UAE-Germany non-oil trade records $15.5 billion in 2015

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UAE-Germany non-oil trade records $15.5 billion in 2015
Eng Mohammed Ahmed bin Abdul Aziz Al Shehhi and Felix Neugart discuss ways to boost investment partnerships between the UAE and Germany.

dubai - UAE is Germany's largest trading partner in the Arab region

By Staff Report

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Published: Sun 19 Jun 2016, 6:58 PM

Last updated: Sun 19 Jun 2016, 9:01 PM

Eng Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs, met Felix Neugart, CEO of the German-Emirati Joint Council for Industry & Commerce in Dubai. The two sides discussed ways to strengthen bilateral economic relations and pursue the development of partnerships between their business communities.

The undersecretary said the UAE has become Germany's largest trading partner in the Arab region, accounting for 25 per cent of the total volume of trade between Arab countries and Germany which stood at ?52 billion in 2015. He mentioned that Germany is the UAE's sixth largest trading partner.

He said non-oil trade between the two countries in 2015 grew by three per cent from the previous year to reach about $15.5 billion.

Al Shehhi noted Germany's advanced economic position as the largest economy in Europe and one of the world's most industrialised countries, pointing to its superiority in the fields of science, research and technology. He explained the UAE's keenness to diversify the national economy, develop its non-oil sectors and uplift the role of the private sector opens broad prospects for the exchange of experiences and the promotion of investments in several areas.

He referred to partnerships in advanced industries, support for small and medium enterprises, encouragement of innovation and the promotion of investment in tourism, air and sea transport, renewable energy, water desalination, infrastructure, health and education, among others.

Neugart said that Germany and the UAE continue to develop excellent bilateral ties. Neugart praised the economic diversification achieved by the UAE and its ability to continue to grow despite global economic challenges and declining oil prices. The German-Emirati Joint Council for Industry & Commerce was founded in 2009 as a quasi-government organiszation and part of the German Industry and Commerce Office. It operates 130 offices in 90 countries and provides German and Emirati companies a platform for effectively exchanging experiences and building partnerships.

- business@khaleejtimes.com


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