Having been Britain’s Trade and Investment Minister for only a few months, it is a great honour to be invited to write an article for the magazine of the British Business Group, Abu Dhabi, Capital Letter.

My connections with UK Trade & Investment (UKTI), the Government organisation that helps UK-based companies succeed in international markets, date back to my time as Director General of the Confederation of British Industry, CBI, when I worked with the organisation and their network of staff from all over the world on a regular basis. Through this relationship, I have been able to appreciate the importance and, indeed, influenceofBritishBusinessGroups around the world. They really do have a role to play and I know that UKTI staff understand and value their close associations.

I plan to visit the UAE in the not too distant future and have been enthused by the many reports I have seen. The United Arab Emirates is one of the top ten trading partners for the UK and one of sixteen high growth markets as identifiedinUKTI’snewfiveyearstrategy,‘Prosperity in a Changing World’.

It is extremely heartening to hear of the UK’s involvement in Abu Dhabi. The presence of such high profile companies as Rolls Royce, Shell, BP, International Power, Standard Chartered Bank, HSBC, Hyder, Halcrow, Mouchelparkman and Mott MacDonald, and of the many other smaller, but nonetheless important, companies, shows that Uk plc is realising the potential of Abu Dhabi. One of these companies is Benoy, the architectural firm, who have won multi-million pound contracts and are due to open an office in Abu Dhabi. Likewise, Lord Norman Foster and his partners have forged considerable partnerships. United Utilities, KBR (UK), Brush Transformers, as well as others, have all committed to a partnership for the longer term. In Dubai too, the UK is well represented and I would hazard a guess that most of the FTSE 100 companies are in the UAE in one form or another. It is probably unprecedented anywhere else in the world.

Fuelled by the construction boom and diversification away from oil and gas, it is really an exciting prospect to be in the UAE – but we can do better. I am determined that the UK will continue to be an active partner in the UAE, both in terms of exports and also, equally important, in terms of the continuing rise of investment into the UK from the UAE.

The UK thrives at the knowledge-driven and innovative end of trade & investment. One area where we excel is research and development. Abu Dhabi, too, is concentrating efforts in research and development and the evolution of Masdar is particularly notable. As Abu Dhabi is a major oil and gas producer, it is remarkable to see the Masdar vision being implemented. The approach is highly commendable. I will be following developments closely to see if the UK can add anything to this exciting venture.

The UK also excels in the financial services field. In the Gulf, huge liquidity is driving major opportunities for London in fund management and inward investment. The relatively new International Financial Centre in Dubai is still in its start-up phase, and the stock exchange remains illiquid, but the excellent infrastructure and openness to Westerners – together with the investment power of the UAE – make it attractive. The priority given to non-interest based systems alongside conventional banking in the UK is attracting Islamic investment from the Gulf.

Finally, thinking of the wider relationship between our two countries, there have inevitably been some downs as well as ups, but the overall balance has been hugely positive, certainly from the UK perspective, and I hope from the Abu Dhabian and Emirati side too. This enduring partnership has left us with a deep well of shared experience, respect and friendship. You can rest assured that I will do all I can to develop that partnership.