UAE, Britain seek to boost trade tiesBy IANS
Monday, February 15, 2010
ABU DHABI - A British business delegation is in the United Arab Emirates (UAE) to discuss ways to boost bilateral trade relations, WAM news agency reported.
Lord Peter Mandelson, Britain’s business, innovation and skills secretary, is leading his country’s delegation.
Foreign Trade Minister Sheikha Lubna Bint Khalid Al Qasimi opened the meeting of the UAE and British businessmen at the Emirates Palace Hotel here Monday.
The minister said bilateral trade will increase in the light of opportunities in both countries. She pointed out that the contribution of non-oil sectors to the GDP rose to about 66 percent last year.
Mandelson said the UAE is one of the best business places for British companies. He noted that the UAE is Britain’s commercial gateway to the region and said his government plans to increase the total value of bilateral trade to 12 billion pounds (about $18 billion) by 2015.
He underscored the importance of joint efforts to face the challenges posed by the global financial crisis. Businessmen of the two countries later held meetings to discuss investment opportunities.