The UAE succeeded in attracting more than $20.7 billion of Foreign Direct Investment (FDI) in 2021, which reflects the confidence of investors worldwide in the country’s economy, said UAE’s Minister of Economy Abdullah bin Touq Al Marri.
This came during his keynote speech at the UAE-Kyrgyzstan Business Forum, which was held in the Kyrgyz capital, Bishkek, with the participation of 100 representatives of government and private agencies, major companies and investors from both countries.
Al Marri said the UAE ranked first in the MENA region and 15th globally on AT Kearney’s FDI Confidence Index 2021.
He added that the country, under the leadership directives, has developed an ambitious vision for foreign trade policies for the next 50 years.
It has launched several initiatives to support national exports and enhance openness to international markets, most notably a series of Comprehensive Economic Partnerships Agreements (CEPAs) to be signed with key trading partners.
The UAE Minister highlighted the bilateral relations between the two countries and the possible ways to enhance them forward, particularly in areas of trade and investment.
“Since the establishment of diplomatic relations between the Kyrgyz Republic and the UAE in 1996, and later the Agreement on Economic Cooperation of 2014, your country has become an important economic partner of the UAE in Central Asia,” he said.
Between 2019 and 2021, the annual total non-oil trade averaged $860 million, he added.
As of 2020, the UAE FDIs in Kyrgyzstan amounted to $12 million, making Emiratis among the top 20 foreign investor groups in the country.
On the other hand, the UAE has received a total of $4.2 million in FDIs from Kyrgyzstan by end of 2019.
During the forum, Al Marri witnessed the signing of two memoranda of understanding, the first between the Federation of UAE Chambers of Commerce & Industry and the Chambers of Commerce & Industry of the Kyrgyz Republic on the establishment of the UAE-Kyrgyz Joint Business Council.
“The establishment of the UAE-Kyrgyz Joint Business Council is an important step in the right direction, and it deserves to be celebrated,” he noted. “This business council aims to encourage and facilitate procedures that stimulate business communities to increase cooperation in the sectors of trade, investment, services and industry between the two countries.”
The second MoU is between the Federation of UAE Chambers of Commerce & Industry and the Eurasian Economic Union.