From right: Sultan Bin Saeed Al Mansouri, Minister of Economy; Hussain Ebrahim Taha, Chad’s Minister of Foreign Affairs and African Integration; and Mohammad Thani Murshed Al Rumaithy, chairman of the Federation of UAE Chambers of Commerce during the forum in Abu Dhabi on Wednesday.
Abu Dhabi: The UAE wants to boost investment and trade with Chad as it sees opportunities in the central African country, the UAE Minister of Economy said on Wednesday.
The Abu Dhabi Fund for Development (ADFD) announced the allocation of $50 million (Dh183.65 million) for UAE companies wishing to invest in Chad at the UAE-Chad Investment Forum in Abu Dhabi.
“[The] UAE is investing in many markets in Africa and Chad is one of the countries where we plan to invest. Both countries enjoy good economic and political relations,” said Sultan Bin Saeed Al Mansouri, while speaking at the UAE-Chad Investment Forum in Abu Dhabi.
The minister said trade with Chad had grown significantly over the past few years, increasing from $177 million in 2015 to $245 million last year, pointing out that such a growth rate does not reflect the available economic capabilities of both sides.
“This draws out attention to the need to increase dialogue and coordination to specify the means of increasing economic and trade cooperation according to clear vision and goals that serve the best interest of the UAE and Chad, in addition to exploring the available investment opportunities and deepening trade and investment ties between the private sector of the UAE and that of Chad,” he said.
Al Mansouri expressed high hopes for the forum to inform the UAE business community about the economic, financial and trade policies in Chad and to showcase the legal and administrative frameworks that govern businesses and investments there and shed a light on the promising economic sectors in the Chadian markets.
Al Mansouri emphasised that the UAE economy possesses huge investment capabilities and attractive incentives — including an advanced infrastructure, attractive legal and administrative frameworks and financial policies to encourage investments and trade.
“This resulted in the UAE topping the list among Arab countries and [taking] the 12th place internationally [among] the most promising economies between 2017 and 2019, according to UNCTAD [The United Nations Conference on Trade and Development].”
Al Mansouri invited investors in Chad to seize the opportunity and benefit from the huge investment and trade opportunities in the UAE, emphasising that developing Emirati investment abroad is an important aspect in the economic policy of the UAE considering its important role in developing the national private sector and increasing the competitiveness of the country as well as enhancing experiences and transferring knowledge.
“Thanks to this policy, the UAE today is the biggest Arab investor in the world. Its total direct foreign investment outflows into the world in 2016 alone reached $16 billion, which is 54 per cent of the total outflows of Arab countries combined.”
The ADFD funding announced at the forum falls within the framework of the 2017 UAE government contribution of $150 million, announced at the Development and Investment in Chad Conference in Paris earlier this month to support the Chadian government’s National Development Plan 2017-2021.
The forum, organised by Abu Dhabi Chamber, attracted 15 ministers and 400 Emirati and Chadian companies. The two sides signed two agreements to boost trade between the two countries.