H.E. Bin Touq meets with Secretary-General of ASEAN to explore strengthening of economic partnership in fast-growing sectors, tourism, entrepreneurship & new economy

ASEAN private sector a key player in the UAE’s business and economic environment

H.E. Abdulla bin Touq Al Marri, Minister of Economy, held a bilateral meeting with Dr. Kao Kim Horn, Secretary General of the Association of Southeast Asian Nations (ASEAN), to discuss the development of the UAE-ASEAN economic partnership in fast-growing sectors, technology, entrepreneurship, new economy, tourism, and circular economy. The meeting took place on the sidelines of H.E.'s participation in the World Economic Forum, which was held in Riyadh on April 28-29, 2024.

H.E. Bin Touq highlighted that the UAE and ASEAN states share robust strategic relations, which continue to grow in various fields, especially economic and investment. He pointed out the UAE's desire, under the guidance of its wise leadership, to continue building productive partnerships with ASEAN countries, especially as the two sides share common future visions in expanding to new economic sectors, stimulating capital flows and promoting dialogue at the private sector level.

The Minister of Economy said: "We see the ASEAN private sector as a key player in the UAE's business and economic environment. Therefore, the meeting served as an important platform for exchanging views and exploring opportunities for cooperation in priority sectors, supporting the creation of new pathways for stronger economic ties."

The meeting discussed ways to enhance cooperation in support of sustainable tourism development, as well as opportunities and potential in different sectors and tourism activities on both markets, and the importance of joint action in increasing mutual tourism flows and the number of flights between the two sides.

H.E. Bin Touq highlighted the UAE’s efforts in supporting the Belt and Road Initiative since its launch in 2013 through the country’s development potential, strategic position linking the East and the West and a USD 10 billion investment into the joint UAE-Chinese investment fund to support the initiative's projects in East Africa. It has also signed 13 MoUs with China in 2018 for multiple investments in the UAE, enhancing the prospects for economic cooperation between the UAE and ASEAN countries, especially as it shares its land borders with China and many of the initiative’s member states.

Furthermore, H.E. Bin Touq briefed the ASEAN Secretary-General on the economic developments in the UAE business environment, including the amendments made to the Commercial Companies Law to allow 100% foreign ownership, the modernization of visa and residency systems and the introduction of self-employment and green residency pathways to enhance the country’s attractiveness to talents, employers and businesses. In addition, initiatives launched to support the country’s transition towards a circular economy were highlighted, most notably the UAE Circular Economy Policy 2031.

H.E. said that the UAE's participation in this year's China-ASEAN Expo as a special partner is a testament to the growth of economic ties between the two sides.