STOCKHOLM: UAE Minister of Foreign Trade Sheikha Lubna bint Khalid Al-Qasimi discussed the enhancement of bilateral relations with Swedish Minister for Trade Ewa Bjorling during her recent visit to Sweden.
Both parties conferred on the latest developments regarding negotiations over the proposed Gulf-European free trade agreement as well as the effects of the current global financial crisis on global trade. The UAE delegation included UAE Ambassador to Sweden Sheikha Najla Mohammed Al-Qasimi and Salah Salem bin Omeir Al-Shamsi, chairman of the Federation of Chambers of Commerce and Industry (FCCI) and chairman of the Abu Dhabi Chamber of Commerce and Industry. Sheikha Lubna explained that the visit was an excellent opportunity to discuss various issues and topics of mutual interest and examine ways to develop cooperation in investment projects so that the UAE and Sweden could benefit from their existing infrastructures. She also encouraged the private sectors and businessmen in both countries to leverage investment opportunities in their respective countries.
She added that the UAE’s well developed investment environment has made it one of the most open countries in the Middle East, which in turn has contributed to its emergence as an important hub for international companies at the regional and global levels. She pointed out that the UAE offers a huge potential market for the activities of Swedish companies in various sectors and the expansion of their businesses toward the Middle East, Asia and Africa.
The UAE minister gave a presentation on the latest economic developments in the country and plans to further develop infrastructure and economic diversification. She noted the significant contribution of the non-oil sectors to the UAE’s GDP (gross domestic product) of the country, saying that this area’s share exceeded 64 percent in 2007.
Sheikha Lubna reviewed the continuous efforts of the UAE to protect the environment and discussed the country’s focus on renewable energy, noting the activities of “Masdar,” the Abu Dhabi Future Energy Company (ADFEC). She also talked about national efforts to diversify renewable energy sources, highlighting ADFEC’s initiative to build a carbon-free city and its efforts to develop innovative solutions for renewable, alternative and sustainable energy in addition to promoting sustainable designs.
She noted the numerous opportunities to strengthen cooperation between the UAE and Sweden in environmental and renewable energy development. She encouraged Swedish companies to communicate with ADFEC on Masdar and to be informed about the project’s work on renewable energy. She urged both parties to exchange experience and knowledge to achieve a safe, clean and sustainable environment. The two sides also discussed updates on the free trade negotiations between GCC countries and the European Union and how to expedite the ratification of the convention, especially as Sweden will assume the Union’s presidency in the second half of 2009.