The UAE and Czech Republic have embarked on a new chapter of economic cooperation following the successful inaugural session of the Joint Economic Committee (JEC) held in Prague. Led by H.E. Abdulla bin Touq Al Marri, Minister of Economy of the UAE, and H.E. Jozef Sikela, Minister of Industry and Trade of the Czech Republic, the session focused on enhancing bilateral ties across diverse sectors.
The JEC session, held on June 13 and 14, 2024, underscored both countries’ commitment to bolstering economic relations. Discussions encompassed a wide array of sectors including the new economy, tourism, SMEs, transportation, financial services, agriculture, environment, energy, renewable energy, industry, technology, innovation, healthcare, and aerospace. These deliberations aimed at fostering sustainable economic growth and expanding opportunities for mutual benefit.
H.E. Abdulla bin Touq Al Marri highlighted the UAE’s strategic vision to deepen global economic integration and forge robust partnerships with key markets worldwide. “This inaugural Joint Economic Committee marks a significant milestone in our bilateral relations with the Czech Republic,” said H.E. Bin Touq. “It reinforces our commitment to enhancing economic cooperation and leveraging the UAE’s status as a pivotal global economic hub.”
The session witnessed the participation of distinguished officials including H.E. Omar Suwaina Al Suwaidi, Undersecretary of the Ministry of Industry and Advanced Technology; Abdullah Mohammed Al Mazrouei, Chairman of the Federation of UAE Chambers of Commerce and Industry; and H.E. Maria Hanif Al Qassim, Assistant Undersecretary for Policies and Economic Studies at the Ministry of Economy, among others from both sides.
Key outcomes of the session include plans to establish technical task forces to oversee the implementation of collaborative initiatives outlined during the committee meetings. Both parties also agreed to facilitate reciprocal visits by trade delegations and organize joint business forums to further enhance bilateral trade and investment.
The UAE delegation’s visit also coincided with the UAE-Czech Business Forum, where H.E. Bin Touq presented several economic initiatives under the ‘Projects of the 50’ and the ‘UAE Centennial 2071’ frameworks. These initiatives aim to attract foreign investment by offering incentives such as 100% foreign ownership, flexible tax policies, and streamlined business establishment procedures.
The forum highlighted promising trade and investment opportunities, emphasizing the importance of sharing expertise and experiences across various economic sectors. The UAE delegation comprised 38 representatives from 22 public entities and national companies, underscoring the breadth of UAE’s economic engagement.
The UAE and Czech Republic affirmed their commitment to fostering deeper economic ties through collaborative efforts and strategic partnerships, setting the stage for a mutually beneficial relationship poised for substantial growth in the coming years.
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