UAE economy set to grow 3.2 per cent in 2010
The UAE economy is set to post a real growth of 1.3 per cent in 2009, rising to 3.2 per cent in 2010, according to UAE Minister of Economy Sultan bin Saeed Al Mansouri.
The UAE economy is set to post a real growth of 1.3 per cent in 2009, rising to 3.2 per cent in 2010, according to UAE Minister of Economy Sultan bin Saeed Al Mansouri.
The UAE s development breakthrough has contributed to create an attractive investment environment to mega investment developments in the world, he told the meeting which was attended from the Azeri side by Minister of Economic Development Shahin Mustafayev.
The government of the UAE welcomes cooperation with Azerbaijan and joint efforts to deepen and strengthen avenues of that cooperation for serving mutual interests, he added.
He said that developments in the global economy since the first meeting of the committee took place in Baku last year require both countries to explore available mechanisms of joint cooperation for boosting joint action to turn policies into a tangible reality in all sectors and levels and address economic challenges and changes generated by the international financial crisis.
He urged members of the committee to crystalise aspirations of the two countries to arrive at a true, fruitful cooperation and practical frameworks for future cooperation by the way of establishing joint ventures, concluding memoranda of understanding on trade investment and exchange of expertise on agriculture, industry, and ICT.
Over the past decades, the UAE has made a qualitative leap in the socio-economic development driven by its diversification and economic openness policy and free tax income system.
The UAE boasts of an efficient, flexible banking system, enjoys political and security stability and keens to to update its laws and regulations to cope with modern technology, he explained.
He disclosed that two-trade exchange rose to $245 million in 2008 from 200 million in 2004, a growth of 5 per cent a year. He said recently launched flight between Dubai and Baku by flydubai would expand cooperation between the two countries in areas of economy, trade and investment.
The minister expressed the UAE’s support to Azerbaijan in its drive to join the World Trade Organisation.
