H.E. Bin Touq meets with his Estonian counterpart to discuss strengthening of economic cooperation between the two countries

Minister of Economy:  The meeting signifies a crucial step forward in fostering dialogue between the business communities of both countries

Abu Dhabi, 18 October 2024:

H.E. Abdulla Bin Touq Al Marri, Minister of Economy, met with a delegation from the Republic of Estonia led by H.E. Erkki Keldo, the Minister of Economy and Industry of Estonia. The meeting explored ways to enhance economic cooperation between the two countries in areas of mutual interest, including the new economy, technology, industry, tourism, entrepreneurship, circular economy, and transportation.

H.E. Bin Touq highlighted the robust and flourishing relations between the UAE and Estonia, which have experienced significant progress in various fields, particularly on the trade and economic fronts. This aligns with the shared aspirations of both leaderships to enhance bilateral ties and contribute to the sustainable development of both economies.

H.E. said: "The meeting with the Estonian delegation marks a new step forward in strengthening economic relations and fostering dialogue between the UAE and Estonian private sectors to explore new avenues of collaboration, particularly considering the diverse economic opportunities in both markets. In addition, exporters and importers from both sides stand to benefit from more growth enablers and incentives."

The meeting witnessed the exchange of expertise on the development of flexible economic policies and legislation aimed at driving sustainable economic growth in both countries. In this context, H.E. Bin Touq elaborated on the UAE's economic openness policies, as well as its efforts in forging strategic economic partnerships with leading regional and global markets. H.E. also highlighted the comprehensive development of the UAE's economic legislation and its role in strengthening the competitiveness of the business environment and supporting its regional and global leadership. These measures include the issuance and development of new legislation governing cooperatives, commercial transactions, commercial registry, and family businesses. Besides, 100 per cent foreign ownership of companies was granted, streamlining procedures for establishing and conducting business operations in the country.

The Minister of Economy emphasised the advantages offered by the UAE economy, along with the promising investment prospects across different sectors including tourism, family enterprises, e-commerce, manufacturing, sustainable transportation, and technology. H.E. also underscored the benefits offered by the UAE's strategic geographic location that links the East and the West.

The two sides discussed the potential for enhancing cooperation in the tourism sector. They explored various programs and initiatives to engage the private sectors of both countries to enable them to achieve business growth while also maximising tourism industry's contribution to the overall GDP of both the UAE and Estonia.

Furthermore, H.E. Bin Touq invited the Estonian delegation to attend the fourth edition of Investopia, scheduled to be held in February 2025. The event will serve as a key platform to explore the promising opportunities that the UAE offers to global investors, while also fostering collaboration across diverse economic sectors.