UAE and Czech Republic hold inaugural Joint Economic Committee session with an aim to enhance cooperation in new economy, tourism, entrepreneurship, renewable energy, transportation & aerospace

Session witnesses signing of several MoUs between the two countries to broaden the scope of economic and industrial cooperation

A UAE delegation led by H.E. Abdulla bin Touq Al Marri, Minister of Economy, participated in the inaugural session of the Joint Economic Committee (JEC) between the UAE and Czech Republic, held in Prague on 13 and 14 June 2024. The session was held with an aim to strengthen economic cooperation between the two countries in various sectors and activities of shared interest. These include the new economy, tourism, entrepreneurship, SMEs, transportation, financial services, agriculture, environment, food security, logistics services, energy, renewable energy, industry, advanced technology, innovation, healthcare industry, and aerospace. Through enhancing and diversifying the existing economic partnership at private and government sector levels, the two countries seek to contribute to the growth and sustainability of their economies.

The JEC session, chaired by H.E. Bin Touq and H.E. Jozef Sikela, Minister of Industry and Trade in the Czech Republic, falls under the framework of the economic and technical cooperation agreement signed by the UAE and the Czech Republic. Other dignitaries who attended the session include H.E. Omar Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology; Abdullah Mohammed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry; H.E. Maria Hanif Al Qassim, Assistant Undersecretary for Policies and Economic Studies at the Ministry of Economy; H.E. Eng Alia Abdul Rahim Al Harmoudi, Assistant Undersecretary for Sustainable Communities sector at the Ministry of Climate Change and Environment; Dr. Ghalia Ali Al Humaidan, Chargé d´Affaires at the UAE Embassy in the Czech Republic; and Majed Julfar, Director of Trade Credit Insurance and Export Financing at Etihad Credit Insurance, in addition to several government officials from both sides.

H.E. Bin Touq said that the UAE, following its wise leadership’s vision and directives, continues to enhance its integration with the global economy by establishing productive partnerships and strengthening synergies with strategic markets at both regional and global levels. He pointed out that the UAE boasts an extensive network of economic partnerships with numerous countries and leading international organizations, which has consolidated its position as a prominent hub for business and FDI.

H.E. added: "The first Joint Economic Committee with the Czech Republic forms part of the UAE’s efforts to strengthen its position as a global partner and an attractive and influential economic hub in light of the goals set by the ‘We the UAE 2031’ vision. It marks a key milestone in the development of the economic relations between the two countries by capitalizing on the promising opportunities in both markets and enhancing dialogue at the private sector level.”

“The economic relations between the UAE and the Czech Republic continue to grow across various fields and economic sectors. We look forward to maintaining this momentum, especially since Czech Republic is an important economic destination for the UAE in the Central European region with a strong economic and industrial ecosystem that contributes to creating more opportunities for our private sector," H.E. noted.

UAE’s vision in promoting economic openness to the world

During the meeting, H.E. Bin Touq highlighted the UAE’s vision to promote policies of economic openness and strengthen partnerships with foreign markets. These efforts are further complemented by the country’s strategic geographic location and status as a dynamic economic hub that connects more than 400 cities around the world through one of the largest shipping line networks that spans 88 ports worldwide.

Furthermore, H.E. elaborated on the UAE’s new flexible economic model based on innovation and knowledge and its importance in promoting the growth and leadership of the national economy at the regional and global levels. He also highlighted the efforts to enhance the country's attractiveness to foreign investments in fast-growing economic sectors such as healthcare, finance, hospitality, logistics and technology, including agricultural technology and e-commerce. The Minister of Economy added that the UAE’s progress in diversifying its national economy constitutes new prospects for businesses from around the world to expand their non-oil economic activities in UAE markets and contribute to sustainable economic development.

Enhanced exchange of visits by trade delegations between the two countries

At the JEC session, the UAE and Czech sides agreed to set up technical task forces to follow up on the implementation of all of the Committee's outputs, which outline the roadmap for enhanced economic cooperation between the two countries in the next phase. The two sides also agreed to organize joint business forums and economic events and facilitate the exchange of visits by trade delegations to create new opportunities to support the growth of trade relations between the two countries.

The Committee also discussed a range of new mechanisms for increasing trade flows between the two countries and supporting cooperation at the governmental and private sector levels. It underlined the key role of the private sector in promoting economic cooperation between the two countries and the importance of providing all means of support to exporters and importers to facilitate greater exchange and diversification of goods and services. To this end, new channels of communication between the UAE and Czech business communities will be explored.

