Minister of Economy Receives Ambassador of the Grand Duchy of Luxemburg

Al Mansouri: The UAE is keen to promote bilateral trade and open new horizons for economic cooperation between the two countries

Dubai-UAE: 23 March, 2014 – His Excellency Sultan Bin Saeed Al Mansouri, Minister of Economy, stressed that the bilateral relationship between the UAE and Luxemburg is witnessing significant progress across the economy, trade and investment sectors and holds high potential for further collaboration. He also pointed out that the non-oil trade between the two countries is on the rise. Despite bilateral trade touching US$83 million in 2012, he pointed out that the two countries have greater ambitions given the untapped opportunities that the destinations offer.

His Excellency Al Mansouri's comments came during a meeting with Her Excellency Nicole Bntnar Bakeshian, Ambassador of the Grand Duchy of Luxemburg to the UAE.

Urging Luxemburg to step up its marketing and promotion initiatives in the UAE to highlight its investment opportunities as a distinctive tourist destination, the minister additionally suggested developing an action plan to promote mutual trade and bilateral relations between the two countries.

The first step, he recommended, would be to identify suitable investment opportunities and activate the role of the business community in the Middle East and Europe. He also confirmed the UAE's desire to organize joint activities and bilateral business meetings to help establish a strong platform for dialogue that serves the national interests of both sides.

His Excellency Al Mansouri specifically highlighted the need to invest in the small and medium enterprises sector as a key component to strengthening any economy, creating jobs and laying a solid foundation for projects based on creativity and innovation. Calling for an exchange of information and best practices in the SME sector, he suggested the possibility of organizing initiatives such as business forums and networking events among stakeholders in the two countries on a periodic basis.

Al Mansouri urged the necessity to further activate the Joint Economic Committee between the two countries due to its pivotal role in advancing cooperation relations. He said the committee is assigned to develop bilateral economic relations and strengthen the ties between business communities in both countries besides opening up channels of communication between government agencies and institutions that are mandated to oversee economic, trade and investment affairs.

Mrs. Nicole Bntnar Bakeshian, Ambassador of the Grand Duchy of Luxemburg, reiterated her country's enabling business legislations that make it attractive for foreign direct investments. She also noted that Luxemburg shares many similarities with the UAE in terms of diversity, multi-national investments, and the strategic location of the country as a re-export and cargo storage hub. Commending the UAE's Expo 2020 winning bid, she articulated Luxemburg's keenness to be part of the mega global event. 

In conclusion, Mrs. Nicole Bntnar Bakeshian invited His Excellency Al Mansouri to visit Luxemburg to explore the investment opportunities available in the country and enhance new synergies.