In order to further develop bilateral exchange Germany and its strong economic partners are meeting on regular basis to discuss new ideas of cooperation. At the 11th Session of the UAE Joint Economic Commission the strong ties between the two nations were further strengthened.
The eleventh Session of the Joint Commission on Economic and Technical cooperation took place in Berlin on March 19th and 20th 2019. The UAE delegation was led by HE Eng. Sultan Bin Saeed Al Mansoori, Minister of Economy, while the German delegation was led by HE Peter Altmaier, Federal Minister of Economic Affairs and Energy. The Joint Commission is a platform to strengthen the existing relationship and enhance the economic and business partnership between both countries through bilateral cooperation in various fields of economic, trade and technical cooperation. Among the main themes of the eleventh session was the facilitation of market access and the diversification of the range of goods and services traded and exchanged. Bilateral investment was also among the crucial drivers for economic cooperation and development in both countries. Both governments agreed to encourage their companies to intensify bilateral investment and economic cooperation in the fields of energy, climate policy and green economy, infrastructure, metrology, health, education and training, technical cooperation, World Expo 2020 and Smart Cities.
Hence, during the expert meeting on the first day of the eleventh session of the German – UAE Joint Commission, the UAE delegation informed their German counterparts of the new Foreign Direct Investment [FDI] Federal Law which is designed to develop the investment environment in the UAE and promote it worldwide with the aim to increase FDI from the different parts of the world. The Law is considered a framework to consolidation of the exposure of the UAE economy to globalization, through increasing foreign ownership in investments projects as well as providing necessary invective to: 1) expand the production base and to diversify it 2) attract advanced technology and 3) provide jobs and training opportunities for the national human resource.
Energy remains one of the central areas of cooperation between Germany and the United Arab Emirates. Joint activities in the oil and gas sector as well as an increasingly close partnership on renewable energies and energy efficiency are two pillars of the bilateral energy and climate policy cooperation between both countries. The Emirati-German Energy Partnership has been established in the beginning of 2017 and is the foundation of the promotion of sustainable and efficient energy technologies and services, especially renewable energy technologies and their integration into the energy system and energy efficiency. Both sides renewed their commitment to promoting a low-carbon and climate friendly global economy and to further intensify bilateral cooperation in this regard, in particular through activities to be implemented in the framework of the Emirati-German Energy Partnership. They acknowledged their roles as forerunners in the transformation towards low-carbon energy supplies and efficient energy consumption in various sectors. Both sides stressed the importance of the World Expo 2020 in Dubai. World Expo offers many opportunities for cooperation between Germany and UAE. Both countries expressed their intention to engage in close bilateral cooperation in the field of Smart Cities and Smart infrastructure and emphasized the special importance of the subject in view of the World Expo 2020 in Dubai. They agreed to involve at the earliest stage representatives of German and UAE business and research institutions. Both sides wish to establish Germany and the United Arab Emirates as destinations for innovative solutions. They furthermore recognize the potential of the cooperation to focus more to develop growth markets jointly. This would see German – Emirati joint investment in third-party markets.
On March 20th the session commenced by welcome notes by Mr. Thomas Bareiß, Parliamentary State Secretary at the Federal Ministry of Economic Affairs and his UAE counterpart Eng. Mohammed Ahmed Bin Abdulaziz Al Shehi, Undersecretary for Economic Affairs. The private sector was also represented as Mr. Cedrik Neike and Mr. Marwan Al Sarkal also gave a welcome note. Mr. Neike is the spokesperson of German Business and a board member of Siemens. Mr. Al Sarkal is the Executive Chairman of the Sharjah Investment and Development Agency – Shurooq and a board member of the German Emirati Council for Industry and Commerce.