Minister of State for Financial Affairs holds series of bilateral meetings on the sidelines of the IMF and World Bank meetings in Istanbul

HE Obaid Humaid Al Tayer met with the Minister of Finance of Turkey. During this meeting, they discussed ways to strengthen partnership between the two countries in all areas, particularly investment, economy and trade.

The Minister explained that this meeting reflects the special relation between UAE and Turkey. The Turkish Minister of Finance stressed that Turkey is keen to strengthen the relationship with the United Arab Emirates, which is witnessing a strong economic boom and is considered an attractive business destination for a large number of countries, because of its potentials, security and stability. In this regard, HE Obaid Humaid Al Tayer noted that the attractive investment climate of Turkey enables Emirati investors to benefit from investment opportunities in Turkey.

The Minister met with Shaukat Tarin, consultant to Pakistani Prime Minister supervising the Ministry of Finance in Pakistan. During the meeting, they discussed measures to strengthen the bilateral relations between two countries in economic, trade and investment fields.

The Minister said, UAE was keen to strengthen their bilateral relations with the Islamic Republic of Pakistan in various fields and for the benefit of the two nations. He also emphasized that UAE would spare no effort in supporting the people of Pakistan in areas of development and humanitarian aid.

It is also important to know that UAE's exports to Pakistan increased from Dhs900m in 2007 to Dhs1.5bn in 2008 (7.3%), making the country a crucial trading partner for UAE. Crude oil, chemicals, rubber, plastics, heavy equipments and engineering products and pure gold are the most important exports of UAE to Pakistan.

HE Obaid Humaid Al Tayer also met with HE Dato Seri, Malaysian Minister of Finance. The two parties discussed bilateral cooperation ties between the two countries and ways of enhancing them in the cultural, commercial, investment and Islamic finance areas. In addition, they also discussed economic and trade relations and shed light on the development done in these areas. Al Tayer and Seri also discussed views concerning many regional and international issues.

During the meeting, the Minister expressed UAE's high regard for Malaysia, confirming UAE's eagerness to promote trade ties with Malaysia, also taking into consideration that Malaysia is one of the largest Islamic economies. The volume of trade between the two countries increased from Dhs202m in 2007 to Dhs338m in 2008, growth by 67%.

The Malaysian Minister of Finance on his part praised the development seen in UAE, wishing further progress under the wise leadership of the state.

HE Obaid Humaid Al Tayer, along with the UAE delegation, held talks with the Minister of Finance of Bangladesh. The meeting focused on a number of important topics like bilateral relations between the two countries and ways of developing these relations in respect of economic, investment, trade fields.

The UAE exports to Bangladesh increased from Dhs79m in 2007 to Dhs107m in 2008. HE Obaid Humaid Al Tayer said that he outlined the economic development of the country to the delegations he met, shedding light on the impact of this development on the economic status of UAE in light of the global financial crisis, investment climate, and evolution of the industrial sector and investment opportunities in the UAE in a large number of areas.

HE Obaid Humaid Al Tayer also emphasized the importance of these meetings, especially in light of the current exceptional economic circumstances. He pointed to the need to continuously consult with countries in order to monitor economic developments and participate in developing appropriate solutions for the current crisis.

HE Obaid Humaid Al Tayer also stressed the importance of consolidating global efforts to overcome the financial crisis, alluding to the role played by the UAE government and the central bank in addressing challenges arising from the financial crisis through a series of initiatives and policies.