UAE And New York City Explore New Avenues For Economic Cooperation

Abdullah bin Touq Al Marri, Minister of Economy, recently met with Eric Adams, Mayor of New York City, during his official visit to the United States. The meeting focused on enhancing economic collaboration in areas such as fintech, clean energy, green economy, entrepreneurship, tourism, transportation, and circular economy.

Bin Touq highlighted the robust and advanced strategic ties between the UAE and the USA, particularly in economic and investment sectors. He attributed this to the directives and vision of both leaderships and noted their shared aspirations to adopt innovative and adaptable economic models.

During the meeting, Bin Touq emphasised that both countries possess significant economic resources and potential. Their strategic geographical locations facilitate access to numerous markets at regional and global levels. The economic relations between the UAE and New York are continuously evolving, with a strong commitment to exploring cooperation in new economic sectors to foster sustainable partnerships.

The meeting explored enhancing economic relations and fostering better communication between the UAE and the American private sector. These efforts aim to create new avenues for growth, considering the diverse opportunities available in both markets. Additionally, they highlighted the importance of cooperation in economic affairs that support the transition towards a digital economy and combat financial crimes.

Bin Touq reiterated the UAE's vision to improve economic openness and forge productive partnerships with international markets. He underscored the UAE's role in supporting major economic blocs shaping the global landscape. The UAE's competitive standing is bolstered by its connections to over 400 cities worldwide through direct routes and its extensive shipping line network spanning 88 ports globally.

The Minister of Economy informed Mayor Adams about trade and investment initiatives under the ‘Projects of the 50’ and the UAE Centennial Plan 2071. These initiatives aim to enhance the UAE's position in the global economy by offering attractive investment incentives within its thriving economic landscape.

The comprehensive development of economic legislation includes granting 100 per cent foreign ownership of companies, flexible tax policies, and simplified processes for establishing businesses. These measures further cement the UAE's status as a global hub for business and investment.

With inputs from WAM