UAE, US secretary of commerce explore investment opportunities

Sultan bin Saeed Al Mansouri, Minister of Economy has said the UAE-US ties were growing steadily and set to witness further progress thanks to the strong mutual will of the two friendly countries to take them to new heights. Al Mansouri noted during a meeting with visiting US Secretary of Commerce Penny Pritzker that promising opportunities and avenues, mainly key economic sectors like knowledge economy, that could deepen bilateral cooperation had not been harnessed yet given the US status as the world's largest economy and UAE status as the second largest Arab economy. He said that the UAE Vision 2021 sets contribution of knowledge-based economy to the GDP at about 5%. ''The UAE can draw lessons from the US experiment in this sector,'' he added. Al Mansouri said that opportunities for joint cooperation in renewable energy, were promising, in light of the fact that the UAE, despite being a key oil producer, has become an industry leader in a short span of time and its impressive experiment has provided inspiration to many countries including advanced ones. The minister said the World Expo 2020 in Dubai would generate huge investment opportunities for both local and foreign investors and business men including those from the US. The current visit of US trade mission to the UAE, he said would provide an insight into the available opportunities, and the ideal local investment and business climate. For her part, US Secretary of Commerce Penny Pritzker said UAE-US relations were witnessing accelerating expansion at a time when the UAE was investing heavily in infrastructure and transport systems. She added that US exports to UAE stood at US$ 23 billion in 2012, up 111% since 2010. She marvelled at the comprehensive progress the UAE has made not only on urban development but also in modern facilities and services. She added that companies escorting her on the UAE trip were interested in investing in UAE and the region. She noted that the UAE winning of the bid to host Expo 2020 in Dubai had not come from vacuum, rather from the good reputation of the UAE and its ability to surprise the world by hosting an exceptional edition of world expo. She praised the US trade ties with the UAE as ''flourishing'', inviting US companies to tap investment opportunities on offer in the UAE market. Secretary Pritzker is leading an Infrastructure trade mission of 21 U.S. firms looking for export opportunities in the U.A.E. This is the first visit of a sitting U.S. Secretary of Commerce with an accompanying trade mission to the Gulf region in 15 years. The mission highlights infrastructure export opportunities for U.S. businesses with an emphasis on project management and engineering (construction, architecture and design), clean and renewable energy (solar, wind, waste-to-energy), smart grid and energy efficiency, and environmental technologies (water/wastewater, air pollution control, and waste management). She expressed the hope that this trade mission would lead to many more mutually-beneficial relationships between the two nations.