The Minister of Economy discusses with the New Jersey Governor ways to develop economic partnership
New Jersey, May 3 / WAM / His Excellency Abdullah bin Touq Al -Marri, Minister of Economy, with Phil Murphy, Governor of New Jersey, discussed ways to develop economic and investment relations between the UAE, the United States of America, and the New Jersey state in particular, which contributes to opening new horizons for cooperation in a number of vital sectors of common concern, foremost of which are tourism, innovation, technology, sustainable development solutions, sectors of the circular economy and the new economy.
Al -Marri stressed that the relations between the United Arab Emirates and the United States of America are strategic and firm and include all economic fields, and that they enjoy vitality, growth and diversity, within the framework of the keenness of the leaders of the two friendly countries to develop joint cooperation in various developmental fields.
He said: “We are keen to consolidate the economic partnership with New Jersey, because of its strong investment and commercial potentials and vital economic ties and active with the UAE, based on our belief in what can be achieved together from promising and fruitful development opportunities during the next stage, especially in light of the convergence of visions and trends towards supporting innovation, technology and knowledge as engines for sustainable economic growth.”
During the meeting, the Minister of Economy reviewed the incentives and opportunities provided by the business environment in the UAE, which witnessed a great development during the past few years, the most important of which is the issuance and modernization of an integrated system of economic laws and legislation that supported the construction of a new flexible and sustainable model and focuses on expanding the activities and sectors of the new economy.
He pointed to the importance of the strategic location of the UAE, which enhances its position as a pioneering commercial axis that connects the Asia and Middle East and North Africa markets and represents a commercial gateway to it around the world, as well as the development of its economic and commercial infrastructure, explaining that the priority sectors such as obstetric intelligence, technology, tourism activities, investment and the circular economy are promising areas to enhance mutual investments and establish projects A joint contributes to supporting the targets of economic growth on both sides.
His Excellency Ben Touq highlighted the tourism sector and the most important initiatives and policies that the state launched to develop it to the best levels, the most important of which is the “National Tourism Strategy 2031”; Today, the state has become one of the most important tourist destinations regionally and globally, explaining that the tourism sector offers wide opportunities for mutual cooperation with New Jersey and in a way that is in the development of a sustainable and innovative tourism sector.
Ben Touq, the governor of New Jersey State, called for attendance and participation in the fifth edition of “Intestopia”, scheduled to be held in Abu Dhabi next year, and to benefit from its role as a leading global platform for developing cooperation and investment opportunities in the sectors of the new economy, and enhancing commercial and investment partnership through it with the business community in the UAE in the priority sectors.
During the meeting, the two sides reviewed the prospects for economic relations between the UAE and the state of New Jersey as a pioneering model for economic and trade cooperation, as it is the fifth most important American state in terms of exports to the UAE, and its exports to the country during the period from 2019 to 2023 growth of 24% and with total commodity exports amounting to $ 5 billion.
Bilateral trade between the two sides supports about 7500 jobs and jobs in New Jersey, especially in the technology and electronics sectors.
The UAE stands out as a strategic gateway for New Jersey companies towards the markets of the Middle East, Africa and South Asia, while New Jersey provides an important entry point to the American market, taking advantage of its location near New York and being the tenth largest economy in the state in America, as this integration opens wide horizons to enhance trade and investment cooperation and achieve further growth for both parties during the next stage.
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