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Record increase in volume of UAE–Sweden trade exchange

Increase due to large-scale projects carried out by Emirates to diversify its income sources away from oil sector

The volume of trade exchange between the UAE and the Kingdom of Sweden increased by roughly 50 per cent to $1.8 billion from $1.2bn, says a senior official.

Abdullah Al Saleh, undersecretary to the UAE’s Minister of Foreign Trade and Industry, made his remarks on Sunday on the sidelines of the signing of a Memorandum of Understanding with Sweden for cooperation in the innovation sectors during GITEX Technology Week 2015 in Dubai, reports middle-east-online.com.

According to analysts, this is a record increase, stressing that UAE has succeeded in consolidating external economic relations and managed to build an extensive network of trade.

They consider that this increase in the volume of trade exchange came as a result of large-scale projects carried out by the UAE as part of its quest to diversify its sources of income away from the oil sector.

Al Saleh adds: “The UAE’s imports from Sweden during 2014 amounted to about $1.76bn, while the UAE’s exports have amounted to $5.5 million and re-exports $14.8 million.”

($1 = AED3.67, at the time of publishing)