The United Arab Emirates (UAE) and Switzerland are revving up their economic engines, aiming to propel bilateral trade and investment to new heights. A recent high-level UAE delegation, led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, visited Bern and Basel in Switzerland to solidify existing ties and explore avenues for further collaboration.
This economic push comes on the back of impressive growth. Non-oil trade between the two nations reached a record US$22.3 billion in 2023, a remarkable 41.2% surge compared to the previous year. This upswing highlights the increasing economic synergy between the UAE and Switzerland, fueled by a shared vision of sustainable development driven by innovation and knowledge.
Dr. Al Zeyoudi emphasized the significance of Switzerland as a key trade and investment partner for the UAE. Switzerland currently holds the top spot for the UAE's non-oil exports in Europe, with a total value exceeding US$9.55 billion in 2023, ranking fourth globally. The minister highlighted the UAE's dynamic business environment and its strategic location as factors that make it an attractive gateway for Swiss companies seeking to expand into Asian and African markets.
The UAE's recent addition of Swiss cybersecurity firm ZENDATA to its NextGen FDI program is seen as a testament to the growing economic ties between the two countries. The NextGen FDI program is designed to attract leading foreign direct investments in cutting-edge sectors.
Looking ahead, both nations acknowledge the immense potential for even greater economic integration. Dr. Al Zeyoudi pointed to promising areas of collaboration such as alternative fuels, trade finance, and research in biotechnology and medical technology. The UAE-Swiss Economic Forum is seen as a crucial platform for fostering these connections and identifying new opportunities for collaboration. This forum brings together leaders from both the public and private sectors, fostering a collaborative environment to shape the future of UAE-Swiss economic relations.
The UAE's focus on innovation aligns well with Switzerland's reputation as a global leader in research and development. By leveraging these complementary strengths, the two countries can unlock exciting possibilities in various fields. The shared vision for sustainable economic growth further strengthens this partnership, paving the way for long-term collaboration.
The UAE and Switzerland's commitment to deepening economic ties signifies a promising chapter in their bilateral relations. As both nations navigate the global economic landscape, their collaborative efforts hold the potential to propel them towards shared prosperity.