Several UAE firms mull investing in Turkmenistan: Mansouri

09/11/2011 00:00 AST

Sultan bin Saeed Al Mansouri, UAE Minister of Economy has emphasised the importance of international relations established by the UAE with the world that yielded results by enhancing investment environment and economic competitiveness at the regional and international levels, as a result of the effective economic policies that focus on diversification and openness.

Al Mansouri said while co-chairing the UAE delegation in the third investment forum in Turkmenistan.

Al Mansouri said in his speech: “Today several UAE companies are looking at investing in Turkmenistan, which has the fourth largest natural gas reserves in the world and offers strong potential for growth. Over the years, we have built steadily on our trade ties and our bilateral trade increased from Dh450 million in 2008 to Dh700 million in 2010.”

“This growth has been supported at various levels in line with the diversification and there are several areas where we can share our mutual expertise. These include developing small and medium enterprises, financial services, including Islamic finance, energy, sustainable and renewable energy, railways projects, oil and gas production, establishing chemical plants, and industrial and agricultural developments,” he added. Al Mansouri said the UAE and Turkmenistan have signed several agreements and MoUs to promote our trade ties. These include the protocol of cooperation in the fields of oil and gas and metals, agreements of tax duplicate, protecting and encouraging investments.

“Over the past two years, when the world at large faced the challenges of the global financial crisis – some of it still pestering the European Union – the UAE has evolved as a model of hope and business optimism. The UAE demonstrated its ability to sustain economic momentum and drive growth despite the global slowdown and turmoil in some parts of the region. Stability and unity are the cornerstones of social and economic prosperity in the UAE. As a federation of seven emirates the UAE has remained the most stable and successful example of unity in the Arab world,” he added. He said: “Our country is firmly on the growth track – this year we are set to grow by 3-3.5 per cent, with inflation well under control.

Khaleej Times