Abdullah Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade, received a Canadian delegation led by Martin Zablocki, CEO of the Canadian Commercial Corporation (CCC), for discussions on best ways to bolster joint economic, trade and investment cooperation for serving the interests of friendly countries and people.
In the presence of a number of resident Canadian diplomats, Al Saleh said UAE-Canada’s solid ties had contributed towards expanding two-way trade to nearly AED16.2 billion (US$ 4.4 bn). By the end of 2013, trade exchange reached AED6.8 bn ($ 1.85 bn) and trade through free zone stood at AED3.56 bn ($ 970 mn). Figures show that 51 Canadian trade companies, 23 trade agencies and 788 trade marks were registered with the Ministry of Economy.
Al Saleh spoke about the UAE’s strategic geographic location, economic and investment climate and competitive incentives and world-class infrastructure which would be available to foreign investors, adding that these privileges can allow Canadian products to penetrate into the Middle East, North Africa and West and East Asia.
Establishing industrial projects in the UAE, he noted, will give Canadian companies a tremendous competitive edge in the UAE which boasts of having 34 free zones providing an ideal free-of-tax investment climate and guarantees 100 percent transfer of profits.
He added that participation of Canadian companies in exhibitions and fairs held in the UAE will help them explore investment opportunities in the country and prospects for entering new markets.
On his part, the Canadian team gave a presentation on CCC’s mandate as Canada’s international contracting and procurement agency. The Corporation was established with a mandate “to assist in the development of trade between Canada and other nations and to assist persons in Canada to obtain goods or commodities from outside Canada, and to dispose of goods and commodities that are available for export from Canada.” At the end of the meeting, Al Saleh invited the CCC to participate in the 5th Annual Abu Dhabi Investment Forum to be held from March 30 to April 1.
Source : WAM News Agency for United Arab Emirates
