Minister of Economy and Tourism: Manufacturing, tourism, transportation and digital trade are a pillar of cooperation between the UAE and Central Europe

Dubai, November 22nd / WAM / His Excellency Abdullah bin Touq Al Marri, Minister of Economy and Tourism, and President of Investopia, stressed that the Central European countries possess qualitative capabilities in accessing capital, logistics services and markets, while the UAE provides advanced infrastructure and broad global connectivity that lays a solid foundation for building the targeted economic bridge between the two sides.

During his session with His Excellency Milon Zujovic, Deputy Prime Minister for Infrastructure and Regional Development in the Government of the Republic of Montenegro, within the activities of the “Investobia Strategic Economic Forum between the UAE and Central and Eastern European Countries,” His Excellency explained that Central Europe offers important opportunities in the areas of manufacturing, skills and integration within the European Union single market, noting that the countries covered by the scope of cooperation include Montenegro, Hungary, Croatia, Serbia, Romania and Poland, as they are the most important markets with complementary capabilities.

His Excellency added that cooperation between the UAE and Central European countries is based on the sectors of manufacturing, tourism, transportation and digital trade, stressing that the economic relations between the two sides are based on the ease of doing business, the movement of talent, and the ability to expand trade and investment.

His Excellency pointed out that Poland has emerged as a rising economic power, with its gross domestic product exceeding $1 trillion and entering the list of the 20 largest global economies, while Hungary is an important model in the fields of manufacturing, logistics and digital industries and a promising partner for Emirati investors.

He stressed that the UAE represents a major platform for European industries thanks to its role as an advanced logistical center for import, export and transit to African and North African markets, noting that Abu Dhabi, Dubai and Sharjah have effective investment funds that support renewable energy projects such as solar energy, wind energy and storage, in addition to the expansion of Masdar Company’s investments in Central Europe.

Regarding the food security file, His Excellency explained that the UAE imports 90% of its food and is working to reduce the percentage to 60%, pointing to the launch of the “Emirati Economic Groups Economy”, which includes 5 main groups including food, food processing, tourism, financial services, data and data analytics, space and defence, with between 60 and 70 members within the food and food processing group.

Regarding the green transformation, His Excellency stressed that the UAE contributes only 0.63% of global emissions, and is working to support international efforts to remove carbon through green industrial initiatives, including the “Green Innovation Zone” at Expo Dubai as a light industrial complex that relies entirely on renewable energy, pointing to the importance of vital minerals needed for the green transformation such as nickel, copper and lithium.

His Excellency pointed out that the UAE possesses great industrial capabilities in the field of materials processing. It processes gold despite the absence of local mines, and it processes bauxite to produce aluminum without the presence of bauxite mines, in addition to manufacturing chocolate despite the absence of cocoa farms, which enhances its competitiveness in global supply chains.

For his part, His Excellency Milon Zujovic, Deputy Prime Minister for Infrastructure and Regional Development in the Government of Montenegro, stressed that the last decade has witnessed a shift in the centers of global economic gravity from Western Europe and North America towards Asia and the Middle East, which reinforces the importance of establishing new economic corridors linking these regions together.

He explained that the economies of Central Europe are not what they were ten years ago, and that the shift towards the Middle East and Asia has become clear, stressing that the UAE plays a strategic role in this scene.

He said that Montenegro, despite its small size and population of about half a million people, has great potential for growth, and looks forward to building broader economic relations with the Middle East, especially in light of the economic successes achieved by the UAE.

He explained that his country is working on a plan to construct 600 kilometers of highways to connect Montenegro with Belgrade and Hungary, in addition to developing railway lines to connect the country with Europe, pointing out that its location between east and west gives it an opportunity to be an economic bridge between the two regions, stressing that the tourism sector constitutes a pillar of growth, as the country receives about 3 million tourists annually despite its population not exceeding 600 thousand people, and the country also has a geographical strip of 50 kilometers that allows tourism. Summer and winter at the same time.

He also stressed the existence of great opportunities in the renewable energy sector, noting that Montenegro enjoys about 250 sunny days annually, in addition to the abundance of water resources that support hydroelectric power generation, in addition to the fact that electricity prices in the country are the lowest in Europe, which makes the sector attractive for investment.

Zujovic indicated that his country expects to fully join the European Union by 2028, which will transform its market from half a million people to a market that includes half a billion consumers, stressing that bilateral agreements with the UAE constitute an important basis for building sustainable economic corridors.

He concluded by inviting the audience to visit Montenegro to learn about investment opportunities in tourism, energy, agriculture and smart cities, stressing his country’s keenness to build sincere and stable partnerships with the UAE.

His Excellency Abdullah bin Touq concluded by stressing that the world is moving towards new regional economic corridors, and that cooperation between the UAE and Central and Eastern European countries represents a strategic opportunity to strengthen partnerships, develop supply chains, and achieve economic integration between the two sides.

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