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21 July 2024

100 Canadian firms keen to invest in UAE

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By Staff

Sultan Al Mansoori, UAE Minister of Economy, who is heading a high-level delegation to Canada, discussed with Gerald Keddy, the Parliamentary Secretary to the Minister of International Trade of Canada, ways of strengthening and developing frameworks for economic cooperation between the two countries in various fields including science, investment, industrial and technological development.

Al Mansoori highlighted UAE’s interest to explore investment opportunities in Canada and the Province of Quebec. The Minister reiterated the need to continue to communicate and overcome the challenges in fostering co-operation and work towards strengthening the economic relations between the two countries, specifically in the areas of renewable energy, innovation, small and medium enterprises, and setting up joint projects.

Al Mansoori said that the UAE's is largest export market for Canada in the Middle East and North Africa, with trade exchange between the two countries reaching $2 billion and volume of UAE investments to Canada reaching $10 billion.

At the meeting, Al Mansoori stressed the importance of the visit to discuss the possibility of opening new channels between the two countries and build bridges of cooperation in various sectors and to highlight the UAE’s investment climate. He also highlighted that the meeting will enable the delegation to further explore the investment opportunities in Canada.

He said that there are several areas for cooperation between the two countries, especially in industrial enterprises, trade and investment, and stressed the existence of solid foundations to build strong partnership relations between the UAE and Canada for the benefit of all stakeholders.

Gerald Keddy stressed the need for direct dialogue between the companies in the two countries to stimulate economic initiatives, set up joint projects to promote business and economic cooperation, and thus develop mutual trade between the two countries.

During the meeting, the heads of Canadian companies, who represent around 100 key enterprises - most of them having already visited the UAE - expressed their willingness to explore investment opportunities in various economic sectors in the UAE, and praised the economic growth and the superior infrastructure of the UAE.

Al Mansoori requested for information on key sectors offering investment potential, highlighting the importance of involving not only large businesses but also small and medium enterprises.

The Canadian Minister welcomed the proposal and expressed his country's desire to strengthen economic ties with the UAE through cooperation in all fields particularly in the areas of energy, including renewable energy, mining and industries and SMEs.

Al Mansoori also met Rick White, Baker, Vice President of the Sustainable Development Technologies Canada (SDTC), who briefed the UAE delegation on SDTC, its goals and the role it plays in terms of innovation and clean technology, the support for inventors and innovators in small medium businesses and the existing cooperation in the field of scientific research and development.

Al Mansoori called for a meeting between the Ministry of Economy and the Canadian side to discuss areas of cooperation and the Canadian side expressed their readiness to fully cooperate with the UAE in this regard.

Al Mansoori also met Derek Lin, deputy head of the Canadian Export Development Corporation and discussed ways to enhance trade cooperation and explore cooperation opportunities in the private sector in both countries.

The UAE delegation includes high caliber national companies and SMEs and will meet representatives of various economic sectors from Quebec, Toronto and Montreal to discuss the possibility of establishing joint projects and to identify investment opportunities in various vital sectors in Canada.