$5 billion trade exchange between the UAE and Singapore

$5 billion trade exchange between the UAE and Singapore
$5 billion trade exchange between the UAE and Singapore

Jamal Abdullah Mohammed Al Suwaidi, UAE Ambassador to the Republic of Singapore, said that the trade exchange between the UAE and the Republic of Singapore has witnessed a remarkable increase, reaching $ 5 billion in 2019 compared to $ 4.4 billion in 2017.

He added: Due to the competitive environment and services provided by the state, and as an international center for logistics and financial operations, the UAE has been one of the top ten investment destinations for Singapore in the region from 2003 to 2019, as there are more than 59 Singaporean companies in the country, and Singapore tops the list of partners The economists of the UAE are in the Southeast Asian region, and more than 47 major Emirati companies operate through their branches and representative offices in Singapore, in areas such as technology, oil, ports, communications, financial services, aviation, real estate and other major sectors.

One of the most prominent strategic Emirati investments in Singapore is Mubadala Investment Company’s acquisition of GlobalFoundries, a semiconductor manufacturer, which announced in the year 2021 to expand its investments in Singapore worth $4 billion.

Al-Suwaidi continued: Looking at future plans, focusing on diversifying the economic sectors, and adding future vital sectors, there are opportunities to expand economic cooperation between the two countries in areas such as digital technology, renewable energy, artificial intelligence, green economy, food industry and others, of which Singapore is one of the leading countries. Emirati and Singaporean investors and entrepreneurs have been able to achieve more gains, cooperation and scientific and investment exchange, thanks to the distinguished relations between the two countries since their inception in 1985, which witnessed the signing of more than 34 agreements between various government agencies and departments and the private sector.

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