Arab Canada News
News
Published: November 7, 2024
Abdullah bin Touq Al Marri, the Minister of Economy, held a meeting with Matt Jones, the Canadian Minister of Jobs, Economic Development and Trade, to discuss enhancing opportunities for cooperation in new economy sectors, entrepreneurship, tourism, aviation, investment, the circular economy, infrastructure, healthcare, transportation, logistics, food security, and clean energy in the upcoming phase, which contributes to the growth and sustainability of the economies of both countries.
Bin Touq emphasized that the relations between the UAE and Canada are solid and continuously growing at all levels, thanks to the wise leadership vision of the two friendly countries, particularly in economic and trade sectors. We are keen to enhance the prospects for economic cooperation to higher levels of growth and prosperity, especially in light of the promising opportunities and capabilities in the markets of both countries.
Important Partner
Minister Bin Touq said: “We view Canada as an important economic and trade partner in North America, while the UAE serves as a vital logistics hub for Canadian exports in the Middle East and North Africa. The meeting represents a new step to strengthen economic relations and explore opportunities for cooperation in areas of mutual interest, as well as exchanging experiences and best practices in policies that support the growth and sustainability of the economies of both countries, and support communication between the Emirati and Canadian business communities.”
Both sides discussed supporting joint efforts in the coming period to facilitate import and export procedures and provide more incentives for businesses and the private sector in the Emirati and Canadian markets, as well as a range of economic diversification initiatives and their role in enhancing the transition to innovative and sustainable economic models. Both the Emirati and Canadian sides emphasized the importance of strengthening bilateral relations in the tourism and aviation sectors, especially given the increasing number of flights between the two countries via the UAE's national airlines.
Promising Opportunities
During the meeting, the Minister of Economy reviewed the potentials and opportunities present in the business environment in the UAE, which has witnessed significant development over the past few years. Among the most important developments are the issuance and updating of laws and regulations that have supported the expansion of activities and sectors of the new economy, such as the Family Business Law, cooperatives, commercial agencies, trade through modern technology, arbitration, permitting 100% foreign ownership of companies, and laws protecting intellectual property rights.
At the end of the meeting, Bin Touq extended an invitation to the Canadian minister to attend and participate in the fourth edition of “Investopia,” scheduled to take place in February 2025, which will be a great and important opportunity to discuss ways to capitalize on the promising opportunities that the UAE offers to investors from all over the world and to develop areas of cooperation in various economic sectors.
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