three-day event included meetings with a number of senior officials of the British government and a round table of an elite of businesspersons. They also held the 4th UK-UAE Joint Economic Committee meeting. The meeting was in line with the two sides' pursuance to bolster joint co-operation. The UAE delegation also paid field visits to a number of pioneering UK institutions.
The delegation held a meeting with Mayor of Greater Manchester Tony Lloyd and a number of government officials and businesspersons. Al Mansouri and Lloyd discussed ways to enhance trade and economic relations with Manchester City. He also indicated that Manchester is one of the most important and ancient British cities in the economic scientific and sports fields.
The mayor hailed the visit of the UAE trade delegation the first of its kind at the federal level which reflects the UAE's attention to increasing the volume of joint co-operation.
On the sidelines of the UAE delegation's visit UK Trade and Investment (UKTI) had organised an expanded meeting between business community of the two sides in which Al Mansouri confirmed the strong trade and economic relations between the two countries in all areas a relationship which is based on distinguished partnerships to the benefit of both sides in light of the keenness of the leaderships of the two countries to develop these relations.
Al Mansouri said that contribution of oil decreased to 31 per cent of the GDP of the country in the light of the growth of many non-oil sectors and within a vision which aims at increasing the contribution of non-oil sectors for more than 80 per cent of the total gross domestic product in the coming years.
He also pointed out that last year's growth rates have exceeded 4 per cent and it is expected to achieve a good rate at the end of the year despite reduction in oil prices.
He also spoke of the ambitious vision of the two sides to increase the volume of trade from ?12 billion to ?25 billion by 2020. The economy minister called on British businesspersons to benefit from the promising opportunities in the UAE in the coming period in the light of the country's preparations for the landmark event Expo 2020 Dubai.
WAM/Hazem/bashir