UAE delegation led by economy ministry begins visit to Philippines and Malaysia

An economic and commercial delegation headed by Sultan bin Saeed Al Mansouri, U.A.E. Minister of Economy, has begun a visit to the Philippines and Malaysia. The visit aims to explore strategies for enhancing bilateral trade and investment relations. The U.A.E. delegation includes Abdullah Ahmad Alsaleh, Under-Secretary of the Ministry of Economy, Khalfan Saeed Juma Al Kaabi, First Vice-Chairman of Abu Dhabi Chamber of Commerce and Industry, Saed Al Awadi, CEO of Dubai Exports and Obaid Saeed Al Dhaheri, Vice-President for International Affairs at Abu Dhabi Polymers Company (Borouge Petrochemicals). Other members of the delegation include Mohamed Nasser Hamdan Al Zaabi, Director of Trade Promotion Department at the Ministry of Economy, Ali Ibrahim Mohamed Ismail, Deputy Director General for Planning and Development Affairs at the Department of Economic Development of Dubai, Aylan Saeed Al Otaiba, Vice-Chairman of Al Otaiba Enterprises, Fahad Al Thani, Senior Manager of Investment Support and Promotion Division at Dubai Foreign Direct Investment, Ahmad Ali Al Bloushi, Consumer Monitoring and Protection Manager at Ras Al-Khaimah's Department of Economic Development, Abdullah Saif, Senior Manager of Southeast Asia Sales at Dubai Aluminium (DUBAL), Saoud Abdullah Al Naeemy, Manager of Commercial Affairs at Gulf Pharmaceutical Industries (Julphar), Waleed Abdulkareem, CEO of On Time Dubai, Hisham Al Qarq, Executive Director of Sheikh Saeed bin Ahmad Al Maktoum's Office, Helga Kumontoy, General Manager of Asia and Pacific at Strategic Marketing and Exhibitions, Dr Hayat Hassan Al Hosani, journalist at WAM, Saif Al Hamrany, Senior Officer at the Office of His Excellency Minister of Economy, and Hamad Al Maleki, Executive Officer of Events at the Ministry of Economy along with a number of officials. The high-ranking delegation also includes ministerial representatives, local and federal authority officials, C-suite executives from private sector organisations and a number of U.A.E. national businessmen and investors. During the five-day visit, the delegation will meet with senior members of the economic and business community in the Philippines and Malaysia. Bilateral talks will address the potential for exchange of investments and the establishment of joint ventures that leverage the U.A.E.'s global economic position. In addition, the delegation will seek to identify areas of co-operation in innovation and the creation of knowledge economies, especially with Malaysia that holds significant experience in the area. This agenda is a part of U.A.E. efforts to build a knowledge-based economy as outlined in the U.A.E. Vision 2021. The U.A.E. and the Republic of the Philippines are linked by a number of bilateral agreements and memoranda of understanding. A key milestone in the relations was achieved in 2003 when an agreement to avoid double taxation on income was signed between the two countries. The agreement was implemented a year later for a period of five years, subject to renewal. More recently, imports from the Philippines to the U.A.E. stood at US$262.3 million in 2012, while the U.A.E.'s total exports to the Philippines totalled more than US$100 million during the same period. The U.A.E. and Malaysia also continue to enjoy a mutually beneficial alliance having inked several bilateral agreements, the first of which was the economic and technical cooperation forged in 1975. Since then, the U.A.E.'s trade relations with Malaysia have registered sustained growth, with imports from Malaysia to the U.A.E. increasing to US$376 million in 2012, and the U.A.E.'s exports to Malaysia amounting to over US$309 million for the same year.