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October 31, 2008

 

UAE Trade Minister and U.S. Chamber Highlight Bilateral Business Ties and Prospects for the Future

 

WASHINGTON, DC— The U.S. Chamber of Commerce’s US-United Arab Emirates Business Council hosted the UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi today to discuss the countries’ current trade relationship and expectations in a new administration.

 

“The UAE is the largest U.S. export market in the Arab world and a key source of investment in the U.S.,” said Danny Sebright, president of the US-UAE Business Council.   “It is quickly becoming a dependable, long-term contributor to U.S. economic growth.  For the sake of commerce and security, the next administration must engage with friends and allies like this to counter extremists and to bolster moderates.”

 

In addition to the UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi, the first woman appointed to the UAE cabinet and a reformer throughout the region and the world, the Business Council’s event included an array of policy experts and business leaders.  The event is part of the US-UAE Business Council’s effort to promote the bilateral trade relationship and raise awareness about the benefits of American companies’ engaging in the UAE. 

 

Over 700 U.S. firms have a presence in the UAE; from Microsoft to Starbucks.  For 30 years, the UAE has generated most of its oil revenues from sales to Asia, then invested most of its profits in the U.S. economy. In 2007 this resulted in the country importing $11.7 billion in goods and services from the U.S. and in 2008 making a number of sizable foreign direct investments in the United States. 

 

“The country has evolved into being the center of globalization and international trade in the Middle East and a new hub between East and West,” Sebright said.

 

Facts about the benefits of trade with the UAE are available at www.usuaebusiness.org/ 
 

The U.S. Chamber is the world's largest business federation representing more than 3 million businesses and organizations of every size, sector, and region.

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