By NNN-WAM
Abu Dhabi : UAE Minister of Foreign Trade Sheikha Lubna Al Qassimi and Eduardo Frei Ruiz-Tagle former President of Chile and the current President of the Senate of Chile have held discussions on ways to further bolster relations and cooperation between the two countries.
At a meeting here Monday, the two sides also discussed ways to increase Chilean agricultural and animal investments in the UAE.
The UAE Minister called on Chilean investors and corporations to benefit from what she said is an ideal investment opportunities and the competitive advantage offered by the UAE’s open market.
Even though it is one of the world’s big oil exporters, its economy is not totally oil-dependant. Oil has accounted only for 65 per cent (AED 698 billions) of the country’s GDP in 2007, she said.
Foreign direct investments in the UAE reached USD 19 billion in 2006, a 10.8 per cent growth from 2005.
On his part, Ruiz-Tagle reiterated the significance of the UAE market for Chilean government and companies in view of the continuous growth of the UAE economy.
The Chilean senior official further stressed his government’s keen interest in boosting investment and trade relations with the UAE.
Non-oil trade between the UAE and Chile reached USD 79 million up from USD 43 million in 2002 posting an annual growth rate of 16 per cent.