UAE Ministry of Economy and US Department of Commerce Sign MOU to Increase Collaboration and Drive Economic Growth
WASHINGTON, Sept. 21, 2021 /PRNewswire/ -- Concluding a weeklong visit to Washington, DC and key US states, a delegation of senior Emirati officials led by UAE Minister of Economy Abdulla Bin Touq Al Marri and Minister of State for Foreign Trade, Dr. Thani Ahmed Al-Zeyoudi, highlighted ways the two countries will increase cooperation across a range of sectors, including infrastructure, healthcare, manufacturing, artificial intelligence, ag-tech, and economic and social development initiatives as they relate to alternative energy.
The UAE officials also announced that they signed a Memorandum of Understanding (MOU) with the US Department of Commerce, which will increase cooperation between the UAE and US in the fields of digital economy, innovation and entrepreneurship.
The MOU will promote closer bilateral collaboration across key areas that are driving UAE economic growth and diversification. These include policy development, intellectual property rights, policy exchanges and dialogues, and network building and matchmaking for entrepreneurs in both countries.
"New initiatives and greater cooperation with the US will improve the UAE's position as the Middle East's preferred business hub," said Saud Al Nowais, UAE Commercial Attaché to the U.S. "Together, the UAE and the US will continue to play a significant role in a comprehensive and rapid global recovery and develop UAE business sectors that are competitive at a global level."
Members of the UAE delegation visited Indiana, Maryland, New York, and Virginia, where they met with senior state government officials and private sector executives and discussed ways to deepen ties and promote greater economic development and investment.
The UAE is already the US' largest export market in the Middle East region, and a significant investor in the US economy. In 2020, the US had a $11.68 billion trade surplus with the UAE, the US' fourth largest trade surplus globally. The UAE is the United States' single largest export market in the Middle East, with more than $15 billion in exports in 2020 – the twelfth straight year the UAE has held this distinction.
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SOURCE Embassy of the United Arab Emirates