Canada-UAE Business Council explores ways to strengthen bilateral trade ties

By Salma C, Intern Reporter
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Canada-UAE Business Council
Canada-UAE Business Council Board of Directors| Image Courtesy: Twitter @Canada-UAE Business Council

The Canada-UAE Business Council Semi-Annual Board Meeting in Dubai, chaired by Mr. Musabbe Al Kabi, CEO of Mubadala’s UAE Investments Platform has recently convened with the participation of senior executives representing prominent Canadian and Emirati businesses.

The meeting established policy priorities for 2022 and reviewed initiatives taken by the Business Council to strengthen bilateral trade relations between the two countries.

Mr. Al Kaabi stressed the role of the Canada-UAE Business Council and its mission to promote trade and investment between Canada and the United Arab Emirates. Mubadala CEO also pointed to the recently announced partnership between Mubadala and the Ontario Teachers’ Pension Plan, Brookfield and the First Abu Dhabi Bank, and other Canadian and Emirati businesses.

Canada’s Minister of International Trade, Export Promotion, Small Business, and Economic Development, The Honorable Mary Ng addressed the meeting and discussed the importance and opportunities of the Canada-UAE partnership.

The Honorable Mary Ng stated that “Canada and the U.A.E. share strong commercial and deep people-to-people ties. The U.A.E. is already home to 150 innovative Canadian companies, and I look forward to continue working with Emirati government and business leaders to foster even closer trade and investment ties, including making progress towards a Canada-U.A.E. Foreign Investment Promotion and Agreement.”

In addition, the United Arab Emirates Ambassador to Canada, H.E Fahad Al Raqbani, and Canada’s Consul General in Dubai and the Northern Emirates, H.E. Jean-Philippe Linteau, gave brief and insightful remarks on the state of Canada-UAE economic relations.

The Canada-UAE Business Council approved the new policy agenda and programs for 2022 in line with the United Arab Emirates’ Net Zero Commitment, the Country’s National Food Security Strategy 2051, and the “Projects of the 50” strategic plan – projects aimed at accelerating the country’s economy over the next 50 years.

In conclusion, Mr. Al Kaabi repeated the bright future of Canada-UAE economic relations. Mr. Al Kaabi pointed out that the productive dialogue of the meeting indicated the pace of strategic partnership between the United Arab Emirates and Canada.

Currently, the United Arab Emirates is Canada’s 15th largest foreign direct investor in the country. Mr. Al Kaabi further added that the Canada-UAE Business Council will continue to play a crucial role in deepening bilateral trade and investment.

Meanwhile, Ambassador of Canada to the United Arab Emirates, HE Marcy Grossman remarked that “Canada enjoys a strong and growing economic relationship with the UAE.  Our two-way trade increased by 24 percent last year and reached a new height of $2.5 billion. The Canada-UAE Business Council serves as an invaluable partner in fostering these commercial ties.”

For his part, HE Fahad Al Raqbani, Ambassador of the United Arab Emirates to Canada stated that “The economic relationship between Canada and the UAE has never been stronger. We are proud to serve as Canada’s top export market in the Middle East & North Africa region, with our bilateral trade reaching more than $2.5 billion. We welcome Canadians to take advantage of our position as a global hub, with one-third of the world living within a four-hour flight, connecting 3.2 billion people, with a collective GDP of $60 trillion in emerging markets alone.”

Related: UAE’s ECI, New Zealand’s NZEC unite to boost bilateral trade & support SMEs