According to Mohamed Helal Al Mheiri, Director-General of Abu Dhabi Chamber, bilateral relations between the UAE and Singapore have grown significantly thanks to the leadership of both nations’ commitment.
The remarks were delivered during a visit by a high-level Singapore group led by Dr. Brian Shegar, President of the UAE Singapore Business Council, which included various Singaporean and international enterprises.
“Your presence with us today is a true testament to the strong potential for us to further strengthen economic relations between Abu Dhabi and Singapore,” Al Mheiri said, adding that the two countries’ economic relationship was further strengthened in 2019 when the two countries signed a comprehensive partnership that formed a framework to deepen existing areas of cooperation and accelerate cooperation in new ones, such as blockchain and AI, semiconductors, and other areas.
Total trade between the UAE and Singapore increased from AED15 billion in 2016 to AED18.3 billion in 2019, a compound annual growth rate of 6.8%, according to Al Mheiri, who also noted that total trade decreased by around 33% in 2020 due to the global pandemic’s lockdowns and supply chain disruptions.
Nonetheless, we expect it to rebound and surpass 2019 levels in the coming years, particularly because our economic relationship was cemented further in 2019 when our two fraternal nations inked a comprehensive cooperation,” he explained.
Dr. Brian Shegar, President of the UAE Singapore Business Council, praised the two countries’ strong economic ties, which have seen accelerated growth on all levels, and expressed his desire for the Abu Dhabi Chamber and the Council to increase joint efforts to promote economic integration between the two sides.
Dr. Shegar went on to say that his country considers Abu Dhabi to be one of the region’s most important strategic markets due to its economic competitiveness.
During the meeting, Dr. Shegar gave an overview of the UAE Singapore Business Council, explaining that it was founded in 2018 as a trade association under the Singapore Registry of Societies and was Recognized in February 2019 by both the UAE and Singapore governments in the Joint Declaration of the Singapore UAE Comprehensive Partnership as a conduit to leverage both countries’ connectivity to explore viable commercial opportunities in their respective regions.
He also discussed the Council’s goals, stating that they are to provide a platform for member companies and individuals to communicate with one another and to capitalize on the vital role that the UAE and Singapore can play as regional powers.
He also stated that the Council’s mission is to provide a forum in Singapore for individuals and businesses with a common interest in UAE-Singapore commercial relations to meet, discuss, and exchange ideas and information, as well as to organize activities such as seminars, conferences, trade missions, and networking sessions to raise awareness of the business environments in both the UAE and Singapore.
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