Home Business UAE and Greece forge agreements to enhance trade and economic relations.

UAE and Greece forge agreements to enhance trade and economic relations.

Mubadala and the Hellenic Development Bank of Investments are set to broaden their existing partnership through a €200 million investment.

by Soofiya

In a significant move towards bolstering international commerce and fostering economic cooperation, the United Arab Emirates (UAE) and Greece have recently announced a series of agreements aimed at enhancing their trade relations. This collaborative effort marks a promising milestone in the diplomatic and economic landscape of both nations.

The agreements, signed between representatives of the UAE and Greece, signify a mutual commitment to deepen economic ties and explore avenues for increased collaboration across various sectors. With the UAE being a key player in the Middle East’s economic landscape and Greece’s strategic location at the crossroads of Europe, Asia, and Africa, the potential synergies between the two nations are vast.

One of the key areas of focus in the agreements is trade facilitation. Both countries have expressed a keen interest in streamlining trade processes and reducing barriers to entry for businesses from either side. By simplifying customs procedures, harmonizing regulations, and fostering a conducive business environment, the UAE and Greece aim to create more opportunities for bilateral trade and investment.

Furthermore, the agreements extend beyond traditional trade partnerships to encompass cooperation in areas such as tourism, technology, energy, and infrastructure development. By leveraging each other’s strengths and expertise, both nations seek to drive innovation, stimulate economic growth, and create employment opportunities for their citizens.

The UAE and Greece also recognize the importance of cultural exchange and people-to-people connections in strengthening their bilateral relations. Initiatives to promote tourism, educational exchanges, and cultural collaborations are expected to further enhance mutual understanding and foster long-term partnerships between the two countries.

Moreover, the strategic partnership between the UAE and Greece holds the potential to contribute positively to regional stability and prosperity. By fostering economic cooperation and connectivity, both nations aim to play a constructive role in promoting peace and development in their respective regions and beyond.

The United Arab Emirates (UAE), the second-largest economy in the Arab world, and Greece have initiated several agreements and discussed avenues for broader cooperation to strengthen trade and investment ties as part of their Comprehensive Strategic Partnership (CSP).

These initial agreements were reached following discussions held in Greece during an official visit by UAE government officials and private sector executives, led by Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, according to a statement from the Ministry of Economy.

Among the agreements, Mubadala Investment Company, the strategic investment arm of Abu Dhabi, and Greece’s Hellenic Development Bank of Investments signed an initial agreement to expand their existing partnership through a €200 million ($219 million) investment. This investment, in addition to a €400 million partnership announced in 2018, is expected to enhance cooperation in emerging and private investments in Greek funds focusing on high-growth sectors.

The UAE-Greece CSP encompasses various areas including political cooperation, international humanitarian developments, trade, investment, tourism, culture, and energy sector investments, among others, Dr. Al Jaber highlighted the UAE’s keen interest in strengthening strategic relations with the EU country, particularly in mutually beneficial sectors.

Officials from both sides also discussed the progress of a €4 billion joint investment fund established by the two countries in 2022 to invest in the Greek economy. The joint steering committee of the fund convened to explore promising investment opportunities, aiming to foster sustainable and long-term partnerships.

Emphasis was also placed on enhancing cooperation in digital technologies, government services, and artificial intelligence.

Additionally, Masdar, Abu Dhabi’s clean energy company, and the Greek Ministry of Environment and Energy signed an agreement to develop projects under the “GR-Eco Islands” initiative. This initiative aims to accelerate the transition of selected Greek islands into green economic models, supported by clean energy and digital innovation. Masdar will contribute by developing infrastructure projects, sharing expertise in energy efficiency, and supporting Greece’s efforts to increase renewable energy usage in various sectors.

Trade relations between the UAE and Greece have been steadily growing, with the non-oil trade volume reaching approximately Dh1.97 billion in 2022, growing by about 6.2% during the first nine months of 2023. This expansion was largely driven by a significant increase in re-exports, which surged by about 58% during the period.

The UAE’s commitment to expanding its trade and investment relations extends globally. Recently, negotiations for a comprehensive economic partnership agreement (Cepa) were concluded between the UAE and Kenya, expected to provide further access to the high-growth African continent and expansion into various sectors from food to technology.

Moreover, the UAE has already established Cepas with several countries including India, Israel, Indonesia, Turkey, Georgia, Cambodia, Colombia, South Korea, and Costa Rica. These agreements signify the UAE’s proactive approach in fostering economic cooperation and expanding its global footprint in trade and investment.

As the global economic landscape continues to evolve, forging strong partnerships and alliances becomes increasingly vital for nations seeking to capitalize on emerging opportunities and address common challenges. The agreements between the UAE and Greece exemplify the importance of proactive diplomacy and cooperation in advancing mutual interests and creating a more interconnected world.

In conclusion, the recent agreements between the UAE and Greece herald a new chapter in their bilateral relations, marked by a shared vision for enhanced trade, economic cooperation, and mutual prosperity. By capitalizing on their respective strengths and synergies, both nations are poised to unlock new opportunities and realize their full potential as strategic partners on the global stage.

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