The British Business Group will ‘continue to be instrumental in promoting business relations in Abu Dhabi as well as between the capital city and the UK’, according to UAE Minister of Foreign Trade HE Sheikha Lubna Al Qasimi, She was speaking to a joint lunch meeting of six of the capital’s foreign business groups, from Britain, the USA, Australia, Canada, South Africa and Switzerland, in November. The meeting was organised by the BBG. The text of her speech follows.

It is a pleasure joining all of you as we discuss the productive partnership between the UAE and the UK and explore unified strategies to weather today’s uncertain and challenging global economic environments.

Thankfully, concerted international efforts are ongoing to ensure that trade is shielded as much as possible from the credit crunch. I remember statements made by World Trade Organisation, WTO, Director General Pascal Lamy a few months ago, about the big difference between global financial and trading systems. He pointed out that trade systems follows rules, commitments and regulations more closely. He also called on WTO member countries to honour their commitments and shy away from protectionism to ensure that trade finance remains vibrant, noting that around 90 per cent of the US $ 14 trillion worth of international trade is financed by trade credits.

The UAE is acting as well to safeguard public and investor interests and ensure that the country is minimally affected by current global financial challenges. The UAE Government was quick to feel the growing sense of insecurity among the public and wasted no time in acting, by putting mechanisms in place to pre-empt any cash shortage in the financial system through a US $ 34 billion injection guarantee for bank deposits and inter-bank lending.

As the UAE’s Minister of Foreign Trade, I too call on our partners to sustain our trading and commercial activities, so that we can continue to invigorate the global markets. Now, more than ever, the world needs steady economies such as our’s to spread a spirit of co-operation and positivism, vital to our collective triumph over today’s financial crisis. This view motivates us to engage further in productive regional and international dialogue; we are, for example, especially supportive of the ongoing talks between the Gulf Co-operation Council and the European Union for the forging of a much-awaited and long-overdue Free Trade Agreement between our two economic blocs.

On the global front, we continue to maintain robust relations with our commercial partners. In the case of Switzerland, the average growth rate for Swiss exports between 2004 and 2007 was a phenomenal 1,970 per cent, reaching US $ 172.59 million in 2007. Imports on the other hand, hit US $ 3.16 billion, for an average 17 per cent increase. More than 180 Swiss companies currently operate within our shores while 650 are represented in the country.

In the same four-year period, our Australian exports climbed a solid 17 per cent annually, to US $ 85.48 million, while imports rose a remarkable 47 per cent to US $ 2.66 billion.

Our trade with our American partners also remains strong, as shown by our importing of US $ 8.4 billion worth of US goods and services in 2007, representing a robust 31 per cent average annual growth from 2004; in turn, we exported US $ 161.43 million, for an eight per cent increase.

Last, but not least, is Canada; with over 40 Canadian enterprises maintaining a firm presence in the UAE, trade dominates our relations with this nation. Our exports to the country grew at an average 4 per cent to US $ 17.7 million in 2007, with imports accelerating at an impressive 36 per cent to US $ 661.5 million.

And then, of course, we treasure our continuously expanding relations with the United Kingdom. Again, for the 2004 to 2007 period, we were able to boost our UK exports by an average of six per cent per year to US $ 91.74 million; imports, meanwhile, swelled 18 per cent to US $ 4.63 billion.

As the UK’s largest trading partner in the Middle East, I would like to assure you that the UAE continues to maintain an environment conductive to business growth and excellence. Our robust commercial relations were instrumental in the WTO’s decision to rank us as one of the world’s top 30 trading nations. Our nation is considered to have the most vibrant economy in our region, a status which we expect to maintain through aggressive diversification initiatives into non-carbon growth areas such as real estate, construction and tourism, which we expect to generate 70 per cent of our national revenue by 2010.

We offer, of course, numerous business incentives, such as our sophisticated free trade zones, a 100 per cent tax-free environment, an investor- and business-friendly regulatory environment and a strategic geographical location between Central Asia, Europe, Southern Asia, Western Asia, India and China.

Our capital city, Abu Dhabi, is a pillar of the UAE’s economic dynamism. Its ambitious plan towards the year 2030 involves heavy investments in energy, basic industries, infrastructure, tourism and real estate, combined with a restructuring of the public sector, economic liberalisation and a total commitment to globalisation. The city has already allocated in excess of US $ 10 billion for key infrastructural projects in the coming years.

Ultimately, the Abu Dhabi Government intends to establish the city as a global capital based on Arab community values. Abu Dhabi-based British companies and interests, who have for so many years been integral to the area’s growth, will be primary beneficiaries of this ambitious movement towards sustainable progress.

The famous historian Charles Austin Board once said that: “when it is dark enough, you can see the stars.” Amidst today’s volatile global economic landscape, our partnership serves as a shining example of the positive fruits of international co-operation. We look forward to achieving greater things alongside all communities here, and commit ourselves to making your stay both pleasurable and highly productive.

I would like to thank the Abu Dhabi British Business Group and our British partners, in general, for contributing immensely to the development of the local and national business communities. I would also like to urge Emiratis to broaden their assistance and support for all activities and business operations by the Business Councils, which remain key agents for our nation’s progress. To all of you gathered here today, I wish you success in your present and future endeavours.