Monday 14, May 2018 by Jessica Combes

UAE and Angola develop trade cooperation

 

Non-oil trade exchange between two countries reached $1.6 billion in 2017 from $1.15 billion in 2016 

The two sides tackled ways to enhance their partnerships in important industries such as oil and gas, precious metals, agriculture, civil aviation, and telecommunications, economic, trade, investment, and technical collaborations were key points of discussions as well.  

According to HE Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, the meeting reflected the UAE’s international policy to strategically strengthen its ties with key African nations such as Angola, one of the region’s biggest markets.  The non-oil trade relations between the UAE and Angola rose to $1.6 billion by the end of 2017, up by 38 per cent from $1.15 billion in 2016. The figures indicated the widening ties between the two countries during the period.   

Al Mansoori stressed the need to develop a joint mechanism to reinforce legislative frameworks designed to promote trade, investments, and major aviation-related activities, adding that the role of the private sector should also be emphasized to stimulate profitable and mutually beneficial trade and investment projects.  He also took the opportunity to discuss key policies and initiatives of the UAE Government such as UAE Vision 2021, the economic diversification plan, and a shift towards a sustainable and innovation- and knowledge-driven economy.   

Both sides also agreed on the importance of establishing a joint economic committee to set up a clear action plan focusing on key economic areas in the near future.  

For his part, HE Manuel Augusto the Ministry of External Relations of Angola, expressed his country’s intention to develop stronger relations with the UAE, saying that Angola is impressed by the country’s pioneering experience in diversifying its economy. Angola, he added, would like to benefit from the UAE experience in this regard. 

Augusto tackled enormous economic investment opportunities in Angola during the meeting as well, expressing his country’s desire to forge robust partnerships with the UAE’s private sector. 

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