UAE, US plan to boost trade and investment

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UAE, US plan to boost trade and investment

ABU DHABI — The Obama administration put plans in place to double US exports to the UAE and the rest of the world over the next five years, a senior US trade official said on Sunday.

By Haseeb Haider

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Published: Mon 31 May 2010, 11:06 PM

Last updated: Mon 6 Apr 2015, 11:13 AM

The US government will be a vigorous partner to American companies seeking to do business in the UAE. The US sees the UAE as a ‘gateway to regional and international markets’ to increase exports, Suresh Kumar, US Assistant Secretary of Commerce, told reporters at a Press conference in Abu Dhabi.

“The efforts to boost US-UAE bilateral trade and investments were at the centre of talks held with top officials of the Abu Dhabi Urban Planning Council, Abu Dhabi Future Energy Company (Masdar) and the Ministry of Foreign Trade,” Kumar said.

Kumar, who is also Assistant Secretary for Trade Promotion and Director-General of the US Foreign Commercial Services and US Department of Commerce and Trade Administration, said trade between the UAE and the US has multiplied six times in the last decade to $12 billion in 2009.

Kumar is visiting the UAE to promote the US National Export Initiative, or NEI, to boost the US economy by way of increasing exports.

“The UAE is the largest destination of US goods and services in the Middle East,” Kumar said at a luncheon organised by AmCham here yesterday.

Kumar said that both nations have strong investment inflows in each other’s countries, with US firms investing $3.4 billion in the UAE in 2008. In the same year, Kumar said UAE firms invested $2.7 billion in the US.

UAE preferred destination

He said that over 750 US companies operating in the UAE prefer to invest here, seeing it as an ideal place to set up their regional headquarters, instead of other business hubs such as Paris or London.

“The UAE, with its unparalleled combination of air and sea connections, business services, openness and security, provides a vibrant hub to grow regional business and global trade,” he said.

The US official said that Abu Dhabi’s Mubadala is currently investing over $4 billion to build a microchip fabrication plant in New York with its US partner, Advanced Micro Devices.

“The UAE has many ambitious infrastructure projects in the work, and it will find outstanding technology and know-how in American companies,” he said.

Kumar stressed that US rail technology can help the UAE make its rail system the world’s most efficient, profitable and safest.

haseeb@khaleejtimes.com



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