Economic and investment relations and joint-cooperation plans after coronavirus

H.E. Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) has met with H.E. Kamal R Vaswani, Ambassador of the Republic of Singapore to the UAE, to discuss several ways of improving the bilateral economic relations between the two parties, as well as explored trade and investment cooperation and exchange of experiences in several economic sectors particularly in innovation and information technology (IT).


During a remote meeting held through video conferencing, both parties agreed to strengthen cooperation between Singapore and Abu Dhabi in the near future especially for sectors adapting to the changes brought about by the global spread of the novel coronavirus (COVID-19) and its impact on the global economy.


Both leaders further agreed on initiating communications through a Memorandum of Understanding (MoU) between ADDED and Singapore Economic Development Board (EDB) which will seek to establish an economic relations platform and explore areas of mutual cooperation in the future especially for investments that address regional and global challenges.


The two parties shared expertise and experiences learned by the UAE and Singapore in the implementation of precautionary measures aimed at curbing the spread of COVID-19 and preserving the health and safety of community members. The discussion looks to explore joint efforts in combatting the spread of the virus and address its impact.


H.E. Mohammed Ali Al Shorafa said that the next step for both parties will focus on strengthening cooperation in various economic and development fields in line with the UAE’s vision and continuous efforts towards a diversified competitive economy based on innovation, knowledge, technology and research & development (R&D).


H.E. Al Shorafa noted that investments are key to enhancing the government system to keep pace with the rapid developments in digital technologies. He further highlighted the need to adopt leading technology solutions that address social and economic needs and learn to benefit from their advantages to ensure sustainable growth.


Al Shorafa reiterated the strong partnership already established between the UAE and the Republic of Singapore supported by the agreements and collaboration efforts through MoUs for several fields such as technology, environment and health that were signed during the last visit of H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Singapore.


For his part, H.E. Kamal R Vaswani expressed his appreciation for the meeting with H.E. Al Shorafa amidst the current circumstances to discuss important topics that will reinforce the economic and investment ties between the two governments.


Vaswani said that the bilateral relations between the UAE and Singapore, under the leadership of both countries, have resulted in opening wider horizons for economic and trade cooperation. These efforts will help boost participation of private sector companies from both sides and strengthen the trade cooperation.


He noted that his next mission focuses on opening more channels of communication with the Abu Dhabi and UAE governments to expand the economic partnership between the two countries and open new areas for investment.

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