Singapore: The UAE’s trade exchange with Singapore surged to $4.5 billion in 2013, registering an annual growth of 28.6 per cent, Abdullah Bin Zayed Al Nahyan, Foreign Minister, has announced.
Shaikh Abdullah revealed the increase in trade while leading the UAE delegation to the first joint commission meeting with Singapore on Friday. He co-chaired the meeting with his Singaporean counterpart K. Shanmugam.
The meeting was attended by senior officials representing different government organisations and business sectors in both countries. Also present was the UAE Ambassador to Singapore Mohammad Ahmad Hamel Al Qubaisi.
Shaikh Abdullah said during the meeting that the UAE and Singapore enjoy historic ties, with Singapore ranked as the 17th most important trading partner for the UAE. He added that the UAE is considered Singapore’s top trading partner in the Middle East.
He further pointed out that the first joint commission meeting was a reflection of the UAE’s keenness to further these relations and the aspirations of the leaderships in the two countries to boost cooperation in political, economic, commercial, investment and health care fields.
“By creating this joint commission with Singapore on the 20th May 2013 in Abu Dhabi, the UAE seeks to develop and sustain bilateral ties, to exchange views on different issues of interest, to set up joint investments that would help achieve benefits for the two friendly countries, to explore more investment opportunities and to provide solutions to any obstacles standing in the way of these relations,” he added.
Shaikh Abdullah also underlined the continuous cooperation between the two countries and expressed the hope for more coordination on joint action in international organisations and conventions and for supporting each others’ candidacies.
He added that two-way trade between both countries grew from $2.9 billion in 2011, to $3.5 billion in 2013 and to $4.5 billion in 2013, registering an overall annual growth of 28.6 per cent, making Singapore a key trading partner for the UAE.
“The UAE enjoys unique advantages, such as strategic location, world-class infrastructure, top of the line services, as well as ease of setting up projects and businesses,” Shaikh Abdulla said.
He additionally urged companies and the business community in Singapore to avail themselves of the facilities offered by the UAE in a way that would contribute in enhancing bilateral ties and achieving mutual benefits for the two countries.
Shaikh Abdullah said many Emirati companies were looking forward to operating in Singapore. The Emirati companies which have existing investments in Singapore include Borouge Private Limited, Abu Dhabi National Oil Company (ADNOC), Dnata, Drydocks World — Dubai, Emirates Investment Group and Al Thuraya Telecommunications.
According to Sheikh Abdullah, there are currently 35 weekly flights between the two countries operated by Emirates Airlines and Etihad Airways, and that there are more than 2,000 Singaporean citizens residing in the UAE.
Shaikh Abdullah also reported that a working group has been established with Singapore, under the chairmanship of Khaldoon Khalifa Al Mubarak, CEO of Mubadala Development. The group aims to benefit from Singapore’s experiences in economic transformations and development strategies. It is also mandated to enter into investment agreements.
“In order to boost our bilateral relations, we need to put into effect all agreements signed by the two countries, particularly in economic, investment, health care and military areas. We also need to step up visits by senior officials from the public and private sectors in the two countries.”
Also, Sheikh Abdullah thanked the Foreign Minister of Singapore and his country’s delegation for hosting the commission’s first meeting.
Additionally, he thanked members of the different committees for their efforts in preparing for the meeting and for ensuring implementation of the meeting’s recommendations.
The Foreign Minister of Singapore said the visit of Sheikh Abdullah and his accompanying delegation was an important milestone in cementing ties of friendship and strategic cooperation between the two countries.
At the end of the meeting, Shaikh Abdullah attended the signing of Memorandums of Understanding on the political consultations and the complementary protocol of the agreement on avoidance of double taxation.
An MOU was also signed between the chambers of commerce of the two countries. At the conclusion, Shaikh Abdullah witnessed the signing of the final communique of the joint commission meeting.
