UAE to enter 25 new markets to boost foreign trade - Sheikh Mohammed
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UAE to enter 25 new markets to boost foreign trade – Sheikh Mohammed

UAE to enter 25 new markets to boost foreign trade – Sheikh Mohammed

The UAE is seeking to grow its national exports by 50 per cent over the coming years

The UAE will be entering 25 new international markets as it looks to boost foreign trade, the country’s Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum announced on Sunday.

The move comes as the UAE seeks to grow its national exports by 50 per cent over the coming years.

“In a cabinet meeting I chaired at Abu Dhabi’s Qasr Al Watan, we have adopted the National Agenda for Non-oil Export Development to access 25 new global markets and advance our foreign trade,” he said on Twitter.

“Our non-oil trade exceeds Dhs1.5 trillion annually with a network that reaches 400 cities. Our non-oil sectors contribute over 70 per cent of our national economy and we aim to increase the UAE’s national exports by 50 per cent over the coming years. In the UAE, we work as one team to boost our national economy and reinforce the UAE’s leading position as a global business hub.”

Sheikh Mohammed also said the country is investing on boosting its research and development.

“We also approved the National Manual for Measurement of Research and Development Expenditures in government sector. The UAE spends 1.3 per cent of its GDP on R&D, which is at the core of the knowledge-based economy we aim to boost.”

The cabinet also approved other legislative amendments in healthcare, education, economy, emergency response and crisis management, with aims to “provide the best quality of life based on a stable and diversified economy”, he added.

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