Minister of Economy & Canadian ministers explore enhanced cooperation in trade, transport, fintech & advanced industries

H.E. Bin Touq: The long-standing, distinguished UAE-Canadian relations are witnessing continuous growth. The two countries have promising opportunities for further developing economic partnership, especially in new economy sectors

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held several meetings with Canadian ministers and the UAE-Canadian Business Council on the sidelines of the UAE’s participation in the 41st session of the General Assembly of the International Civil Aviation Organization (ICAO). The Minister of Economy led the country’s delegation to the session, which took place in Montreal, Canada, recently.

The meetings explored ways to enhance economic and trade collaboration between UAE and Canada in the fields of transportation, industry, entrepreneurship, financial technology (fintech), artificial intelligence, science, innovation, space, air transport, education, and health.

H.E. Bin Touq emphasized the well-established and distinguished relations between the UAE and Canada, which are witnessing continuous growth in various fields, particularly in economy and trade, thanks to the unlimited support and keenness of the two leaderships to enhance these relations. He pointed out that both sides have promising opportunities for further developing economic partnership, especially in new economy sectors, which can significantly promote trade and investment exchanges in the next stage.

He added: "The UAE-Canadian non-oil foreign trade continues to grow and exceeded AED 5.6 billion (USD 1.57 billion) in H1 2022, while it totaled nearly AED 12.7 billion (USD 3.45 billion) in 2021, reflecting a 59.3 per cent growth compared to 2020. Motivated by these growth figures, we look forward to continue working with our partners in the Canadian government, to open up new horizons that consolidate bilateral relations and contribute to establishing projects and partnerships in various economic and trade sectors.

Discussion on mechanisms to increase trade exchanges

H.E. Bin Touq met with Mary Ng, Canadian Minister of Foreign Trade, to address mechanisms and means to support the growth of UAE-Canadian trade. Both sides explored the cooperation and coordination efforts to expedite the signing of various agreements that can enhance and protect mutual investments, add new trade dimensions in the upcoming stage, promote mutual investments, and encourage the UAE and Canadian business communities to increase investments in both markets.

Enhanced air connectivity

Moreover, H.E. Bin Touq held a bilateral meeting with Omar Al Ghabra, Canadian Minister of Transport, to discuss strengthening of air connectivity between the two countries by increasing the number of flights operated by their national carriers. This will immensely contribute to boosting bilateral trade and economic exchanges and provide new investment and expansion opportunities in this vital sector.

Investment exchanges in new economy sectors

In line with the UAE’s efforts to attract FDI to new economy sectors, H.E. Bin Touq met with François-Philippe Champagne, Minister of Innovation, Science and Industry of Canada, to learn about joint investment opportunities between the two countries in new economy sectors, including artificial intelligence, technology and modern technologies, space, science and innovation. This supports the two countries’ vision to diversify and develop their respective economies based on knowledge and innovation by expanding investments in these sectors.

Canadian companies invited to take advantage of promising investment opportunities in UAE

Furthermore, H.E. Bin Touq held another meeting with members of the UAE-Canadian Business Council, during which, promising economic and investment opportunities in the two countries were highlighted and both sides’ business communities were encouraged to increase their investments in areas of common interest. During the meeting, H.E. called on Canadian companies to leverage the incentives and investment opportunities offered by the UAE’s economic environment, especially in technology, financial activities, insurance, transportation, logistics, real estate, and manufacturing.

H.E. also briefed the Canadian business community on the comprehensive development in the UAE’s economic legislation, including the granting of 100 per cent foreign ownership of companies, flexible tax policies, and simplified business establishment procedures, which consolidate the UAE's position as a dynamic global hub for trade and investment.

The UAE is the largest market for Canadian exports in the region, with the total UAE non-oil exports to Canada amounting to almost AED 507 million during H1 of 2022, accounting for a 37 per cent increase as compared to the same period in 2021. Meanwhile, the total UAE re-exports to Canadian markets reached more than AED 759 million during H1 of 2022, accounting for a 6 per cent increase as compared to the same period in 2021.

In terms of investments, Canadian direct investments to the UAE exceeded AED 3.6 billion until the beginning of 2021, achieving a 100 per cent growth over the past eight years. In turn, total UAE FDI in Canada amounted to more than AED 23.3 billion until early 2021.

Canadian investments in the UAE market span real estate, education, modern technologies, finance, insurance, transportation, warehousing, tourism and manufacturing, while the UAE investments in the Canadian market are spread across aluminum industry , energy, real estate, gas, building and construction sectors, healthcare, logistics, aviation, tourism, manufacturing, and shipping.