PRESSR: H.E. Bin Touq and his Estonian counterpart explore potential avenues for expanding cooperation in new economic sectors

• Minister of Economy highlights opportunities offered by the UAE economy to the Estonian private sector

Abu Dhabi: H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a bilateral meeting with H.E. Tiit Riisalo, Minister of Economic Affairs and Information Technology in the Republic of Estonia. The meeting explored the possibilities for expanding cooperation in key sectors between the two countries, including the new economy, entrepreneurship, tourism, aviation, technology, artificial intelligence, transportation, and small and medium enterprises (SMEs).

H.E. Bin Touq highlighted that the UAE and Estonia have established robust and advanced relations across various sectors thanks to a shared aspiration to foster and advance economic cooperation with the unlimited support of both leaderships.

H.E. said: “The economic ties between the two countries continue to expand across different activities and sectors. We are committed to enhancing these relations and propelling them to new levels, offering more opportunities for partnerships at the private sector level. This meeting marks a significant milestone in further strengthening our economic partnership, particularly in new economic sectors that hold immense potential for creating a more prosperous and advanced future.”

H.E. emphasized the UAE's journey in transitioning to a more diversified new economic model, highlighting its efforts in fostering sustainable and holistic economic development. The non-oil sectors now contribute 73 per cent to the national economy, a testament to the successful implementation of the country's economic strategies and policies, under the wise leadership's directives. H.E. also discussed several initiatives that bolster the nation's transition towards new economic sectors, such as the Future 100, Investopia, and The Entrepreneurial Nation.

In this particular context, H.E. emphasized the opportunity for the Estonian private sector to capitalize on the growth enablers offered by the UAE’s business environment and its promising economic prospects. H.E. also highlighted the country’s flexible and competitive economic regulations and policies that facilitate the establishment of a wide range of entrepreneurial activities and foster the growth of startups. These include the amendment made to the Commercial Companies Law to permit foreign investors to have 100 per cent ownership of their companies in the UAE. This amendment has resulted in the addition of over 275,000 new companies in the country in just one and a half years. As of the end of 2023, there are more than 788,000 active economic licenses in the UAE. Furthermore, H.E. noted that the country has attained the highest global ranking for the number of new business ventures launched, according to the Global Entrepreneurship Monitor (GEM) 2023-2024 report.

The UAE and Estonian sides discussed the significance of enhancing joint efforts in the tourism and aviation industries. They explored innovative strategies to boost air connectivity and facilitate the exchange of tourism flows. These efforts will foster new prospects for cooperation and investment in these pivotal sectors.

The UAE and Estonia experienced a significant increase in non-oil trade exchange in 2023, with a growth rate of 76.2 per cent compared to 2022. Additionally, the UAE's re-exports to Estonia saw a notable rise of 66.3 per cent in 2023.

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