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UAE and Czech Republic look to boost trade and investment ties

The UAE is one of the largest economic partners to the Czech Republic.
  • The discussions were held during the visit of Ahmed Ali Al Sayegh, Minister of State of the UAE, to the Czech Republic with the aim of boosting bilateral cooperation
  • The UAE minister said that non-oil exchange surpassed US$1 billion in 2022 and that there was marked growth in Czech investment in the UAE

Prague, Czech Republic— The UAE and Czech Republic have held discussions on deepening cooperation in wide-ranging vital sectors of common interest and explore opportunities for trade and investment between the two countries.

This occurred in the presence of Ahmed Ali Al Sayegh, Minister of State, and Petr Fiala, Prime Minister of the Czech Republic, during the convening of the UAE-Czech Business Forum.

The forum was convened as part of the visit of a high-level UAE delegation led by Al Sayegh to the Czech Republic with the aim of expanding bilateral cooperation in numerous fields to fulfil the aspirations of the two countries and peoples. The visit saw the signing of an Agreement on the Avoidance of Double Taxation.

Al Sayegh praised the depth of UAE-Czech economic relations, highlighting the UAE’s status as one of the largest economic partners to the Czech Republic, as non-oil trade exchange exceeded US$ 1 billion in 2022. He also noted the marked growth in Czech investment in the UAE.

Al Sayegh added, “The convening of the UAE-Czech Business Forum reflects the ever-expanding bilateral relations between the UAE and the Czech Republic, particularly in economic sectors, which have experienced significant growth recently in the wake of the signing of the agreement for economic, commercial, and technical collaboration in January 2022. The agreement heralded a new chapter of strong economic ties that will support plans for sustainable economic growth in the two countries.”

The Forum saw the establishment of a number of joint working groups in sectors such as trade and investment; education; health; agriculture; environment, energy, and renewables; and technology, with the aim of exploring opportunities in both countries. A joint action plan was also agreed to advance bilateral cooperation in priority sectors for the two countries.

The delegation included representatives of numerous ministries, including the Ministry of Finance, the Ministry of Economy, the Ministry of Education, the Ministry of Climate Change and Environment, the Ministry of Health and Prevention, UAE entities and companies in the public and private sectors, the Federation of UAE Chambers of Commerce and Industry, the Fujairah Chamber of Commerce and Industry, the United Arab Emirates University, Khalifa University, American University of Sharjah, Masdar, Emirates Nuclear Energy Corporation, Al Dahra Holding.

The College of Agriculture and Veterinary Medicine at the United Arab Emirates University and the Czech University of Life Sciences also signed a memorandum of understanding on the sidelines of the visit.