| | OCTOBER 20238INFOCUSUAE INVITES FRENCH FIRMS TO FUND IN ECONOMY SECTORSUAE AND MALAYSIA DISCUSS BOLSTERING ECONOMIC AND TRADE TIESAs connections between the two nations develop, the UAE has Invited French firms to explore investment potential, particularly in the country's new economy sectors. The decision was made during a meeting between Economy Minister Abdulla bin Touq and investors, as well as the CEOs of leading French firms. Mr bin Touq is leading a UAE team to France to examine ways to boost economic cooperation in important sectors such as renewable energy, tourism, aviation, entrepreneurship, artificial intelligence, space, intellectual property, and the circular economy."The economic policies approved by the UAE over the last three years...have established a solid, fertile environment for the growth of major French companies, enabling their access to new markets," Mr bin Touq said."The UAE offers them various incentives and advantages, including advanced infrastructure and flexible legislation that ensure fair competition, in addition to a digital services system through which businesses can be easily set up."The Arab world's second-largest economy introduced a number of new legislations as it aims to boost its economy and support the private sector. The reforms are aimed at improving ease of doing business, attracting foreign investors, creating jobs and diversifying its economy away from oil, as per thenationalnews.The UAE has also enabled 100percent foreign ownership of corporations, removed visa limits, offered different incentives for small and medium-sized businesses, and enacted legislation to promote investor transparency. In addition, numerous efforts are being implemented to increase foreign direct investment. It hopes to attract Dh550 billion ($149.7 billion) in FDI by 2030 and Dh1 trillion by 2051. Thani bin Ahmed Al Zeyoudi, UAE's Minister of State for Foreign Trade, met with Malaysia's Minister of Investment, Trade and Industry, Zafrul Aziz, in Abu Dhabi to discuss expanding trade and investment links. A group of Malaysia's top trade officials visited the UAE for the conference. During the meetings, Al Zeyoudi praised the two nations' longstanding connections and emphasized the UAE's commitment to expanding commercial cooperation and developing possibilities for both sides' business communities.The two sides also discussed the status of discussions for a UAE-Malaysia Comprehensive Economic Partnership Agreement, which was begun during Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, visit to Kuala Lumpur in May 2023.This is the second meeting between the two trade ministers since CEPA negotiations began, the first of which took place in Jakarta at the ASEAN Business and Investment Summit earlier this month, reflecting the deepening relationship between the UAE and Malaysia and the wider ASEAN bloc, as per ANI.Al Zeyoudi said, "Malaysia is a valued partner for the UAE in an increasingly important region, one which shares our vision of leveraging global trade to accelerate growth and diversify the economy. The meeting with the Malaysian delegation provided an important opportunity to explore the sectors with maximum potential for our respective private sectors, and to build consensus on issues impacting global trade ahead of MC13 in Abu Dhabi in February next year."Malaysia's support for open, rules-based trade, transparent dispute resolution mechanisms and a greater voice for the developing world in trade policy will help deliver a conference of lasting impact."
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