- HE Al Tayer met with Pakistani Minister of Finance to discuss cooperation and investment opportunities
- HE Al Tayer met with the Vice President of the Swiss Confederation to discuss strategic partnership between the two countries
Bali, Indonesia: HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs heads the UAE delegation at the International Monetary Fund (IMF) and World Bank annual meetings in Bali, Indonesia (12-14 October). The UAE delegation included HE Younis Haji Al Khoori, Undersecretary of the Ministry of Finance and a number of experts at the ministry and UAE Central Bank.
HE Al Tayer, along with the UAE delegation attended the official opening ceremony of the annual IMF and WBG meetings. HE Al Tayer also inaugurated the reception for UAE banks, in collaboration with the UAE Central Bank, Dubai International Financial Centre (DIFC), and the Abu Dhabi Global Market (ADGM).
HE Al Tayer said: “These meetings offer a platform to discuss important economic topics of global concern, including slower economic growth, monetary and fiscal policies, poverty reduction through technological solutions, implementing global financial sector reforms to achieve sustainable growth and strengthening emerging markets’ performance.”
On the sideline of the annual meetings, HE Obaid Humaid Al Tayer and HE O.K Matambo, Minister of Finance of the Republic of Botswana signed the agreement on the avoidance of double taxation to strengthen cooperation, economic and financial relations between the UAE and Botswana.
HE Obaid Humaid Al Tayer also met with the Pakistani Minister of Finance, Asad Umar, to discuss ways to strengthen relations and cooperation between the two countries, and promote investment. The UAE is the largest trading partner of Pakistan, where the volume of trade exchange amounted to 3.3 billion US $ in 2015. Investments include telecommunications, aviation, banking, real estate, oil and gas. Currently, 26 UAE companies operate in Pakistan, with discussions to explore new investment opportunities in different sectors. The UAE and Pakistan signed more than 28 agreement and MoUs, including agreements on the avoidance of double taxation, the promotion and protection of investments among others.
HE Al Tayer met with HE Ueli Maurer, Vice President of the Swiss Confederation and Swiss Minister of Finance to discuss strategic partnership between the UAE and Switzerland and to prepare for the UAE- Swiss Dialogue for next year. The UAE and Switzerland currently enjoy a strong bilateral relations with Swiss Investments amounting to 3,195 million US $ in 2016. In addition, Switzerland is one of the UAE’s major trading partners in Europe. Non-oil trade between the two countries grew at a record high with more than 13.3 billion US $ in 2016, representing an increase by 26% compared to the previous year. UAE top GCC export market for Swiss products, with value worth over AED 18 billion annually.
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