UAE and Poland approve a new economic collaboration program
15 Sep 2022
UAE and Poland approve a new economic collaboration program
H.E. Al Zeyoudi: The UAE is determined to consolidate the UAE-Polish trade and economic ties by leveraging the latest JEC platform
The UAE and Poland approved a new joint economic collaboration program that targets fields for promoting bilateral business and investment partnerships between the two countries, during the third session of the Joint Economic Committee (JEC) that took place in Warsaw. The session was chaired by H.E. Dr Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade; and Grzegorz Piechowiak, Secretary of State in the Polish Ministry of Development and Technology.
The program further encourages government and private sector collaboration in both countries’ priority sectors such as food security, renewable energy, advanced technology, agriculture, transportation, tourism, and space. It includes measures to expedite the growth of startups, offer incentives, and provide opportunities for investors and exporters from both sides; thus promoting the growth and diversification of bilateral partnerships.
The UAE delegation that attended the JEC included H.E Rashed Abdul Kareem Al Blooshi, Undersecretary at the Department of Economic Development - Abu Dhabi; H.E. Juma Mohammed Al Kait, Assistant Undersecretary for International Trade Affairs at Ministry of Economy and H.E Humaid Ben Salem, Secretary General of the Federation of UAE Chambers of Commerce & Industry (FCCI). The delegation also consisted representatives of government and private sector entities in the country.
H.E. Al Zeyoudi emphasized that the UAE and Poland share distinguished and longstanding strategic and economic relations that have lasted over three decades. He explained that the UAE is committed to strengthening these ties and expanding the scope of bilateral cooperation and joint economic efforts. “This contributes to establishing new fields of cooperation, especially considering the large number of trade and investment opportunities that can help boost the sustainable development of the two countries’ economies,” he said.
The Minister added: “The UAE is one of Poland’s largest trade partners in the region. The non-oil trade between the two countries totaled nearly AED 3 billion in the first half of this year, with a growth rate of 22 per cent compared to the same period in 2021. Furthermore, the non-oil trade between the two countries amounted to nearly AED 5.3 billion last year, demonstrating a 12 per cent growth compared to 2020.”
H.E. further added: “By leveraging this JEC platform, we look forward to launching a new era of economic and trade partnership that can drive the growth of bilateral trade and mutual investments. This will be achieved by facilitating the establishment of a number of business projects, exchange of expertise and knowledge in a number of fields in the government and private sectors, and providing investors and the business communities with enablers to benefit from the investment opportunities in the two countries.”
During the session, H.E. Al Zeyoudi reviewed the most significant economic initiatives launched by the UAE in line with the wise leadership’s vision for the future, most notably the strategic ‘Projects of the 50,’ the comprehensive economic partnerships program, Investopia, and the UAE strategy for talent attraction. HE also apprised the Polish side of the comprehensive development in the economic legislation system, including the granting of 100% foreign ownership of companies, flexible tax policies, and the ease of business establishment procedures - all of which consolidate the UAE’s position as a global hub for trade and investment. H.E. further invited the Polish business community to benefit from the investment opportunities and investments provided by the UAE’s economic environment, especially in the real estate, retail, manufacturing, technology, financial activities, and insurance sectors.
Grzegorz Piechowiak emphasized that the Polish government strongly supports all Polish-UAE initiatives and projects , both in terms of trade and mutual investments. It was especially apparent during Poland’s participation at Expo 2020 in Dubai over its six-month duration. Many important economic events took place during this period, such as Polish-Arab and Polish-African economic forums. he noted.
Piechowiak said: “This meeting is an ideal platform for us to present Polish opportunities in the fields of food security, renewable energy sources, 5G solutions or IT services before the UAE’s investors and businesses. The potential of our cooperation in the field of mutual investments is still not fully leveraged. We cordially invite Emirati investors to Poland and look forward to their wider involvement in prospective projects - already implemented or planned in the nearest future. We are also happy and support the cooperation of such Polish institutions as the Polish Development Fund (PFR), National Development Bank (BGK) or the Polish Investment and Trade Agency (PAIH) with their UAE partners, including the UAE International Investors Council.”
H.E. Dr. Eman Ahmed Al Salami, Ambassador of the UAE to the Republic of Poland, emphasized that the UAE and Poland enjoy a deep friendship and a shared vision based on mutual respect and understanding and a shared aspiration to expand these relations to a wider scale in various fields. Many trade agreements have been signed, which may expand the fields of economic and trade cooperation and encourage mutual flow of investments. Poland’s participation in Expo 2020 Dubai sent out a strong message that confirmed the strength of the two countries’ partnerships.
