Al Zeyoudi stated that the UAE continues to benefit from the forward-looking vision of its wise leadership regarding expanding the network of the country’s trading partners…reports Asian Lite News
The World Investment Report 2023 confirms the UAE’s position as a compelling destination for global capital, a beacon of economic resilience and prosperity that delivers unrivalled growth opportunities for investors and entrepreneurs, said Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade.
“It is a testament to the vision of our leadership that we have been able to match our ambition with action and foster a modern, flexible and stable business hub that can yield long-term growth across a broad number of future-focused sectors – and inspire the confidence of the global investment community. We remain committed to innovating, evolving, and adapting to the ever-changing global economic landscape, and remain a welcoming destination for all forms of capital.”
Meanwhile, Al Zeyoudi stated that the UAE continues to benefit from the forward-looking vision of its wise leadership regarding expanding the network of the country’s trading partners, which was accompanied by a number of measures aimed at strengthening the foreign trade sector.
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In March 28th, he said, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, announced that the UAE Cabinet approved the national agenda for re-export development 2030, which includes 24 initiatives and programmes, aiming to achieving 50 percent increase in the added value of the UAE economy through re-exports by 2030.
Al Zeyoudi told the Emirates News Agency (WAM) that the re-export sector is a vital sector for the country’s economy, as the UAE is one of the largest re-export centers in the world.
In 2022, the total value of the UAE’s foreign trade reached a record-breaking AED2.23 trillion, an increase of 17 percent over 2021. The share of re-exports totalled AED614.4 billion, or 27.5 percent of the total value, which reaffirms its importance to the country’s economy and its position as a facilitator of global trade.
According to the Global Trade Outlook and Statistics report issued by the World Trade Organisation, the UAE is among the top five countries in global re-export operations, with 2.4 percent of the total sea container trade passing through one of its modern world-class ports. The country’s container ports exchanged over 19.18 million TEUs in 2021.
Regarding the main products that the UAE re-exports, Al Zeyoudi said that mobile phones and their accessories were the largest single sector for re-exports in 2022, with a rate of 18.3 percent, followed by diamonds, mass transit vehicles and jewelry. “The UAE is the world’s largest re-exporter of rice, the third largest re-exporter of diamonds, the fifth largest re-exporter of coffee, and the fifth largest re-exporter of tea.”
On the direct impact of re-export on UAE economy, the minister said that latest studies show that re-export contributes 6.6 percent of the UAE’s GDP. At the country level as a whole, he added, the re-export sector generated about 1.3 million jobs, not only in logistics services and related trade services, but also in sectors like banking, finance, insurance, communications, hospitality, transportation, health care and entertainment.
The total direct and indirect economic impact is estimated at AED 48 billion, he further said.
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