H.E. Sheikha Lubna Al Qasimi discusses enhanced bilateral trade and international issues with Swedish Minister for Trade

Both parties conferred on the latest developments regarding negotiations over the proposed Gulf-European free trade agreement as well as the effects of the current global financial crisis on global trade. The UAE delegation included H.E. Sheikha Najla Mohammed Al Qasimi, UAE Ambassador to Sweden, and H.E. Eng. Salah Salem Bin Omeir Al Shamsi, Chairman of the Federation of Chambers of Commerce and Industry (FCCI) and Chairman of the Abu Dhabi Chamber of Commerce and Industry.

H.E. Sheikha Lubna thanked her Swedish hosts for the invitation extended to her and her accompanying delegation. She explained that the visit was an excellent opportunity to discuss various issues and topics of mutual interest and to examine ways to develop cooperation in investment projects so that the UAE and Sweden could benefit from their existing infrastructures. She also encouraged the private sectors and businessmen in both countries to leverage investment opportunities in their respective countries.

H.E. stated that the UAE's well-developed investment environment has made it one of the most open countries in the Middle East, which in turn has contributed to its emergence as an important hub for international companies at the regional and global levels. She pointed out that the UAE offers a huge potential market for the activities of Swedish companies in various sectors and the expansion of their businesses towards the Middle East, Asia and Africa.

The UAE Minister delivered a presentation on the latest economic developments in the country and plans to further develop infrastructure and economic diversification. She noted the significant contribution of the non-oil sectors to the UAE's GDP of the country, saying that this area's share exceeded 64 per cent in 2007.

H.E. Sheikha Lubna reviewed the continuous efforts of the UAE to protect the environment and discussed the country's focus on renewable energy, noting the activities of "Masdar," the Abu Dhabi Future Energy Company (ADFEC). She also talked about national efforts to diversify renewable energy sources, highlighting ADFEC's initiative to build a carbon-free city and its efforts to develop innovative solutions for renewable, alternative and sustainable energy in addition to promoting sustainable designs.

H.E. noted the numerous opportunities to strengthen cooperation between the UAE and Sweden in environmental and renewable energy development. She encouraged Swedish companies to communicate with ADFEC on "Masdar" and to be informed about the project's work on renewable energy. She urged both parties to exchange experience and knowledge to achieve a safe, clean and sustainable environment.

The two sides also discussed updates on the free trade negotiations between GCC countries and the European Union and how to expedite the ratification of the convention, especially as Sweden will assume the Union's presidency in the second half of 2009. Minister Björling expressed Sweden's great interest in the agreement and her country's eagerness to sign it due to its vital role in promoting stronger commercial and economic ties between the UAE and Sweden. H.E. Sheikha Lubna in turn thanked Sweden for their interest and support in this matter.

Both parties proceeded to exchanging views and ideas regarding international efforts to overcome the effects of the global financial crisis, noting the importance of international cooperation to unify efforts to address the crisis.

H.E. Salah Al Shamsi delivered a brief presentation on the UAE's efforts to anticipate and act on the consequences of the global financial crisis. He referred to national initiatives to provide the necessary liquidity to domestic banks so that they may continue to perform their duties in support of economic activity, as well as the government's protection of bank deposits.

H.E. added that in accordance with the directions set by the country's leadership, the government decided to support and protect the domestic banking sector by authorizing the release of Dhs120bn ($32.7bn) in additional funding. He explained that such procedures reflect the UAE leadership's commitment to supporting the banking sector, with the broader goal of maintaining the country's excellent rate of economic growth.

The FCCI Chairman finally emphasized the importance of cooperation and exchange of experiences between the UAE and Sweden as well as among all the countries of the world to overcome the current financial crisis. He noted that the economic and financial foundations of the UAE and Sweden remain strong and allow both to address any possible repercussions of the crisis.

For her part, Swedish Minister for Trade Ewa Björling affirmed the eagerness of her country in promoting stronger ties with the UAE. She particularly welcomed the cooperation of Swedish companies with "Masdar" in advocating renewable energy initiatives.

H.E. Björling also commended the diversity of the UAE's economy and the effectiveness of government procedures in anticipating adverse consequences of the current global financial crisis.

Economic and commercial relations between the UAE and Sweden have grown significantly over the past years. The total volume of non-oil trade between the two countries in fact reached Dhs3.041bn in 2007.