UAE Foreign Trade Minister Visits Washington DC For SelectUSA Investment Summit

The UAE's Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi visited Washington DC to discuss ways to boost trade and investment ties with U.S. Secretary of Commerce Gina Raimondo.

Al Zeyoudi also led the UAE delegation of government officials and business leaders to the 10th SelectUSA Investment Summit. He was accompanied by the UAE Ambassador to the U.S. Yousef Al Otaiba to the event, which promotes business investment in the U.S., and the delegation explored new opportunities for the UAE private sector, WAM reported.

During the meeting hosted by the U.S. Department of Commerce, Al Zeyoudi emphasized the importance of economic relations with the U.S., the UAE's third-largest trade partner, accounting for 27% of America's non-oil trade with the Arab world.

In 2023, bilateral trade between the two nations reached $40 billion, a 20.1% increase from the previous year and a 50.2% growth since 2019. They also discussed joint efforts in renewable energy development.

During the summit, Al Zeyoudi also met with New Jersey Governor Phil Murphy and discussed how UAE businesses and investors can enter or expand in the U.S. market, especially in clean energy, logistics, infrastructure development, and advanced technology.

Addressing the U.S. business community at a session organized by the UAE-US Business Council, the UAE foreign trade minister said, "The United States of America remains one of our most trusted international allies and a vital trade and investment partner."

Al Zeyoudi stressed that the relationship between the two nations is not only strong and enduring, but it also continues to find productive new horizons, from collaboration in renewable energy to agri-tech and advanced technology.

"Our visit to the States this week is a reflection of our commitment to finding new avenues of cooperation and to building partnerships at the public- and private-sector levels that further our economic diversification ambitions," the minister said.

"SelectUSA is not only the ideal platform to discover the opportunities in the US market but to also to showcase the dynamism of the UAE's ecosystem, which is already home to more than 1,500 US companies," he added.

The UAE is the biggest Arab investor in the United States with assets worth over $38.1 billion, making up more than 50% of all Arab investments in the country as of 2022. In the past five years, UAE investments in the U.S. have increased by $12 billion, mainly in transportation, business services, and ICT sectors.

Furthermore, the UAE-owned companies in the U.S. employ over 24,300 American workers and boost U.S. exports, contributing $1.4 billion to the value of American goods exported in 2021.