H.E. Bin Touq meets with the Mayor of New York City to explore strengthening of cooperation in new & sustainable economic sectors

Abu Dhabi, 23 May 2024: H.E. Abdulla Bin Touq Al Marri, Minister of Economy, held a meeting with Eric Adams, Mayor of New York City, on the sidelines of his official visit to the United States. The meeting explored the strengthening of economic collaboration in areas of shared interest, particularly the new economy, fintech, clean energy, green economy, entrepreneurship, tourism, transportation, and circular economy.

H.E. said that the UAE and the USA enjoy robust and advanced strategic ties across various domains, particularly in the economic and investment sectors. He attributed this to the directives and vision of both leaderships and highlighted the two countries’ shared aspirations to embrace innovative and adaptable economic models.

During the meeting, H.E. Bin Touq emphasized that both countries possess significant economic resources and potential, as well as a strategic geographical location that facilitates access to numerous strategic markets at the regional and global levels. The economic relations between the UAE and the state of New York are also continuously evolving, and there is a strong commitment to further exploring cooperation in new and key economic sectors to foster sustainable partnerships that support the shared interests and goals of both parties. H.E. underscored that the meeting marks a significant milestone in strengthening joint efforts to explore emerging opportunities and expand the scope of existing cooperation.

The meeting explored the potential for enhancing economic relations and fostering better communication between the UAE and American private sector. These efforts will create new avenues for growth, particularly considering the promising and diverse opportunities and enablers available in the markets of both countries. Furthermore, they highlighted the significance of enhancing cooperation in economic affairs that facilitate the transition towards a digital economy and combat financial crimes, in line with the economic policies of both nations.

H.E. Bin Touq emphasized the UAE's vision to improve economic openness and forge productive partnerships with international markets. Besides, H.E. highlighted the UAE's crucial role in supporting major economic blocs that are shaping the global economic landscape. This is particularly facilitated by the UAE's standing as a competitive economic hub, which is connected to over 400 cities around the world through direct routes. Additionally, the UAE has the largest shipping line network that spans 88 ports globally and benefits from its strategic location as a link between the East and West.

The Minister of Economy apprised Mayor Adams of the trade and investment initiatives implemented by the UAE under the ‘Projects of the 50’ and the UAE Centennial Plan 2071. These initiatives are designed to bolster the country's standing on the global economy by offering attractive investment incentives within the UAE's thriving economic landscape. The comprehensive development of economic legislation, which includes the granting of 100 per cent foreign ownership of companies, flexible tax policies, and simplified processes for establishing businesses, further cements the UAE's position as a global hub for business and investment.