UAE And Germany Pursue Stronger Trade Ties In Technology And Green Economy

Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, recently engaged in discussions with Hendrik Josef Wüst, Minister-President of North Rhine-Westphalia. They agreed to enhance trade relations and collaborate in sectors such as technology, advanced manufacturing, and the green economy. Following this meeting, a business roundtable was held to connect senior figures from the region's private sector with UAE counterparts to explore mutual benefits and partnership opportunities.

North Rhine-Westphalia is Germany's economic powerhouse, contributing significantly to the country's GDP. In 2024, its GDP reached US$990 billion, accounting for 20% of Germany's total economic output. Historically an industrial hub, the region is now focusing on digital technologies, artificial intelligence, smart manufacturing, and the green economy. This shift aligns well with the United Arab Emirates' interests.

The UAE has been investing in North Rhine-Westphalia's ammonia value chain and renewable energy projects like hydrogen development. Dr Thani highlighted these synergies during his meeting with HE Wüst. He stated that the UAE has maintained a positive relationship with Germany and sees numerous avenues for cooperation in areas like the digital economy and energy transition.

The UAE's free-trade network can help North Rhine-Westphalia's industrial output reach key markets in Asia and Africa seamlessly. The UAE also offers a welcoming business environment for enterprises from North Rhine-Westphalia looking to expand into the Middle East and contribute to its industrial and innovation ecosystem.

The recent meeting with HE Wüst and the subsequent business roundtable aimed to create networks facilitating bilateral trade and investment flows. Dr Thani emphasized that they are ready to support these activities in the coming months and years. The UAE remains committed to fostering stronger economic ties with Germany.

In 2024, non-oil trade between the UAE and Germany amounted to US$13.8 billion, marking a 5.4% increase from 2023. Additionally, the UAE has invested over US$1.2 billion in various projects across Germany. The UAE recently announced plans to initiate negotiations for a Comprehensive Economic Partnership Agreement with the European Union.

This agreement could further strengthen economic relations between the two regions by facilitating trade and investment opportunities. As Germany is Europe's largest economy, this partnership holds significant potential for both parties involved.

With inputs from WAM