UAE & Montenegro explore ways of cooperation in various sectors

By Shilpa Annie Joseph, Desk Reporter
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UAE
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UAE Minister of State for Foreign Trade, Dr. Thani Bin Ahmed Al Zeyoudi has discussed about the bilateral economic relations between the countries with Mr. Jakov Milatovi, Minister of Economic Development of Montenegro.

Dr. Al Zeyoudi noted that the two countries have a distinguished partnership covering economic, commercial, cultural and tourism sectors, which is backed up by their respective leaders.

During the meeting, the parties agreed to expand their cooperation in the areas of trade, investment, agriculture, renewable energy, transportation, entrepreneurship, small and medium-sized enterprises (SMEs), innovation, sciences, creative industries, and tourism. They also made the decision to form a combined business council.

The two sides also reaffirmed their interest in expanding trade and diversify their economic cooperation, emphasizing the importance of boosting official and commercial delegation visits as well as developing business and investment opportunities.

Mr. Al Zeyoudi has presented key trade indicators between the two countries, noting that the UAE’s exports to Montenegro increased by 110 percent in the same year, and their total trade value exceeded $31.3 million in 2020, making the UAE Montenegro’s largest trade partner in the Gulf Cooperation Council (GCC) region.

Further, he outlined the UAE’s efforts to speed up recovery by implementing a general economic strategy managed by the Ministry of Economy and its local and international partners.

Mr. Milatovi has stressed the two nations’ strong links and their aim to form a joint business council to strengthen their economic cooperation, as well as his admiration for the UAE’s successful economic model and overall development.

As per the reports, the two sides have agreed to encourage business owners and entrepreneurs from both nations to explore market opportunities, share experience, and design a plan to expand agricultural and food products trade. They also agreed to promote public and private entities in their countries to explore investment opportunities, especially in the fields of land, maritime transport and logistics.

Related: UAE plans to enter 25 new markets to foster foreign trade; Sheikh Mohammed

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