UAE and Spain agree on cooperation in trade, investment and innovation

The 4th session of the UAE-Spain Joint Economic Committee was held in Dubai on Monday, chaired by Sultan bin Saeed Al Mansouri, Minister of Economy, and by Luis de Guindos Jurado, Spain's Minister of Economy, Industry and Competitiveness.

The meeting touched on important economic and development issues in both countries. The ministers also reviewed the latest developments and trends in international economics and exchanged views on the many challenges and changes facing the global economy as well as the cooperative approaches to confronting them.

The committee focused on enhancing trade in goods and services, encouraging mutual investments, establishing joint ventures that serve the interests of both sides, deepening cooperation in innovation, small- and medium-sized enterprises, SMEs, entrepreneurship, scientific research and development, and participating in investments and business activities related to the hosting of Expo 2020 Dubai. It also sought to build effective and mutually beneficial partnerships between the business sectors of the two countries.

Speaking on the occasion, Al Mansoori said, "We are proud to count Spain among one of our closest political and economic allies. Our non-oil bilateral foreign trade has flourished in recent years, growing by an impressive 26.3 percent from US$1.9 billion in 2011 to US$2.4 billion in 2016. Spain’s direct investments to the UAE continue to grow, with 45 commercial companies, 112 commercial agencies and 2,456 trademarks from Spain registered locally as of 2015."

"There is still huge room for growth, and given the ongoing major shifts in the global economy, we would mutually benefit from exploring new avenues of cooperation especially in areas prioritized by our respective national development agendas. Since its first session in Madrid in 2010, the UAE-Spain Joint Economic Committee has played a pivotal role in bridging our commercial and economic gaps. For the 4th round of meetings we will assess the progress of the joint actions we agreed on during the last session in Granada and explore prime investment and partnership opportunities in sectors of common interest moving forward," he added.

He further noted that the UAE looks forward to exchanging experiences and knowledge and activating cooperation with Spain in several areas of common interest, particularly those that are in line with UAE Vision 2021 and those that reflect Spain’s leading developmental experiences, especially in the fields of innovation, SMEs, entrepreneurship, and scientific research.

He also expressed optimism in intensifying trade and enhancing mutual investment as well as strengthening cooperation in the industrial and tourism sectors which are policy priorities in the two countries. He emphasised the importance of deepening collaboration in the fields of agriculture, food security and Halal products, health, education, transport, infrastructure, the Islamic economy, specifications and metrology as well.

De Guindos Jurado said, "We have strong bilateral relations with the UAE, mainly in terms of economic and trade cooperation which continues to grow. The UAE is among our country’s most important partners in the Middle East and we consider it an important economic destination for the Spanish Government and our private sector."

He added that both sides have undertaken sound mutual investments towards sectors of added value. He emphasised his country's keenness to raise the level of trade exchange, and enhance the opportunities for Spanish companies to thrive within the UAE’s active investment environment while attracting UAE companies to the promising opportunities offered by the Spanish markets. This, he said, will further reinforce economic relations between the two countries and open wider horizons that serve their interests and meet their development aspirations.

During the meeting, the Spanish side expressed their interest in promoting joint work between the public and private sectors in these fields, as well as their desire to participate alongside the UAE and international companies in construction works and other preparations for Expo 2020 Dubai.

The two sides further highlighted the importance of cooperation in the adoption of the Halal food industry and following up the positive results of the MoU signed last year between the Emirates Authority for Standardisation and Metrology and the National Agency for Quality Assessment and Accreditation of Spain. They also discussed coordination on Halal standards in the country to ensure that Halal certifications issued in Spain comply with relevant UAE regulations.

The group emphasised the vital role of the SME sector in driving economic development. The Spanish praised the UAE's leading efforts to expand the presence of SMEs in Expo 2020 Dubai. They emphasised the importance of exchanging experiences and sharing knowledge and best practices in these sectors.