The UAE is drawing up a road map to advance Emirati investments abroad and foray into new international markets under the framework of the new bilateral economic and commercial agreements signed with several countries, a senior minister said.
The priority sectors under the new initiative will include logistics, digital technologies, renewable energy, food security and space.
The sectors are selected in line with the transformation witnessed by the UAE’s economic model, Abdullah bin Touq Al Marri (below), Minister of Economy and Chairman of the UAE International Investors Council (UAEIIC), said.
The minister was speaking at the 32nd board meeting of the UAEIIC on Monday.
India, Israel and Indonesia are among the countries with which the Emirates has signed bilateral economic and commercial agreements so far, while negotiations are underway with more countries to conclude such pacts.
The meeting discussed the incentives and advantages offered by the bilateral comprehensive economic partnership agreements (CEPAs) signed by the UAE and the opportunities that Emirati companies could capitalise in these countries under the pacts.
Al Marri said the council has been established as a key platform to unite the efforts of the public and private sectors, with a clear vision to protect and support the interests of Emirati companies and their investments abroad.
Emirati foreign investments are also characterised by being strategic and long-term, in addition to creating new job opportunities and revenues, the minister said.
The meeting also deliberated on the activities carried out in the second quarter of 2022, as part of the UAEIIC’s strategy and its keenness to support the interests of member companies, as well as its role in supporting decision-makers in drafting well-studied policies.
The council members discussed a range of key topics such as developing new mechanisms that support the interests of Emirati companies abroad and serve the country’s aspirations, especially Emirati foreign investments that have enhanced the country’s competitiveness in vital sectors, including aviation, mining, logistics and ports.
Infrastructure, renewable energy, telecommunications, information technology, tourism, hospitality, banking, agriculture, food and pharmaceutical industries are the other sectors where the UAE is seeking to promote investments.
The UAEIIC, set up in 2009, supports the process of economic development and makes Emirati investments abroad drivers for advancing the national economy based on diversification, innovation and knowledge.
Besides Al Marri, the council meeting was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Jamal bin Saif Al Jarwan, UAEIIC secretary-general, and its members.
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