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Tue 7 Jun 2016 09:09 AM

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UAE still pursuing new foreign investment law - Minister of Economy

Economic strategies planned ‘according to free-market mechanisms’, said Al Mansouri

UAE still pursuing new foreign investment law - Minister of Economy
Sultan Saeed Al Mansoori/ Sultan Saeed Al Mansouri

The UAE is continuing efforts to facilitate movement of international trade, said the Minister of Economy.

Sultan bin Saeed Al Mansouri said the country would ‘continue to pursue economic strategies and enhance enablers for working according to free-market mechanisms’.

It is part of a plan to increase national competitiveness through an open economy, said state news agency WAM.

The UAE is still working on a new foreign investment law that will allow for full or partial ownership of foreign investments in sectors that support economic diversification, said Al Mansouri, addressing members of the World Trade Organisation (WTO) in Geneva.

Al Mansouri presented the benefits and guarantees offered for foreign investments in UAE. He cited the presence of more than 30 free trade zones within the country that allow 100 percent ownership. He said 40,000 companies operate in these zones spread across the emirates.

The WTO recently concluded its third Trade Policy Review of the UAE, commending the role played by the UAE in global trade and its commitment to the principles of the multilateral trading system.

The organisation also praised the UAE’s adoption of economic policies for promoting efficient trade movement that have made the country an important global trade hub.