Minister of Economy, Spanish official discuss cooperation ties

WAM ABU DHABI, 23rd February, 2014 (WAM)–The relations between the UAE and the Kingdom of Spain have been witnessing remarkable growth given huge potentials for upgrading the existing cooperation, especially in the areas of economy, trade and investment, Sultan Saeed Al Mansouri, Minister of Economy has said.

While receiving Jaime Garcia, Spanish Secretary of State for Trade, here in his office, Al Mansouri added that “The UAE is a bridge linking Europe, the Middle East, Africa and South Asia, while Spain links between Europe and Latin America”, adding that the “Cooperation between the two countries is a prelude to greater economic cooperation between the two regions interested in boosting the flow of investments and bolstering of the trade ties.” During the meeting, Al Mansouri and Garcia discussed ways to increase the trade exchange between the two countries and cooperation in the main sectors such as small and medium enterprises, industry and renewable energy. They also discussed the role of business community in two countries to open more horizons for bilateral cooperation.

Al Mansouri noted that the economic ties between the UAE and Spain grew over the last years in a way that reflected on the trade exchange between the two countries, which surged by 75 per cent over three years from AED4.7 billion in 2009 to AED8 billion in 2012. These figures are expected to rise through establishing new partnerships and exploiting untapped investment opportunities.

He added that there were agreements signed between the two countries, notably, Avoiding of Double Taxation Agreement, calling for activating the signed agreements to bolster the economic ties. Al Mansouri said Spain has huge capacities that the UAE could benefit from. The UAE minister said the UAE is a main trade partner for the Kingdom of Spain in the Gulf region.

Al Mansouri referred to the constructive cooperation between the two countries, citing “Gemasolar Thermosolar Plant, a vital joint project between Masdar and the Spanish Sener Engineering and Construction Company.

For his part, Garcia said the relations between the two countries grew over the last years in the areas of trade, economy and investment, adding that the growth of relations reflected on the volume of trade exchange, which increased remarkably in record time. He commended the comprehensive development being experienced by the UAE in all fields, among others, advanced infrastructure, including the airports, seaports and roads. The Spanish official congratulated the UAE for winning the bid to host Expo 2020 in Dubai.

He added that Spain’s economy is ranked 15th in the world and 4th in the Euro Zone, noting that Spain provides attractive facilities and incentives for investment.

The meeting was attended by Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under Secretary of the Ministry, Spanish Ambassador to UAE Jose Eugenio Salarich Fernandez Valderrama and other senior officials.

WAM/Majok

Leave a Reply