UAE And Switzerland Forge Ahead With Enhanced Trade And Investment Relations

Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, recently led a distinguished UAE delegation to Bern and Basel, Switzerland, aiming to enhance economic cooperation and boost investment between the UAE and Switzerland. This visit marks a significant step in strengthening the ties between the two nations, especially in light of the impressive growth in non-oil trade, which reached a total value of US$22.3 billion in 2023, marking a 41.2 percent increase from the previous year.

The delegation included notable figures such as Hissa Abdulla Al Otaiba, UAE Ambassador to the Swiss Confederation; Dr. Fatema Mohamed Al Kaabi, Director-General of the Emirates Drug Establishment; and several undersecretaries and CEOs representing various sectors within the UAE economy. Their discussions with Swiss officials, including Helene Budliger Artieda, Switzerland's State Secretary for Economic Affairs, underscored the flourishing trade exchange and explored avenues for future collaboration.

During their visit, the delegation participated in the Swiss-UAE Economic Forum in Bern. This event gathered leading companies and investors from both countries to discuss investment and partnership opportunities. Dr. Al Zeyoudi highlighted the significance of this forum as a platform for fostering long-term economic growth based on knowledge and innovation.

Dr. Al Zeyoudi emphasized the strong economic partnership between the UAE and Switzerland, noting that Switzerland is a key trade and investment partner for the UAE. He pointed out that bilateral trade exceeded US$22.3 billion in 2023, showcasing the synergy between their economies. The Minister also mentioned recent collaborations in alternative fuels, trade finance, biotech, and med-tech research as examples of potential areas for greater economic integration.

The visit also included tours of leading Swiss private-sector companies such as Novartis and Pilatus. Discussions at Novartis focused on partnership prospects in alignment with the UAE's Emirates Drug Establishment goals. Meanwhile, at Pilatus, talks revolved around boosting advanced manufacturing capabilities in the UAE through partnership with Strata.

The delegation comprised senior executives from various high-growth industries within the UAE, including banking and finance, aviation, trade and investment, healthcare, and advanced technology. This diverse representation underscores the UAE's commitment to exploring new business opportunities and expanding its economic footprint globally.

This visit not only celebrates 50 years of diplomatic relations between the UAE and Switzerland but also sets a foundation for future cooperation aimed at mutual economic prosperity. By leveraging their shared vision for sustainable growth built on innovation, both nations look forward to identifying new opportunities that will benefit their economies for years to come.

With inputs from WAM