French minister of the economy Bruno Le Maire has called for “a new economic cooperation” with the United Arab Emirates. He said that the two countries will launch new projects on all types of energies especially renewable energy and hydrogen.
“We want to open a new era in the economic cooperation between the two countries,” Le Maire, said at a press conference in Abu Dhabi. “Since we now have a very quick and solid economic recovery, this is time to launch a new economic cooperation between the two countries.”
The minister said France has three sets of cooperation with the UAE.
“First is all strategic issues linked to our defence, the second is the cultural ties where we want to build these relations because we know how important they are for our people,” he said. “Economy is the core of our relationship.”
Le Maire said that that the two countries will launch projects in renewable energy and hydrogen besides being “hand in hand in the fight against climate change.”
The UAE announced in October the UAE Net Zero by 2050 Strategic Initiative, a national drive to achieve net-zero emissions by 2050.
France has decided to invest 9 billion euros over the next years in hydrogen, because it “is one of the most promising technology in the fight against the climate change.”
Le Maire continued: “We want to share this cooperation with the UAE.”
Le Maire is on a two-day visit to the UAE to hold several high profile bilateral meetings with UAE officials aimed at strengthening the UAE-France economic partnership.
“We have a very strong economic recovery, and now it is time to invest in innovation, new technologies, the new supply chains, and that is why I am here in Abu Dhabi,” he said.
Mubadala Investment Company and Bpifrance, the French national investment bank, signed an agreement last year, where Mubadala is committing to the LAC I Fund, a multibillion fund managed by Bpifrance. The fund targets to raise 10 billion euros, which will be invested in approximately 15 listed companies taken from a large pool of French world-leading corporations over the next decade.
“We are very much satisfied with the cooperation in all financial topics. I feel there is room for developing this financial cooperation between the two countries,” he said.
He named energy, infrastructure and ports, and space where France is willing to increase its cooperation with the UAE. “We also want to pave the way for new strategic economic partnership in many different fields for instance in energy, infrastructure, ports with the UAE,” Le Maire said. “There is also willingness in France to accelerate the development of new tools like reusable launches and we want to have UAE on board,”
Talking about the challenges to fight climate change, the minister said: “The first is a technological challenge; how to get access to the highest level of new technologies to have green hydrogen, to have equaliser, which might help us to reduce these CO2 emissions in private companies, in the steel industry, cement industry,” he said. “We are also willing to develop cooperation between France and the UAE on these technologies.”