The overall value of exports and re-exports between the UAE and Germany increased to €9.9 billion in 2013, compared to €9.77 billion in 2012, up by 1.7 per cent. Over the last decades, trade between Germany and the UAE reached €27 billion in 2013.
Over the last decades, trade between the UAE and Germany reached €27 billion in 2013. — AFP
Trade between the UAE and Germany jumped to €10.74 billion (Dh54.6 billion) in 2013 compared to €10.55 billion in 2012, while between GCC countries and the European nation increased to €26.5 billion in 2013 over €25.1 billion in 2012.
The total value of UAE-Germany imports grew by 2.5 per cent in 2013 to €799 million from €779 million in 2012. The overall value of exports and re-exports between the UAE and Germany increased to €9.9 billion in 2013, compared to €9.77 billion in 2012, up by 1.7 per cent. Over the last decades, trade between Germany and the UAE reached €27 billion in 2013.
Massimo Falcioni, chief executive officer of GCC countries at Euler Hermes, said that the UAE is the largest GCC buyer of German products. With the current economic trends the possibilities of cooperation between Germany and GCC countries are quite big, including logistics, health, education and energy. “Strategic partnerships between Germany and the GCC are bound to deepen given the diversification that both economies are undertaking. Already, the GCC region is attracting German companies that are seeking further opportunities and growth,” Falicioni said.
Germany and the GCC are both exhibiting notable economic growth over the last few years, with their gross domestic products valued at $3.50 trillion and $1.70 trillion, respectively, in 2012. Gulf economies are likely to continue growing at a healthy pace amid steady government spending and increasingly buoyant private sector.
Falcioni attended the recent GCC-Germany Business and Investment Forum in Berlin, emerging from the high-profile meeting with renewed optimism over the prospects of trade between the Arab world and Germany.
“Euler Hermes plays a strategic role in supporting German companies that trade and invest in the GCC region, and the outcome from the forum is a confirmation of the strong partnership between Germany and GCC region,” Falcioni said. Euler Hermes executives met with other important experts to discuss current economic trends and possibilities of cooperation between Germany and member-countries of the GCC. Strategic partnerships between Germany and GCC are bound to deepen given the diversification that both economies are undertaking. Already, the GCC region is attracting German companies that are seeking further opportunities and growth.
The forum sessions tackled topics ranging from logistics to health to education as well as energy. Other high-ranking guests participating at the forum were Shaikh Khalifa bin Jassim bin Mohamed Al Thani, Chairman of the Federation of GCC Chambers and Chairman of the Qatar Chamber of Commerce and Industry, who highlighted the strategic potential of economic partnerships between Germany and the GCC countries: “The GCC countries are diversifying their economies and offer numerous cooperation possibilities.”