UAE and Luxembourg to strengthen trade ties

The two sides discussed initiatives to strengthen the relations at a meeting between the UAE Minister of Economy Sultan Bin Saeed Al Mansoori and HRH Prince Guillaume Jean Joseph Marie, Crown Prince of Luxembourg, accompanied by Jano Jeannot, Minister of Economy and Foreign Trade, and a high-level delegation in Abu Dhabi.

The two sides also discussed the Eurozone crisis and its potential impact on global economies. Al Mansoori emphasised that the UAE is firmly positioned to address any fluctuations in the global economy, and will continue to focus on its growth strategies.

Al Mansoori said that the UAE is today a preferred investment destination, led by its open-door policies, economic diversification and stable growth environment. He also underlined the UAE’s commitment to strengthen economic co-operation frameworks with Luxembourg and promote trade, investments and partnerships in alternative energy and industry.

HRH Prince Guillaume congratulated the UAE’s success regionally and internationally, and said that the country serves as a gateway for European nations and the rest of the world to reach out the wider markets in the Middle East. He praised the development model that focuses on economic diversification and the country’s focus on sustainable development, especially renewable energy, citing that Masdar City is a model for the rest of world.

Both sides agreed to strengthen co-operation in the areas of alternative energy and sustainable development by hosting joint meetings of specialized teams from both countries to identify areas of potential partnerships. They also stressed the importance of strengthening partnership across both the public and private sectors.

They reviewed regional events and their impact on the economies of the Middle East, and agreed on the importance of unifying efforts to build partnerships and strategic cooperation to overcome potential challenges.

On trade exchange, the two parties stressed the need to enhance trade through delegations to explore investment opportunities in the two countries in industry, energy and renewable energy.

They also reiterated the need to exchange information on regulatory policies that stimulate investment in both countries and agreed to strengthen exchange of information regarding the investment climate.