UAE, France eyes expanding trade relations in SME sector

The United Arab Emirates (UAE)'s minister of economy and foreign trade Sultan Al-Mansouri and French Ambassador to the country Michel Miraillet, discussed on Tuesday ways to boost economic cooperation between the two countries, state news agency WAM reported.

Al-Mansouri and Miraillet agreed on strengthening cooperation in the small and medium enterprises (SME) sector, which is crucial for both parties.

The minister hailed the remarkable development in bilateral relations between the two countries, particularly in the economic and trade sectors, pointing out that trade volume between the two countries exceeded 6.13 billion U.S. dollars towards the end of 2013.

The parties agreed to start preparing a Memorandum of Understanding (MoU) to promote mutual cooperation between the two countries in the SMEs sector.

Al-Mansouri explained that there are 128 French companies, 249 agencies and 8,155 trademarks registered with the ministry of economy.

French ambassador Miraillet commended the attention SMEs are receiving in the country, stressing France's enthusiasm in encouraging French SME owners to promote their businesses in the UAE.

The UAE official emphasized that the SME sector is a vital component of the national economy, adding that his country considers SMEs as key advocates in promoting sustainable development as well as strengthening UAE's competitiveness, both regionally and globally.

The UAE's SME sector makes up 92 percent of total companies working in the country and contributes nearly 60 percent to the total GDP, with a tendency towards enhancing the sector's contribution to 70 percent of the total national output by 2021, said Al-Mansouri, quoting a strategic objective set by UAE vice president, prime minister and Dubai ruler, Sheikh Mohammed Bin Rashid Al-Maktoum.

The parties agreed on preparing an MoU promoting mutual cooperation between the two countries in the field of SMEs. Enditem