H.E. Sheikha Lubna Al Qasimi urges Chicago Economic Council to take advantage of UAE’s investment potential

UAE committed to maintaining status as US’ biggest commercial partner in the Middle East

Dubai, UAE - Feb 12, 2009 (PRN): UAE Minister of Foreign Trade H.E. Sheikha Lubna Al Qasimi recently met members of the Chicago Economic Council composed of 20 CEOs and managers representing the finance and investment sectors to discuss a wide range of economic and commercial issues.

During the meeting, the group also reviewed the achievements of UAE women, their role in the process of sustainability, and their support of this field.

H.E. Sheikha Lubna lauded the strong mutual relations between UAE and the US particularly in trade, noting that UAE is the biggest commercial partner of the US in the Middle East. She added that the UAE ranked 21 among the US’ global export markets in 2007.

The Minister highlighted the economic, commercial and investment opportunities offered by the UAE, especially in the rapidly-growing non-oil sectors. She stated that the UAE is considered the most vibrant economy in the region and continues to aim for more growth and development, making it the biggest market for US exports in the Arab region.

H.E. urged US companies to take advantage of the incentives offered by the UAE, particularly opportunities which provide them with access to the broad markets of South East Asia, Africa and Europe. She affirmed the UAE’s commitment to adopting more economic and organizational reforms in order to attract more foreign companies, especially those from the US.

The meeting was also attended by H.E. Abdullah Bin Ahmed Al Saleh, Director General of the UAE Ministry of Foreign Trade and members of The American Council.

The total value of bilateral trade between UAE and the US reached USD 12.9 billion in 2007. UAE exports to the US rose 38 per cent from USD 972 billion in 2000 to USD 1.3 billion in 2007, while the value of US exports to the Emirates was USD 11.6 billion in 2007.

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