UAE, Slovenia pursue stronger bilateral trading ties
The UAE and the Republic of Slovenia are witnessing an evolving economic landscape and have an extraordinary opportunity to take their bilateral relationship to the next level and help each other make a more positive and profound impact on the global economy. "In recognition of Slovenia’s prime importance as an economic partner, the UAE has entered into various accords with its government such as a bilateral agreement avoiding double taxation on income and has co-signed an agreement to reinforce economic and technical co-operation to establish the institutional and legal framework of joint economic, trade and investment relations and pave the way for further co-operation relations between the two countries," Al Mansouri said in a keynote address at a seminar organised by the Dubai Chamber of Commerce and Industry in co-operation with the Chamber of Commerce and Industry of Slovenia.
Al Mansouri further stressed that the UAE is fully committed to constantly expanding its economic relations with Slovenia in light of its policy of economic openness and commitment to enhance trade relations with the European continent. Also, Slovenia’s geographic location in the middle of Europe, makes it an ideal gateway to enter some of the most lucrative European markets.
Non-oil trade between the UAE and Slovenia last year was US463.4 million, in addition to $38.6 million driven by free zone activities, the minister said.
''These figures do not do justice to our true potential as economic partners, though there is indeed huge opportunities for further growth thanks to the promising investment opportunities in the areas of tourism, infrastructure, transport, investments, information technology, and innovation, which the two sides are capable of building into a productive partnership,'' he noted.
Today’s seminar reinforces the efforts of both the sides in deepening trade ties between their private sectors while enhancing their trade and investment flows to usher in a new era of friendship, growth and co-operation for Slovenia and the UAE, Al Mansouri added.
He also said that the UAE is particularly committed to assisting small and medium-sized enterprises and the country’s priority in its next phase of development is to increase co-operation and exchanges for its economic growth by diversifying and transforming into a knowledge-based economy.
Welcoming the delegation, Majid Saif Al Ghurair, Chairman, Dubai Chamber, stressed the desire of Dubai investors to enhance bilateral relations with the Slovenian business community as the country serves as a strategic gateway to the emerging markets of Central and Eastern Europe.
Slovenia is an important trade partner for Dubai as the emirate’s non-oil trade with the country has grown substantially over the last five years to reach AED352 million in 2015, while there are four Slovenian companies registered with Dubai Chamber, he further stressed.
"Also, Dubai Chamber members’ exports to Slovenia grew to AED98 million in 2015, from AED15.2 million in 2011 and this seminar will help increase these numbers in the future while building stronger bilateral relations between the two countries," he said.
In his presentation on Dubai Economic Outlook and Dubai Chamber services, Hamad Buamim, President and CEO, Dubai Chamber, stated that the Dubai Strategic Plan 2020 constitutes a starting point for wider efforts to enhance the sustainable development of the emirate, and added that trade is the largest contributor of Dubai’s GDP, and this leading economic driver can help improve trade relations with Slovenia.
Zdravko Pocivalsek, Minister of Development and Technology, Republic of Slovenia, said, "Our visit to the UAE is very important for strengthening the traditionally good ties between Slovenia and the UAE and to continue what we have started last year. This is our first-ever trade and investment mission to the UAE with an aim to develop commercial networks and trade with UAE partners and the Slovenian international trade delegation."
"We do hope that this will be the first step to bring bigger trade and investment opportunities for both countries. The purpose of the visit is to develop commercial networks and trade for mutual benefit with UAE partners. Following the success of this first and historical trade mission to the country, I am confident that a new era of trade development between our two countries will blossom and grow across a number of key economic and technological sectors," Pocivalsek added.
Slovenia offers a gateway for investment and trade to markets consisting of half a billion consumers in the region of Central, Eastern and South-Eastern Europe, as the country is located in the heart of Europe, bordering Austria, Italy, Hungary and Croatia.
