UAE, Singapore Discuss Economic, Investment Relations And Plans After Coronavirus
Mohammed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development, ADDED, held a remote meeting held through video conferencing with Kamal R Vaswani, Ambassador of the Republic of Singapore to the UAE, to discuss ways to improve bilateral economic relations between the two parties.
During the meeting, both parties explored trade and investment cooperation and the exchange of experiences in several economic sectors, particularly innovation and information technology. They also agreed to strengthen cooperation between Singapore and Abu Dhabi soon, especially for sectors adapting to the changes brought about by the global spread of the coronavirus and its impact on the global economy.
Both leaders further agreed on initiating communication through a Memorandum of Understanding, MoU, between the ADDED and the Singapore Economic Development Board, which will seek to establish an economic relations platform and explore areas of cooperation in the future, especially for investments that address regional and global challenges.
The two parties shared the expertise and experiences of 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 the community. The discussion looked at exploring joint efforts in combatting the spread of the virus and addressing its impact.
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.
He reiterated the strong partnership already established between the UAE and Singapore, supported by agreements and collaboration efforts through MoUs over several fields such as technology, environment and health that were signed during the last visit of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to Singapore.
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 the participation of private sector companies from both sides and strengthen trade cooperation.
He noted that his next mission will focus 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.