SMEs and startups

The UAE and Czech Republic agreed to provide programs and enablers that would accelerate the growth of startups in the markets of the two countries, increase their investments and access to new markets, as well as encourage SMEs and entrepreneurs to invest in the new economy sectors. This will help enhance the sector’s contribution to the GDP of both countries.

Food security and agriculture

The two sides expressed their interest in strengthening cooperation in the field of food security and agriculture through increased trade in food commodities and agricultural products during the next phase.

Tourism

The UAE and Czech Republic emphasized the importance of organizing joint tourism exhibitions, events, and conferences in the future to promote the main tourism and historical attractions in the two countries and fully capitalize on their tourism capabilities to attract more tourists from all over the world.

Air traffic between the two countries is also witnessing continuous growth as the number of monthly flights between them, operated by the UAE’s national carriers, now exceeds 60.

Industry and Innovation

The two sides underscored the importance of strengthening cooperation and exchanging expertise and best practices in industry, innovation, advanced technology, and renewable energy sectors, encouraging the private sector to invest and explore opportunities in such vital sectors.

MoU between the Ministry of Industry and Advanced Technology and the Czech Office for Standards

The Ministry of Industry and Advanced Technology signed a cooperation agreement with the Czech Office for Standards, Metrology, and Testing of the Ministry of Industry and Trade of the Czech Republic. The agreement will facilitate the exchange of expertise and knowledge in conformity assessment, certification systems, and metrology, and the hosting of joint workshops, conferences, and training programs for professionals on both sides, thus promoting the economic, environmental and social activities between the two countries. The agreement was signed by H.E. Omar Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology, and Jiri Kratochvil, Director/President of the Czech Office for Standards, Metrology, and Testing.

Cooperation between the Federation of UAE Chambers and the Confederation of Industry of the Czech Republic

Moreover, the Federation of UAE Chambers signed an MoU with the Confederation of Industry of the Czech Republic to strengthen economic relations between the two countries in trade, investments, technology, and industry areas. It improves the prospects for increasing trade exchanges between them and expands economic and industrial cooperation between the companies and organizations in both sides in line with their national regulations. The MoU was signed by H.E. Abdulla Mohamed Al Mazrui, Chairman of the UAE Federation of the Chambers of Commerce and Industry, and Frantisek Chalupecki, Vice President of the Confederation of Industries of the Czech Republic.

Agreement between ECI and EGAP

The inaugural joint economic committee also saw the signing of an MoU between Etihad Credit Insurance, UAE’s federal exports credit company, and the Export Guarantee and Insurance Corporation (EGAP) of the Czech Republic to enhance the economic and trade cooperation between both countries and support the growth of exports across their markets in the upcoming stage. The agreement also provides a set of innovative export credit insurance solutions and facilities provided by both sides to exporting companies. It was signed by H.E. Bin Touq, Minister of Economy and Chairman of ECI Board of Directors, and H.E. David Havlicek, Chairman of the Board of EGAP.

UAE-Czech Business Forum convenes

During the UAE delegation’s visit to the Czech Republic, the UAE-Czech Business Forum was also held. During the forum, H.E. Bin Touq reviewed several economic initiatives launched by the UAE within the framework of the ‘Projects of the 50’ and the ‘UAE Centennial 2071’ to foster what it offers to the global economy, and the attractive investment incentives offered by the country to investors and businesses from around the world. These include the comprehensive development of the economic legislation system, including the granting of 100% foreign ownership of companies, flexible tax policies, simplified procedures for establishing businesses and much more.

In this context, H.E. Bin Touq invited the forum’s participants to explore opportunities and establish businesses in the UAE market and benefit from the enablers that the UAE economy offers, in addition to its strategic location.

The forum also highlighted the promising trade and investment opportunities in both markets and the need to exchange latest experiences and expertise in key economic activities and sectors at the private sector level.

The UAE delegation consisted of 38 representatives of 22 public entities and national companies, including the Ministry of Industry and Advanced Technology, Ministry of Finance, Ministry of Climate Change and Environment, Ministry of Investment, Ministry of Education, UAE Space Agency, the Federation of UAE Chambers, Tawazun Council, Mubadala Investment Company, Masdar, Edge Group, and Ali & Sons Holding.