Fri 02-06-2023 17:50 PM
DUBAI, 2nd June, 2023 (WAM) -- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, has welcomed a delegation of senior government officials from Mexico as the two nations explore greater trade and investment opportunities.
At the Ministry of Economy in Dubai, Dr. Al Zeyoudi held discussions with Carmen Moreno Toscano, Mexico's Under-Secretary of Foreign Affairs; Gabriel Urio Gonzalez, Deputy Minister of Finance and Public Credit; and Luis Alfonso de Alba Gongora, Mexico's Ambassador to the UAE, highlighting the potential for mutually beneficial partnerships in sectors such as food security, advanced technology, infrastructure, financial services, agriculture and professional services.
Al Zeyoudi heralded the robust relations between the UAE and Mexico, which are continuing to create avenues for cooperation and collaboration. "Today, the UAE is Mexico's largest trading partner among Arab and African countries, while Mexico is the UAE's second-largest trading partner in Latin America. Bilateral non-oil trade surpassed AED7.8 billion (US$2.1 billion) in 2022, marking impressive growth of 36 percent compared to 2021, and significant increases of 56 percent and 49 percent compared to 2020 and 2019 respectively.
"The meeting with the Mexican delegation helped to shed light on numerous valuable opportunities to further strengthen economic cooperation between our nations and foster increased investment and trade prospects for our respective business communities. Our discussions were focused on supporting future growth between both sides and creating new avenues for investment, which will build upon the AED922 million (US$251 million) that the UAE already has committed to Mexico," he added.
Al Zeyoudi also briefed the Mexican officials on the investment incentives provided by the UAE's dynamic business environment, including 100 percent foreign ownership, streamlined business establishment procedures, and frictionless access to global markets offered by its Comprehensive Economic Partnership (CEPA) programme, which has resulted in wide-ranging trade deals with India, Israel, Indonesia, and Trkiye.
Dr. Al Zeyoudi outlined the potential for Mexican business owners and entrepreneurs to leverage the advantages offered by the UAE's NextGenFDI programme, which provides market-entry fundamentals for future-focused enterprises, including rapid incorporation and licensing, bulk visa issuance and access to banking facilities.
During the discussions, Al Zeyoudi also emphasised the UAE economy, most notably the nation's robust GDP growth of 7.6 percent and its achievement of surpassing AED2.2 trillion in non-oil foreign trade for the first time in 2022, which represented a growth of 17 percent compared to 2021. Additionally, the UAE secured a global ranking of eleventh in merchandise exports, with a total of US$599 billion, contributing 2.4 percent to the world's merchandise exports.