Al-Mansouri leads high-ranking delegation to the Philippines and Malaysia

An economic and commercial delegation headed by Sultan bin Saeed Al Mansouri, UAE Minister of Economy, are set to visit the Philippines and Malaysia from 24 - 28 February seeking to explore strategies for enhancing bilateral trade and investment relations. The high-ranking delegation includes ministerial representatives, local and federal officials, C-suite executives from private sector organisations, and a number of UAE national businessmen and investors. During the five-day visit, the UAE delegation will meet with senior members of the economic and business community in the Philippines and Malaysia. The bilateral talks will address the potential for exchange of investments and the establishment of joint ventures that leverage the UAE'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 the UAE's efforts to build a knowledge-based economy as outlined in the UAE Vision 2021. The UAE delegation will set a timeframe within which to achieve the identified areas of co-operation. Al Mansouri said: "Our visit to the Philippines and Malaysia reflects the UAE's keenness to take the relationship we share with the two countries to the next level. "The UAE currently enjoys good relationships with both the Philippines and Malaysia. However, there is huge potential for growing this synergy. There are several untapped areas that need to be explored and identified for consolidating the alliance we share. As part of this priority, we will particularly seek to enhance bilateral relations in emerging sectors that are of mutual benefit. In addition, we will aim to strengthen the presence of the UAE in the Southeast Asia region. Given our country's strong regional and international status, we will look to forge lucrative economic, commercial and investment partnerships besides attracting industry expertise and skilled manpower." The UAE 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 UAE stood at US$262.3 million in 2012, while the UAE's total exports to the Philippines totalled more than US$100 million during the same period. The UAE 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 UAE's trade relations with Malaysia have registered sustained growth, with imports from Malaysia to the UAE increasing to US$376 million in 2012, and the UAE's exports to Malaysia amounting to over US$309 million for the same year.