UAE GRULAC group discuss stronger economic cooperation

ABU DHABI 18th January 2016 (WAM)Sultan bin Saeed Al Mansouri Minister of Economy of the UAE has met a delegation from the Group of Latin America and Caribbean Countries (GRULAC) to discuss ways of promoting economic and trade ties.

The minister said that there are many opportunities for co-operation between the two sides especially in sectors in which they have a competitive advantage such as energy renewable energy agriculture tourism and aviation.

He confirmed that the UAE takes great interest in building stronger co-operation relations with Latin American and Caribbean countries as a strategy especially in sectors of renewable energy food security and infrastructure. The minister said trade volumes with GRULAC countries do not reflect the true level of relations between the UAE and member countries of the organisation. The economic and trade potentials are enormous and the UAE looks forward to bolstering relations with the group.

Stressing the importance of visits and dialogue Al Mansouri noted that during the upcoming visit of the Mexican president to the UAE 15 memoranda of understanding will be signed between the two countries. He added that the UAE Ministry of Economy and its Colombian counterpart will sign an agreement for co-operation in SMEs sector.

The minister called on the delegation members to encourage business communities in their countries to work closely with their UAE counterparts in order to explore opportunities in trade industry and investments.

Speaking on food security Minister Al Mansouri said UAE is looking forward to better co-operation in agriculture animal stocks and fisheries. The group can be an important strategic partner with the UAE in this regard he noted.

The minister called the delegation to examine the UAE's leading experience in renewable energy as the Abu Dhabi Sustainability Week brings together the best leaders globally in the sector of renewable and clean energy.

Al Mansouri offered the visiting minister a brief on the advances in the UAE economy highlighting its open policies strategic location and position as a global re-export hub. He pointed out that the enabling incentives provided to investors such as zero taxation and state-of-the-art infrastructure make the UAE an ideal market for Belarusian investments and industries.

The UAE side offered the visiting delegation an overview of the economic advances in the UAE focussing on the diversification effort that allowed the contribution of non-oil sectors to reach 70 per cent of the GDP. Due to this policy the minister noted economic growth projections for the UAE are still positive despite the falling oil prices.

Al Mansouri highlighted the role of the UAE in global aviation as a hub between the east and west. He said the UAE is committed to the open air policy and is working to secure more open skies with other countries. He called on GRULAC members to work on increasing the number of flights with the UAE as it plays a major role in bolstering economic ties and increase tourism.

He added that that UAE's carriers are working on adding new destinations in the group's member countries. The minister noted that Emirates Airlines will be flying a new direct flight to Panama starting next February.

The visiting delegation commended the growing strength of relations between the two sides and noted the exceptional development of the UAE at all levels. Roberto Leon head of the delegation of the GRULAC confirmed the group's keenness to enhance trade economic and political cooperation with the UAE. Speaking on the opportunities available between the UAE and the members of GRULAC Leon called for reaching economic and trade agreements to enhance trade and open markets for investors.

The head of the GRULAC delegation invited the UAE Minister of Economy to visit the member countries of the group to explore potential collaborations especially in agriculture infrastructure and energy.