Abu Dhabi: A top ranking official from the US Department of Commerce said that the country could be an “important partner” as the UAE focuses on the diversification of its economy and increasing the contribution of the non-oil sector.
“The United States is encouraged by the UAE government’s progress in diversifying its economy and developing new industrial and commercial sectors beyond the traditional oil industry,” said Ted Dean, Deputy Assistant Secretary for Services Industries at the US Department of Commerce, speaking to Gulf News in Abu Dhabi on Sunday.
He said diversification is happening in sectors where the US can be an important partner.
“These [diversification] efforts have opened up new, robust avenues for expanded bilateral trade and for increased innovation in the UAE economy. If you look at some of the signature projects in the diversification, we’ve got NYU in the education sector, Cleveland Clinic in health care and Guggenheim in culture.”
Dean is on a two-day visit to the UAE. He is leading a delegation of 11 US companies as part of a US Department of Commerce Architecture and Engineering Services Trade mission to the UAE to explore investment opportunities.
As part of the mission, the US participants will gain market insights, learn about the UAE’s advantages as a business hub, make industry contacts and hold discussion with UAE government and business representatives.
Last year, bilateral trade totalled about $25 billion and the UAE was the 17th largest US export market. More than 1,000 US firms are operating in the UAE spanning various sectors including finance, construction, aviation, medical etc.
American architects, engineers and planners have been integral to the development of many of the most notable projects in the UAE, including the Guggenheim Abu Dhabi Museum, Khalifa Port and Kizad Industrial Zone, Saadiyat Island, Burj Khalifa and Etihad Towers, among other projects.
“This dynamic trade and economic relationship not only facilitates US and UAE leadership in promoting regional security and stability but also supports UAE jobs, sustained investment and access to some of the world’s best technology and management practices,” he said.
According to him, the UAE has established trade relations with every state in the United States as well as the District of Columbia, Puerto Rico and the Virgin Islands.
As oil prices plummet, the UAE government is focusing on diversification of its economy and increasing the contribution of the non-oil sector to the overall economy of the country.
The UAE Economy Minister Sultan Bin Saeed Al Mansouri said last week that the government plans to increase the contribution of the non-oil sector to 80 per cent of the nation’s gross domestic product (GDP) from the present figure of 70 per cent in the next 10 to 15 years.
The UAE cabinet in June endorsed the National Programme for Small and Medium Enterprises (SMEs) to give a boost to SMEs across the country.
