UAE to deepen trade ties in fast-growing Asian, African economies
The United Arab Emirates plans to deepen its trade ties in fast-growing economies in Asia and Africa.
It also plans to draw $150 billion in foreign investment from mainly older partners to reposition itself as a global hub for business and finance.
The UAE — which has been the Middle East’s commercial capital for more than a decade and has been facing growing regional competition from Saudi Arabia — will work on comprehensive economic agreements with countries showing high potential for growth, officials said.
It’s also easing visa restrictions to try to attract foreign talent.
Only one of the eight countries targeted for expanded relations is from the region, part of a growing shift toward markets further afield.
They include South Korea, Indonesia, Kenya, Ethiopia and Turkey, where ties with President Recep Tayyip Erdogan have warmed dramatically in recent months after years of tensions over regional politics.
It will also expand economic ties with Britain, India and Israel, where the Gulf state normalised ties a year ago.
The UAE’s foreign policy will serve the country’s economic interests going forward, according to a policy document released during the announcements and tweeted by defacto ruler Sheikh Mohammed bin Zayed.
“We’re going to open up the markets more aggressively with many countries,” Thani Al Zeyoudi, UAE minister of state for foreign trade, said.
The agreements will include strategic investments, government procurement, trade of services and goods, and research and development, he added.
Bloomberg/Hauwa Abu
