According to Shaikha Lubna Al Qasimi who is currently the UAE Foreign Trade Minister the UAE is seen to be an advanced free-economy which has an open market and unbiased competition practices.
The UAE economy grew by 3.1% in 2009 despite the world recession and it is also the second largest state in the Arab World. As well as an undisputed strong Oil based industry it also has other thriving industries which actually accounts for over 65% of the country’s annual Gross Domestic Product.
The Foreign Trade Minister recently lectured to a group of business administration school students in Brussels on the United Arab Emirates existing commercial credentials, its future development plans for the economy and the future of its social strategy. She referred specifically to the UAE’s openness to foreign trade and that in 2009 its percentage of Foreign Trade to Gross Domestic Product was 173%. Also between 2004 and 2008 the average growth rate for trade went above 30%.
Shaikha Lubna also said that the remainder of 2010 looks very positive for the region it has successfully come through the worst of the recession and can now look forward to increasing growth levels and beginning to work towards future prosperity.
The advantages of investing in the UAE include its economic and political security it is also well situated geographically. Also it has competent and efficient commercial laws and its economic growth will continue to increase. Shaikha Lubna also said the UAE is now a progressive economy for women and that the country has positive, competent leadership.Paul Holdsworth, Staff Writer, Gulf Jobs Market News