UAE, Germany strengthen bilateral relations

0

The UAE and Germany are in the process of strengthening their bilateral economic ties and are looking forward to pursuing the development of their business partnership with each other.

Mohammad Ahmad Bin Abdul Aziz Al Shehhi, Undersecretary of the Ministry of Economy for Economic Affairs, met Felix Neugart, CEO of the German-Emirati Joint Council for Industry & Commerce (AHK) in Dubai to discuss further.

According to Al Shehhi, the UAE has become Germany’s largest trading partner in the Arab region, accounting for 25% of the total volume of trade between the Arab countries and Germany which stood at €52 billion (Dh215 billion) in 2015.

Germany, however, is the sixth largest trading partner of the UAE.

Al Shehhi further said that foreign non-oil trade between the two countries recorded 3% growth in 2015, compared to the previous year, to reach about $15.5 billion.

The CEO of German Emirati Joint Council Felix Neugart said that the UAE is an important market for the German economy, as the country’s exports are still experiencing significant growth, reaching 16% in 2015 compared to the previous year. He also noted that the UAE represents an important regional and global trading centre through which German equipment and products are reaching various markets of the region.

Moreover, Mr Shehhi referred to this collaboration in all industries, supporting SME’s by encouraging innovation and promoting investment in tourism, air and sea transport, renewable energy, water desalination, infrastructure, health and education, among others.

About Author