The UAE has sent a congratulations message to New Zealand on the occasion of their National Day. His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE had sent the wishes to Dame Cindy Kiro, Governor General of New Zealand. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai also sent congratulatory wishes to the Governor General and to Chris Hipkins, the Prime Minister of New Zealand.
The UAE and New Zealand entered into a new phase of bilateral agreements in early 2022. The agreement was covered under seven priority economic sectors and these would be materialized in the course of 2023 and 2024. The seven sectors that were identified for mutual cooperation and investments were agriculture, advanced technology, mutual investments, renewable power, logistics, food security, tourism, and entrepreneurship. Both nations had discussed various possibilities in which economic cooperation can be increased at the eighth session of the UAE-New Zealand Joint Economic Committee (JEC).
The eighth session of UAE-New Zealand JEC has further strengthened the bilateral relations
Dr.Thani Al Zeyoudi, Minister of State for Foreign Trade said that the economic cooperation between both nations had improved and evolved towards greater prospects and prosperity.
The meeting was held on the sidelines of the Dubai Expo 2020 and this was a great platform where various global-level officials were present to discuss multiple future projects with the Emirate nation.
According to reports, the non-oil trade between the UAE and New Zealand increased to Dh 2.8 billion by 2021. This was a sharp 14.2 percent increase from the previous year and there was steady progress annually from 2020. Al Zeyoudi observed that the UAE is ranked at the tenth position among other trading nations with New Zealand and it contributes to around 2.5 percent of the nation’s foreign trade value. From the Middle East region, the UAE is the largest trading partner with almost fifty percent of the trade being handled between the two nations.
The direct investments of UAE in New Zealand also showed a direct rise as it reached Dh 625 million by March 2021 and the investments from New Zealand to the UAE were at Dh 272.5 million. In the meeting, numerous agreements were signed and one among them was between UAE’s Etihad Credit Export Insurance and the New Zealand Export Credit Agency.
This agreement was primarily signed to improve commodity exports, trade momentum, and export investment. This will also translate into better economic partnerships in areas related to steel and aluminum, mechanical waste management, ceramics industries, etc. by creating Shariah-compliant financial solutions. Workshops, B2B meetings, and corporate events will be organized to foster the culture of joint enterprise and information exchange among the industries of the UAE and New Zealand. There will be customized client-specific credit insurance and financial guarantees offered to various business entities which are backed by the governments of the two nations so that export-related investments can be increased.
Both nations are looking to enhance their cooperation in the public and private sectors by forging new economic partnerships. Some of the main areas that will be of focus would be agricultural tech, trade facilitation, and innovation. MoUs have been signed for strengthening food security and export credit also as more projects will be realized in the future.
The UAE has also invited entrepreneurs and business investors from New Zealand to invest and start new business ventures in the UAE as this would be a great way to create better economic prospects. The Emirate nation has been on a progressive development track post-covid when most of the global economies were succumbing to low economic productivity. Emirate cities like Dubai, Abu Dhabi, etc. are creating new and improved opportunities for local and international markets and these will be contributing largely to the non-oil economic sector of the UAE.
The Emirates has its own challenges in shifting to a completely non-oil economy in the future but the timely intervention and innovative policies created by the UAE administration under the wise leadership are enabling them to be on the center stage of the world.
The international community is being attracted to Dubai for better job prospects and also as a great destination for tourism and residence. The emirate city had been voted as one of the best places for work and residence by a number of surveys. As part of the sustainability efforts of the UAE, the two nations have agreed to promote research and development in upcoming renewable energy technologies. These include battery and solar energy storage and waste conversion. Efforts have been also made in the areas of developing Small and Medium-sized Enterprises (SMEs) by sharing the experiences and innovations of both nations so that improved SME policies and startup models can be created.
All these make the UAE an ideal economic and investment partner for New Zealand as both nations can grow together.