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UAE, Germany eye boosting bilateral trade

UAE, Germany eye boosting bilateral trade

ABU DHABI: United Arab Emirates (UAE) Minister of Economy, Sultan bin Saeed Al Mansouri, and Germany’s Ambassador to the UAE, Eckhard Wilhelm Lubkemeier, have here on Saturday discussed ways of promoting economic and trade cooperation between the two countries, Emirati state news agency WAM reported.

Al-Mansouri noted that increasing flights between the UAE and Germany and allowing more Emirati carriers to operate flights to more destinations in Germany would enhance the two-way flow of investments between the two countries.

Some 50,000 Germans visit the UAE every year, he said. The UAE received on December 15 last year the final nod from the European parliament on exempting Emirati citizens from the Schengen visa scheme.

According to the UAE minister, trade between the two sides stood at 45 billion dirham (12.25 billion dollars) in 2014. Some 1000 German companies are doing business in the UAE, while more than 12,000 German nationals are in the Gulf state.

The two officials also discussed ways of increasing trade exchange and enhancing ties between the business communities of the UAE and Germany.

When Al-Mansouri met with Germany’s Minister of Economy and Energy Sigmar Gabriel in the UAE capital early last year, both sides expressed the desire to expand bilateral exchange to 16.30 billion dollars within the coming years.

The UAE is Germany’s largest trade partner in the region, the fourth-largest exporter to the UAE.