UAE-UK Pursue Trade Target of Dh73 billionPublish Date: 2010-02-11 17:00:16 Story Code: 25218 ABU DHABI — The maiden meeting of the UAE-UK financial services working group discussed means and measures needed to achieve the target of augmenting bilateral trade between the two countries by 60 per cent, from the current level of £7.5 billion (Dh45.7 billion) to £12 billion (Dh73 billion) in 2015.
The meeting was arranged as part of a follow up on the meeting of UAE-UK Joint Economic Committee, or JEC, held last October in London when the target was set, according to a release issued by the UAE Ministry of Economy on Wednesday. The working groups are now looking at ways to achieve the target in the stipulated time, a spokesman for the UAE Ministry of Economy told Khaleej Times. Strengthening the capacity of capital markets through exchange of experiences and information, including the launch of specialised training programms, were some of the topics discussed at financial services working group, the release said. Mohammed Ahmed Bin Abdul Aziz Al Shihhi , Director General, Ministry of Economy, and Alderman Nick Anstee, Lord Mayor of the City of London, led the meeting, accompanied by the British Ambassador to the UAE, Edward Anthony Oakden, other government officials and British businessmen. “We have agreed that both countries need to organize task forces to gather information on the ease or difficulty of conducting business. There are certain factors we need to measure in order to improve. There will, of course, be trade shows and conferences that bring together top businessmen and decision makers from both countries to help us with that,’’ the release said quoting Al Shihhi . “Financial services are an essential part of our business relationship, and we hope that other sectors, such as alternative energy and innovation sectors receive the same level of attention to drive them to the next stage,” added Al Shihhi. Lord Anstee disclosed that the UK contingent of the working group would fully commit to achieving the goals within the agreed time frame. Several similar meetings will be held in the near future to follow-up and implement new programs. The Minister of Economy Sultan Bin Saeed Al Mansouri had earlier said that the Ministry would explore the possibility of setting up a UAE-UK Federal Business Council that builds on the excellent work of the British business groups in the UAE were currently undertaking. The Ministry of Economy will also coordinate with the British side to jointly organise a business forum bringing together UAE and UK private sectors to build new business partnerships in the UAE in the first half of 2010, the Minister had said. — ramavarman@khaleejtimes.com © Khaleej Times 2010. All rights reserved. Share this story:  Digg
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