UAE and Austria hold joint economic committee meeting to strengthen economic cooperation

UAE is Austria's top GCC trading partner and the second largest in the Arab world

H.E. Abdulla bin Touq Al Marri, Minister of Economy; and H.E. Martin Kocher, Austrian Minister of Economy and Labor; chaired the UAE-Austria Joint Economic Committee, which was attended by several representatives from both countries' government and private sectors. H.E. Abdullah Al Saleh, Undersecretary of the Ministry of Economy, and H.E. Florian Frauscher, Director General of Economic Affairs, Innovation, and International Policy at the Austrian Ministry of Economy and Labor, signed the minutes of the session.

The Joint Economic Committee was held in Dubai, with an aim to strengthen cooperation and forge partnerships between the two countries in the fields of trade, investment, tourism, AI, technology, green energy, logistics, infrastructure, and vocational training in the near future.

H.E. Bin Touq affirmed that the bilateral relations between the UAE and Austria are strategic, marked by continuous development on various fronts. This can be attributed to the forward-thinking vision of both leaderships to continually develop the bilateral partnership by capitalizing on emerging opportunities.

The Minister of Economy said: "The UAE-Austria Joint Economic Committee is a new milestone in strengthening our bilateral economic ties and fostering collaboration across mutually beneficial sectors. It also aims to explore promising opportunities in both countries' markets. The convening of this session aligns with the UAE's strategic plans to boost economic openness and enhance its economic standing in international markets, in accordance with the ‘We the UAE 2031’ vision to make the country a global partner and an attractive, influential economic hub.”

During the committee meeting, the UAE side highlighted key economic developments and policies in the country, including amendments to the Commercial Companies Law and updates to residency systems aimed at boosting and supporting the private sector, enhancing the competitiveness of the business environment, and expanding its growth prospects. In this regard, H.E Bin Touq extended an invitation to the Austrian private sector to explore the UAE's markets and take advantage of the benefits and incentives provided by its business environment.

In return, the Austrian delegation invited the UAE side to attend the ‘Invest in Austria’ conference, scheduled to be held in February 2024, encouraging Emirati companies to benefit from the investment opportunities it offers and learn about the vital sectors in the Austrian markets.

The committee deliberated on a range of new strategies to sustain collaborative efforts and bolster economic cooperation at both the governmental and private sector levels. It underscored the crucial role of the private sector in enhancing economic cooperation between the two nations, ensuring comprehensive support for exporters and importers to facilitate the expansion and diversification of trade in both goods and services. Additionally, discussed the establishment of new channels of communication between the Emirati and Austrian business communities to solidify the economic and commercial ties between the two countries.

The UAE is Austria's top GCC trading partner and the second largest in the Arab world, accounting for 43 per cent of Austria's trade with GCC countries and 16 per cent with Arab nations. Moreover, Austria ranks 10th among the UAE's trading partners in the EU.

Other high-level officials who attended the JEC from the UAE side include H.E Juma Mohammed Al Kait, Assistant Undersecretary for Foreign Trade Sector at the Ministry of Economy. Eva Lantschinger, Secretary General of the Austrian Ministry of Economy and Labor; Paul Röck, Head of the Office of the Austrian Minister of Economy and Labor; and Daniel Krobber, Senior Advisor for European Union and International Affairs to the Austrian Minister of Economy and Labor, also attended the session.