During a trip to the gulf state, Minister of Economic Development of Maldives Mohamed Saeed met with the Minister of Economy of UAE Sultan bin Saeed Al-Mansuri and discussed possibilities for cooperation between the two countries in several sectors of common interest that are in line with the economic agendas.
The most prominent discussions were held on trade exchange, with attention given to enhancing cooperation in aviation and tourism, and strengthening investments in tourism facilities and infrastructure, as well as real-estate, renewable energy, innovation, and small and medium-sized enterprises.
During the meeting with Minister of Economy of UAE Al Mansuri, Economic Minister Mohamed Saeed noted the interest to strengthen economic cooperation with the UAE, which is the largest trading partner in the region of Maldives. Economic Minister Mohamed Saeed pointed out that tourism in the Maldives is considered an attractive and competitive sector at both regional and global level. Minister Mohamed Saeed added that the sector is constantly expanding and ripe for significant investment and development with the potential to significantly benefit the UAE's business and investment sectors which have leading experiences in this vital field.
The Economic Minister highlighted that Maldives is focusing on enhancing the sectors of aviation, renewable energy, and real estate; developing new laws; and further developing free zones to encourage and attract more investments in various fields pointing out that these areas are also priorities under the UAE's development policies, providing a strong and fertile basis for strengthening partnership and cooperation between the two countries.
Minister of Economy of UAE Al Mansoori pointed out the significance of reinforcing cooperation in foreign trade, mainly in export and re-export activities, noting the need for continuous coordination and cooperation among concerned government and private sector entities from both countries in the coming period. Minister Al Mansoori also emphasised the importance of the UAE-Maldives Business Forum which will be held on December 18 in the UAE, which he said will showcase the numerous trade and investment opportunities in the Maldives.
The Minister further underscored how diversified investment cooperation between the UAE and the Maldives will open broad horizons for establishing development projects for the benefit of both sides especially in the sectors of tourism, hospitality, renewable energy, innovation, and small and medium-sized enterprises which he said are considered important accelerators for economic growth. Al Mansoori emphasised the UAE's keenness to support ongoing development efforts in the Maldives and its readiness to share its vast knowledge and experience in various areas of economic development.
The that total volume of non-oil foreign trade between the two countries has progressively increased over the past five years, increasing by 12 percent from USD 114.89 million in 2015 to USD 129.32 million in 2016.