UAE is a Major Investment Magnet in the Region : Lubna

ABU DHABI - The UAE is one of the major magnet of foreign investment in the region, Shaikha Lubna Al Qasimi, UAE Minister of Foreign Trade said on Wednesday.

By (Wam)

Published: Thu 21 Jan 2010, 11:47 PM

Last updated: Mon 6 Apr 2015, 4:50 PM

“Economic diversification, flexible economic and investment legislations, policy of encouragement of foreign investment, free competition and advanced education systems have allied together to make the UAE one of the key destination for foreign direct investment and global capital,” Shaikha Lubna said during a meeting with visiting Armenia Deputy Prime Minister Armen Gevorgyan.

She said the UAE was keen to develop commercial and investment cooperation with Armenia. She added the two countries need to communicate with each other to exchange development experiences and experiments and spur the private sector to tap available investment opportunities so as to boost economic development.

For his part, the Armenian minister said his country was determined to enhance its bilateral cooperation with the UAE in various fields.

He said the UAE is among the top priorities of the Armenian government plans to expand cooperation with in the Gulf region given its financial, business and economic weight and potentials and global competitive edge.

The Armenian government, he affirmed, was committed to provide the adequate legal framework to attract foreign investment.

Lubna Receives Canadian official

Shaikha Lubna also received Ed Stelmach, Premier of the Province of Alberta of Canada, on Wednesday. During the meeting, she said UAE prioritises the investment in renewable energy in line with its declared strategy to diversify the economic base and development of non-oil sectors.

“The UAE owns world class projects in the field of renewable energy despite the fact that it is one of the top world oil producers,” she said.

Shaikha Lubna also pointed out that the UAE was keen to boost the trade and investment cooperation with Canada through enhancement of the expertise and information exchange mechanism, urging the Canadian side to import the UAE products such as aluminum, ceramic, yuri and others, which are competitive and with high quality. The UAE official also invited the Canadian Companies to further boost the trade with the UAE.

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