UAE discusses economic, investment co-operation with Maldives

Sultan bin Saeed Al Mansouri, Minister of Economy, said that the UAE and the Maldives were having good economic and commercial ties.

He noted that the total non-oil foreign trade exchange between the two countries witnessed a growth during the past five years to reach around AED475 million in 2016 (US$129.2 million), increasing from AED422 million in 2015 by 12.5 percent.

He made this statement during a meeting with Mohamed Saeed, Minister of Economic Development of the Maldives, and his delegation in Dubai, in the presence of Juma Mohammad Al Keet, Assistant Under-Secretary for the Foreign Commerce Sector at the Ministry of Economy, and Hind Al Youha, Director of Investment Administration in the ministry.

The meeting addressed the possibilities of future co-operation between the two countries in several areas of mutual concern, in line with each country’s economic agenda, including the increase in commercial exchange and co-operation in aviation and tourism sectors, as well as promoting investments in tourism facilities and infrastructure, real estate sector, renewable energy areas, innovation, and small and medium enterprises.

Al Mansouri observed that the foreign trade sector represented one of the key pillars of co-operation, especially in light of the strategic geographical location of the UAE, as it was relatively close to the Maldives and was considered a leading regional and international commercial centre. It also has an aerial and maritime transport sector that makes it an important destination for the promotion of commercial exchange with the Maldives, especially in exporting and re-exporting activities, he stated.

He reiterated the importance of intensifying co-operation between the relevant authorities and the private sector in both countries to identify the priorities and areas of mutual concerns. He referred to the importance of the Emirati-Maldivian Business Forum, which will be held on 18th December, 2017, in the UAE.

The minister underlined the desire of the UAE to support the efforts of economic development in the Maldives and expressed the country’s willingness to share its extensive expertise with the Maldives in the areas of economic, commercial and investment development.

Mohamed Saeed said that his country sought to promote economic co-operation with the UAE on a continuous basis, and highlighted the fact that the UAE was one of the key commercial partners of the Maldives in the region.

He pointed out that the tourism sector in the Maldives was highly competitive and attractive at the regional and international level, and it was witnessing constant growth.

He drew attention to the important investment and development opportunities in this sector.

The Maldives is focussing on the development of aviation, renewable energy and real estate sectors, and it is developing new legislation and building new free zones aimed at encouraging investments in a variety of areas, he remarked.