Al Mansouri: “Visit aims to explore investment opportunities in new sectors and strengthen presence of UAE-based products in these markets”
UAE-Dubai: 23 February, 2014 - An economic and commercial delegation headed by His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, are set to visit the Philippines and Malaysia from 24 - 28 February seeking to explore strategies for enhancing bilateral trade and investment relations.
The high-ranking delegation includes ministerial representatives, local and federal authority officials, C-suite executives from private sector organisations, and a number of UAE national businessmen and investors.
During the five-day visit, the UAE delegation will meet with senior members of the economic and business community in the Philippines and Malaysia. The bilateral talks will address the potential for exchange of investments and the establishment of joint ventures that leverage the UAE's global economic position. In addition, the delegation will seek to identify areas of co-operation in innovation and the creation of knowledge economies, especially with Malaysia that holds significant experience in the area. This agenda is a part of the UAE's efforts to build a knowledge-based economy as outlined in the UAE Vision 2021. The UAE delegation will set a timeframe within which to achieve the identified areas of co-operation.
His Excellency Sultan Bin Saeed Al Mansouri said: 'Our visit to the Philippines and Malaysia reflects the UAE's keenness to take the relationship we share with the two countries to the next level.
“The UAE currently enjoys good relationships with both the Philippines and Malaysia. However, there is huge potential for growing this synergy. There are several untapped areas that need to be explored and identified for consolidating the alliance we share. As part of this priority, we will particularly seek to enhance bilateral relations in emerging sectors that are of mutual benefit. In addition, we will aim to strengthen the presence of the UAE in the Southeast Asia region. Given our country's strong regional and international status, we will look to forge lucrative economic, commercial and investment partnerships besides attracting industry expertise and skilled manpower.'
The UAE's delegation includes His Excellency Abdullah Ahmad Alsaleh, Undersecretary of the Ministry of Economy; His Excellency Khalfan Saeed Juma Al Kaabi, First Vice-Chairman of Abu Dhabi Chamber of Commerce and Industry; His Excellency Saed Al Awadi, CEO of Dubai Exports; and His Excellency Obaid Saeed Al Dhaheri, Vice-President for International Affairs at Abu Dhabi Polymers Company (Borouge Petrochemicals).
Some of the other members of the delegation include Mohamed Nasser Hamdan Al Zaabi, Director of Trade Promotion Department at the Ministry of Economy, Ali Ibrahim Mohamed Ismail, Deputy Director General for Planning and Development Affairs at the Department of Economic Development of Dubai; Aylan Saeed Al Otaiba, Vice-Chairman of Al Otaiba Enterprises; Fahad Al Thani, Senior Manager of Investment Support and Promotion Division at Dubai Foreign Direct Investment; Ahmad Ali Al Bloushi, Consumer Monitoring and Protection Manager at Ras Al Khaimah's Department of Economic Development; Abdullah Saif, Senior Manager of Southeast Asia Sales at Dubai Aluminium (DUBAL); Saoud Abdullah Al Naeemy, Manager of Commercial Affairs at Gulf Pharmaceutical Industries (Julphar); Waleed Abdulkareem, CEO of On Time Dubai; Hisham Al Qarq, Executive Director of Sheikh Saeed bin Ahmad Al Maktoum's Office; Helga Kumontoy, General Manager of Asia and Pacific at Strategic Marketing and Exhibitions; Dr Hayat Hassan Al Hosani, journalist at WAM; Saif Al Hamrany, Senior Officer at the Office of His Excellency Minister of Economy; and Hamad Al Maleki, Executive Officer of Events at the Ministry of Economy.
The UAE and the Republic of the Philippines are linked by a number of bilateral agreements and memoranda of understanding. A key milestone in the relations was achieved in 2003 when an agreement to avoid double taxation on income was signed between the two countries. The agreement was implemented a year later for a period of five years, subject to renewal. More recently, imports from the Philippines to the UAE stood at US$262.3 million in 2012, while the UAE's total exports to the Philippines totalled more than US$100 million during the same period.
The UAE and Malaysia also continue to enjoy a mutually beneficial alliance having inked several bilateral agreements, the first of which was the economic and technical cooperation forged in 1975. Since then, the UAE's trade relations with Malaysia have registered sustained growth, with imports from Malaysia to the UAE increasing to US$376 million in 2012, and the UAE's exports to Malaysia amounting to over US$309 million for the same year.
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