UAE and Singapore explore means to strengthen cooperation in sustainable sectors fostering partnerships with the private sector

Discussions held on the sidelines of Investopia Global Talks in Singapore

H.E. Abdulla Bin Touq Al Marri, Minister of Economy and Chairman of Investopia, and H.E. Alia Bint Abdulla Al Mazrouei, the Minister of State for Entrepreneurship, held a series of meetings with various ministers and representatives of major private sector companies in Singapore. The meetings, which were also attended by H.E. Jamal Al Suwaidi, the Ambassador of the United Arab Emirates to the Republic of Singapore, were aimed at strengthening economic cooperation in sustainable sectors and fostering partnerships with the private sector.

The meetings took place on the sidelines of the UAE delegation's visit to Singapore, where the latest edition of Investopia Global Talks was held. The event, organised by Investopia in collaboration with Standard chartered Bank, brought together over 100 participants including leaders, investors, entrepreneurs, economic experts, private sector representatives, as well as leading family offices from both countries.

At these meetings, H.E. Bin Touq emphasized that the UAE-Singapore relations are robust and are marked by consistent progress in diverse sectors, particularly on the economic and investment fronts. H.E. highlighted the UAE's commitment to strengthening economic cooperation with Singapore, particularly in new and sustainable economic sectors that drive the transition towards the future economy. Both nations share common strategies aimed at driving expansion and investment in these crucial sectors.

Meeting with Singapore’s Minister of Manpower

During a meeting with H.E. Dr. Tan See Leng, the Minister of Manpower and Second Minister for Trade and Industry of the Republic of Singapore, H.E. Bin Touq and H.E. Al Mazrouei explored the strengthening of economic relations and facilitating dialogue between the UAE and Singaporean private sectors. This will open up new avenues for cooperation, especially given the diversity of economic opportunities in both markets and the possibility of providing more enablers and incentives for exporters and importers in the two countries.

The meeting discussed the strategies adopted by both countries over the past decades to boost economic diversification. H.E. Bin Touq highlighted the UAE’s efforts to drive expansion in non-oil sectors, which now contribute a substantial 74 per cent to the UAE's overall GDP. These initiatives have played a crucial role in bolstering the country’s economic stability and enhancing its appeal as a hub for diverse business and economic activities.

The two parties engaged in a discussion to enhance cooperation in tourism sector in the next stage, given the tourism opportunities present in both countries and the growing number of flights between them. Currently, there are more than 42 weekly flights connecting the two destinations, operated by the UAE’s national carriers and Singapore Airlines.

Strengthening cooperation in circular economy

The UAE side held a meeting with H.E. Grace Fu, Minister of Sustainability and Environment and Minister-in-Charge of Trade Relations in Singapore, to explore avenues for strengthening collaboration between the two nations in the domains of circular economy, food security, modern agriculture, and sustainable manufacturing. The UAE side highlighted the objectives of the UAE Circular Economy Policy 2031 and its key role in advancing sustainability in the country by the next decade.

Furthermore, the two sides discussed global best practices in entrepreneurship. They also explored strategies to strengthen collaborative efforts in supporting small and medium-sized enterprises (SMEs) in both markets to provide these businesses with the necessary enablers that enhance their growth prospects, secure funding, and ability to effectively compete in different economic activities. This initiative is not limited to the UAE and Singaporean markets but also aims to facilitate expansion into international markets.

During another meeting with Rola Abu Menneh, the CEO for UAE, Middle East and Pakistan at Standard Chartered, and Patrick Lee, the CEO for Singapore and ASEAN at Standard Chartered, H.E. Bin Touq and H.E. Al Mazrouei discussed current global economic trends and their impact on the UAE markets. Discussions also included the vital role that the bank plays in offering a wide range of financing solutions and financial services that support sustainable economic development goals.

The UAE side also met with senior officials from Royal Real Estate Holdings, and RB Capital, a Singapore-based real estate development and investment firm, namely Raj Kumar and Kishin RK. The discussions focused on the company’s plans for expansion in the UAE market, leveraging the growth potential and enablers offered by the UAE to global investors and entrepreneurs.

UAE’s entrepreneurial landscape highlighted

A roundtable discussion was held with the participation of H.E. Al Mazrouei, Simon Webster, CEO of Vistra, and 15 representatives of Singapore's entrepreneurship ecosystem, including venture capital funds, investors, and SMEs. The session shed the spotlight on the attractiveness of the UAE’s entrepreneurial landscape for investment funds, entrepreneurs, and startups. Additionally, it underlined the financing opportunities provided by the country's incubators and accelerators, as well as the flexible and competitive legislations governing the UAE’s business environment.

Visit to Lee Kuan Yew School of Public Policy at the National University of Singapore

H.E. Bin Touq and H.E. Al Mazrouei visited the Lee Kuan Yew School of Public Policy at the National University of Singapore, where they were welcomed by Professor Danny Quah, the Dean and Li Ka Shing Professor in Economics at the School. The visit explored potential collaboration in the development of economic policies in various sectors, including the green economy, circular economy, and sustainable growth. Additionally, the two ministers had the opportunity to learn about the School's programs and research in key sectors.

The UAE delegation also visited Enterprise SG and Standard Chartered Venture to exchange knowledge in areas of entrepreneurship and SMEs and learn about the latest practices in these domains.