(MENAFN - Emirates News Agency (WAM)) Minister of Economy Sultan Saeed Al-Mansouri and Chief Executive Officer of Enterprise Ireland Frank Ryan discussed enhancing the UAE's capabilities in various spheres such as small and medium size enterprises (SMEs), exchanging expertise, investment opportunities, innovation and scientific research, intellectual property to boost its transformation into a knowledge-based economy.
Al-Mansouri who is leading a high level business delegation to Ireland said the Dublin visit aims to explore venues of cooperation and opportunities for these sectors which are prioritized by the UAE's economy.
He underscored the tapping Ireland's experience in supporting SMEs which meets the highest standards of innovation and is based on enhancing partnership between the business community and academic institutions.
He hailed the efforts made by the Irish government through Enterprise Ireland, the organisation responsible for the development and growth of Irish enterprises in world markets. Enterprise Ireland works in partnership with Irish enterprises to help them start, grow, innovate and win export sales on global markets.
"The UAE is in the process of drafting law governing small and medium enterprises (SMEs) that is consistent with the economic system of the country and is planned to promote SMEs under a federal umbrella," minister Al-Mansouri said.
"When approved, the law will encourage nationals to engage in SMEs, promote competitiveness and back the national economy," he added.
Talks with the Irish officials will also discuss ways to increase trade between the two countries, the UAE minister said.
Trade between the UAE and Ireland is still below the target and does not reflect the available opportunities. Trade between the UAE and Ireland stood at US402.8 million in 2011 up from US314.3 in 2010, according to Al Mansouri.