H.E. stated: “The third JEC session will help enhance cooperation in many promising sectors, most notably food security, renewable energy, artificial intelligence, Fintech, and manufacturing. It will also help increase the size of mutual investments and create new trade and investment partnerships in the upcoming period, which serves the two countries’ shared interests.”
H.E. Rashed Abdul Karim Al Balooshi, Undersecretary of Abu Dhabi Department of Economic Development, said: “This economic cooperation is a result of our strong relations with Poland, and ushers in a new phase of cooperation in various fields. We invite investors and entrepreneurs to benefit from the many opportunities offered by the program in a business environment that fosters the growth and prosperity of investments in the two countries.”
He added: “AbuDhabi has established a supportive economic environment and world-class infrastructure and communications network and has developed a vision and methodology for entrepreneurs that offer growth opportunities for investors. This has contributed to consolidating its position as preferred destination for business and investment.”
H.E. further pointed out that the sectors that the cooperation program is focused on include fields that have higher growth opportunities, such as the priority sectors in which Abu Dhabi is increasing its investments in order to support businesses and their expansion and growth. These include agricultural technology, fintech, healthcare, pharmaceutical industries, energy, tourism, and IT.
The UAE’s total direct investments in Poland amount to nearly AED 736 million (USD 208 million), spread across the fields of aviation, tourism, electronics, automobiles, food industries, science, and technology sectors. Meanwhile, Polish FDI in the UAE currently amount to about AED 345 million (USD 94 million), distributed in the real estate, technology, science, modern technologies, and retail sectors.
During the latest JEC session, the two sides agreed on the importance of continuing joint efforts to explore more opportunities for economic collaboration in priority sectors in the government and private sectors, providing all means of support to exporters and importers to facilitate and increase the exchange of goods and services and their diversification. In addition, the session discussed promising investment opportunities and opening of new channels of communication between investors and companies from both sides, thus contributing to driving the two countries’ economies forward and consolidating the strength and durability of their bilateral relations.
Energy and renewable energy
The UAE and Poland agreed to promote mutual collaboration and investments in the field of energy and renewable energy by strengthening partnership between oil and gas companies in both countries to promote joint projects in hydrocarbon energy. They also emphasized their commitment to promoting mutual investment and knowledge exchange in the field of renewable energy, with the UAE’s Masdar expressing interest in increasing investments in Poland’s wind energy projects.
SMEs and startups
The two countries agreed to offer support to expedite the growth of startups in both markets, increasing investments, and promoting their exports to reach new markets. They also agreed to encourage SMEs and entrepreneurs to invest in the fields of new economy, thus increasing the contribution of SMEs to both nations’ GDPs.
Food Security and agriculture
Both parties expressed great interest in promoting collaboration in food security and agriculture by increasing trade of food products, agricultural produce, and livestock in the next stage, as Poland is Europe’s largest meat producing country.
Environment and biodiversity
Both sides agreed to set new developmental programs to preserve environment, sanctuaries, and biodiversity through the exchange of expertise and knowledge in recycling and adoption of practical measures to facilitate collaboration and mutual investment opportunities for Emirati and Polish companies.
Both parties expressed desire to establish joint tourism fairs, events, and conferences in the upcoming stage. These events are set to promote key tourism and historical landmarks in both countries, take advantage of the capacity of tourism diversity of the two, and attract more tourists from all over the world.
Education, technology, and digital transformation
Both sides expressed their interest in exchanging expertise in the educational field, encouraging students and scholars to apply to educational institutions and universities in both countries, and promoting digital and technological collaboration in the fields of knowledge, innovation, technology, and digital transformation. This is to be achieved through the development of joint projects, such as the establishment of the first joint business hub specialized in making videogames and exchanging best practices and expertise in AI, thus promoting both countries’ digital transformation aspirations.
In addition, both sides emphasized the need to facilitate collaboration between maritime transport institutions and authorities, and FDI in seaports infrastructure, maritime technology and shipbuilding. Both parties further agreed to establish businesses for road transportation and benefit from the agreements signed between the two countries in the field of aviation.
The UAE and Poland agreed to offer a set of training sessions for individuals and Polish tech companies specialized in space sector. They also agreed to explore new opportunities that promote mutual investments between Emirati and Polish companies in this field.