Abu Dhabi Chamber, Singapore delegation discuss economic relations

Abu Dhabi Chamber, Singapore delegation discuss economic relations

ABU DHABI, 30th March, 2022 (WAM) -- Mohamed Helal Al Mheiri, Director-General of Abu Dhabi Chamber, said that bilateral relations between the UAE and Singapore have witnessed remarkable growth thanks to the committed support of both countries’ leadership.

The remarks were made during a visit of a high-level delegation from Singapore chaired by Dr. Brian Shegar, President of the UAE Singapore Business Council, and accompanied several Singaporean and international businesses.

"Your presence with us today is a true testimony to the strong potential for us to further strengthen economic relations between Abu Dhabi and Singapore," said Al Mheiri, adding that the economic relationship between the two countries has further been strengthened in 2019 when the two nations signed a comprehensive partnership that formed a framework to deepen existing areas of cooperation and accelerate cooperation in new ones, including blockchain and AI, semiconductor manufacturing, retail and supply chain, and IT.

Al Mheiri pointed out that total trade between the UAE and Singapore increased from AED15 billion in 2016 to AED18.3 billion in 2019, which translates into a compound annual growth rate of 6.8 percent, noting that total trade went down by around 33 percent in 2020 with the lockdowns and supply chain disruptions due to the global pandemic. "Nevertheless, we expect it rebound and surpass the 2019 levels in the years to come, especially as our economic relationship has further been strengthened in 2019 when our two brotherly nations signed a comprehensive partnership," he elaborated.

Dr. Brian Shegar, President of the UAE Singapore Business Council, praised the strong economic relations between the two countries, which have witnessed accelerated growth on all levels, expressing his desire to increase joint efforts between Abu Dhabi Chamber and the Council to promote the economic integration between the two sides.

Dr. Shegar added that his country views Abu Dhabi as one of the key strategic markets in the region considering its economic competitive capabilities.

During the meeting, Dr. Shegar gave a brief on the UAE Singapore Business Council, saying that it – the Council – was established in 2018 as a trade association under the Singapore Registry of Societies and was Recognised in February 2019 by both the UAE and Singapore governments in the Joint Declaration of the Singapore UAE Comprehensive Partnership as conduit to leverage the connectivity of both countries to explore viable commercial opportunities in their respective regions.

He also talked about the objectives of the Council saying that it aims at providing a platform for member companies and individuals to connect amongst themselves and to capitalise on the important role the UAE and Singapore can play as regional powers.

He also added that the Council aims to provide a forum in Singapore for individuals and companies with mutual interest in UAE / Singapore commercial relations to enable them to meet, discuss and exchange ideas and information, and to organise activities such as seminars, conferences, trade missions and networking sessions to promote greater awareness of the business environment in each the UAE and Singapore.