UAE And Croatia Discuss Enhancing Economic Cooperation And Trade Relations

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, recently visited Zagreb to meet with Ante Šušnjar, Croatia’s Minister of Economy and Sustainable Development. The meeting aimed to explore new avenues for boosting trade and economic cooperation between the UAE and Croatia. Ahmed Alattar, the non-Resident Ambassador of the UAE to Croatia, also attended.

The discussions centred on potential collaborations in sectors like agriculture, manufacturing, renewable energy, infrastructure, transportation, and tourism. Both ministers emphasised the importance of private sector partnerships in these areas. They also discussed strategies to streamline supply chains to enhance mutual prosperity and ensure long-term economic resilience.

Al Zeyoudi stressed Croatia's strategic role in the UAE's efforts to deepen its economic ties with Europe. He stated, "Strengthening global trade and economic ties remains at the core of our strategic priorities, enhancing the UAE’s position as a pivotal player in the global economy. Our commitment to working with key partners such as Croatia ensures sustainable growth and supports trade frameworks that deliver mutual benefits."

The meeting highlighted the rapid growth in non-oil trade between the two countries. From 2022 to 2023, trade increased by 4%, reaching US$110.7 million from US$107 million. A significant factor was a 265% rise in re-exports from the UAE, amounting to US$15.65 million. Additionally, UAE exports to Croatia grew by 12%, totalling US$43.03 million.

Ante Šušnjar praised the UAE’s active role in strengthening bilateral relations. He remarked, "The UAE-Croatia partnership serves as a successful example of how strong economic cooperation can drive mutual growth and generate lasting benefits for both nations." This sentiment underscores the depth of opportunities this partnership offers both economies.

Future Prospects

In early 2024, bilateral trade continued its upward trend with a 44.8% increase compared to the same period in 2023, reaching US$78.9 million. This growth was driven by an 84.2% surge in imports to US$50.1 million and an 83.4% rise in re-exports to US$8.4 million. These figures reflect a robust expansion in trade activities between the two nations.

Al Zeyoudi further noted that non-oil trade growth with Croatia highlights their vibrant economic relationship and opens doors for broader investment opportunities. He said sectors like manufacturing, renewable energy, and logistics offer immense potential for collaboration towards shared economic progress.

This visit aligns with the UAE's vision to establish itself as a global leader in trade and investment while fostering partnerships with European countries for sustainable development and shared economic objectives.

The discussions underscored both countries' commitment to enhancing their economic relationship through strategic partnerships across various sectors, aiming for mutual benefits and sustainable growth.

With inputs from WAM