UAE eyes strengthening economic relations with Germany

Dubai, June 19 (IANS/WAM) The UAE and Germany reviewed means to strengthen economic relations and develop partnerships between the business communities in the two countries.

Mohammed Ahmed bin Abdul Aziz Al Shehhi, Under-Secretary of the Ministry of Economy for Economic Affairs, and Felix Neugart, CEO of the German Emirati Joint Council for Industry and Commerce, during the meeting held in Dubai, commended the outstanding UAE-German relations at the economic level.

Al Shehhi said relations between the UAE and Germany have seen significant growth over the past years, as the UAE is the largest trading partner of Germany in the Arab region, accounting for 25 per cent of the total trade between the Arab countries and Germany.

Germany is the sixth largest trading partner of the UAE.

He said that foreign non-oil trade between the two countries recorded three per cent growth in 2015, compared to the previous year, to reach about $15.5 billion.

Neugart said the UAE represents a very important market for the German economy, as the country’s exports are still experiencing significant growth, reaching 16 per cent in 2015 compared to the previous year.

He said the UAE represents an important regional and global trading centre through which German equipment and products are reaching various markets of the region.

–IANS/WAM

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