UAE Engages In Strategic Talks To Boost Trade And Investment With US

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, recently visited Washington DC to discuss enhancing trade and investment ties with Gina Raimondo, US Secretary of Commerce. Accompanied by Yousef Al Otaiba, UAE Ambassador to the US, Dr. Al Zeyoudi also led a UAE delegation to the 10th SelectUSA Investment Summit.

The UAE delegation included over 65 participants, including Mohammed Abdul Rahman Al Hawi, Undersecretary of the Ministry of Investment, Juma Mohammed Al Kait, Assistant Undersecretary of the Ministry of Economy for Foreign Trade Affairs, and Saud H. Al Nowais, UAE Commercial Attaché for the UAE Embassy. Senior executives from various government and private sector companies such as Abu Dhabi Investment Office and Mubadala were also present.

During his meeting with Secretary Raimondo, Dr. Al Zeyoudi emphasized the significance of economic relations with the US. The US is the UAE’s third-largest global trade partner and accounts for 27% of America’s non-oil trade with the Arab World. In 2023, bilateral trade between the two nations reached US$40 billion, marking a 20.1% increase from the previous year and a 50.2% growth compared to 2019.

At the SelectUSA Investment Summit hosted by the US Department of Commerce, Dr. Al Zeyoudi met Governor Phil Murphy of New Jersey to discuss how UAE-based businesses can enter or expand in the US market in areas like clean energy and advanced technology. The summit's workshops enabled delegates to learn about various investment opportunities across the USA.

Addressing attendees at a session organized by the UAE-US Business Council, Dr. Al Zeyoudi stated: "The United States of America remains one of our most trusted international allies and a vital trade and investment partner. Our relationship is not only strong and enduring; it continues to find productive new horizons." He highlighted collaboration in renewable energy and advanced technology as key areas.

The UAE is the largest Arab investor in the USA with assets exceeding US$38.1 billion as of 2022, accounting for over 50% of Arab investment into the country. Over the past five years, UAE investments in the US have grown by US$12 billion across sectors such as transportation and ICT.

Economic Diversification

Dr. Al Zeyoudi noted that majority UAE-owned firms employ over 24,300 US workers and contribute significantly to increasing US exports. In 2021 alone, these firms added US$1.4 billion to the value of US goods exported.

The visit underscored UAE's commitment to finding new avenues for cooperation at both public- and private-sector levels to further economic diversification ambitions. The SelectUSA platform was highlighted as ideal for discovering opportunities in the US market while showcasing UAE’s dynamic ecosystem.

The discussions also covered ongoing collaboration on renewable energy development between both nations. This reflects their shared interest in sustainable growth and technological advancement.

The summit provided an opportunity for UAE delegates to identify potential areas for collaboration and means to access them effectively. This aligns with their goal of expanding opportunities for UAE's private sector within the US market.

The visit demonstrated a commitment to strengthening bilateral ties through increased trade and investment activities between both countries.

With inputs from WAM