ABU DHABI, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said that the value of non-oil trade between the UAE and Africa totalled US$40.7 billion in the first nine months of 2020, compared to $36.9 billion in the same period of 2019, underscoring the growing trade between the UAE and African countries despite the coronavirus (COVID-19) pandemic.
In an interview with the Emirates News Agency (WAM), on the occasion of the launch of “Dubai Week in Africa-Kenya” forum today, Al Zeyoudi stated that the value of non-oil trade between the UAE and Africa amounted to $50 billion in 2019, compared to $33 billion in 2015.
He said that the commercial exchange between the UAE and Kenya has witnessed significant growth from 2015 to 2019, amounting to nearly $2.7 billion, compared to $1.5 billion in 2015.
Regarding Emirati investments in Kenya and future cooperation opportunities between the two countries, Al Zeyoudi highlighted the growing investment flows between the two countries, noting that Emirati investments in Kenya are equivalent to some $2.38 billion while Kenyan investments in the UAE are valued at $63 million, with around 18 trademarks in the UAE being from Kenya.
On the exchange of expertise that will enable Kenya to benefit from the UAE’s pivotal role in maintaining the sustainability of supply chains and maritime and aerial shipping movements in global markets, he stressed that the UAE has become a leading global trade destination, noting the country’s advanced position in many global indexes related to logistical supply, facilitating the practice of business, advanced port and logistical facilities, and adopting the best global practices in related areas. He then pointed out that the UAE has become a permanent regional hub in the Middle East for leading international companies and trademarks.
The UAE is considered a vital and geostrategic gateway to Middle Eastern and African markets and is ranked third globally in re-exports, only behind Hong Kong and Singapore, underscoring the country’s attractiveness to global trade, most notably with African countries, Al Zeyoudi further added, stressing that the UAE appreciates its cooperation with Kenya and is willing to facilitate the entry of Kenyan products into new markets.
On the role of the forum in promoting mutual dialogue on exploring available opportunities, in light of the current changes to the global economy, resulting from the COVID-19 pandemic, Al Zeyoudi said that the unprecedented repercussions of the pandemic are difficult to predict, given their profound impact on the global economy.
The repercussions of the pandemic will dominate the discussions on the forum’s first day, which will include exploring related opportunities and adopting appropriate new practices, he further said, noting that the forum’s recommendations and outcomes will likely focus on finding solutions to overcome the current obstacles.
Source: Emirates News Agency