Sultan bin Saeed Al Mansouri, Minister of Economy, has discussed with the U.S. Ambassador to the UAE, Barbara A. Leaf, ways to enhance joint cooperation and develop economic ties between the two friendly countries, especially in the innovation field.
These actions were agreed upon when Al Mansouri today received Leaf in the presence of Mohammed Ahmed bin Abdulaziz Al Shehhi, Undersecretary for Economic Affairs at the Ministry of Economy and other US Embassy’s officials.
Minister of Economy and the US envoy discussed results of the visit that had been paid by the minister to the US last September heading a high profile Emirati delegation which included a number of key officials at the government departments, private sector’s businesspersons.
The visit, included Washington, DC, Seattle, Palo Alto, ” Silicon Valley”, and Los Angeles, aimed to view the US experience in the innovation field.
Al Mansouri said, “Innovation and entrepreneurship are deemed the most important areas on today’s discussions in our strive to build a knowledge-based economy and this tour has enabled us to draw an integrated image about the latest technological developments in various vital sectors which, we see, will contribute actively to supporting our efforts to move to knowledge-based economy to make its contribution to be not less than 5 percent of the total national input in 2021.” Commenting on the existing cooperation between the UAE and US governments in the economic field, Al Mansouri said, “The UAE-US ties, particularly in the economic, trade and investment domains, are growing rapidly and are set for further growth in the light of the mutual desire of both sides to further develop them.” He added, ”The US is the 4th largest partner of the UAE in terms of non-oil trade, and we wish to leverage the volume of trade exchange, which reached $26.9 billion in 2013 ” nearly AED 98.7 billion.” He also indicated that the volume of trade between the two sides had contributed to generate 200,000 job opportunities in the US, where the UAE is considered one of the largest import markets from the US in the Middle East, pointing out the volume of the UAE investments in the US has exceeded $21 billion in the US capital markets and direct investments fields.
The Minister also added that the UAE is home to over 1000 US companies, many of which takes the country as a regional headquarters for their operations. More than 60,000 US citizens are living or working in the UAE.
On her part, Leaf hailed the growing development being witnessed by the UAE in various economic, trade and investment fields, stressing the UAE is adopting the right approach towards a knowledge based-economy through supporting of innovation and focusing on different types of research that serve the various economic sectors. She also affirmed her country’s readiness to fully cooperate with the UAE in the field of innovation and the transfer of the US knowledge and experience as required.
The US envoy described the UAE-US relations as “very strong”, highlighting the successive visits of a number of US officials to the UAE in various field.
She also that the UAE enjoys the necessary efficiencies to the development process and its wise leadership has a clear vision which is supported by political and economic stability to promote innovation in the short and long terms.
Source : WAM News Agency for United Arab Emirates
