UAE and Switzerland announce bilateral cooperation to strengthen economic ties

Building on their strong $22.3 billion trade agreement, the UAE and Switzerland are ready to deepen their diplomatic and economic ties.

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In an effort to strengthen economic cooperation and promote investment flows between the two countries, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led a well-known UAE team to Bern and Basel, Switzerland, where they met with influential members of the public and private sectors.

The visit aimed to capitalise on the burgeoning UAE-Swiss relations, which witnessed a non-oil trade surge to a total value of $22.3 billion in 2023, marking a notable 41.2 percent increase from 2022. Al Zeyoudi engaged in discussions with Helene Budliger Artieda, Switzerland’s State Secretary for Economic Affairs, lauding the growing bilateral trade exchange. They jointly inaugurated the Swiss-UAE Economic Forum in Bern, attracting representatives from leading companies and investors from both countries to explore promising investment and partnership prospects.

On the occasion of the countries' 50th anniversary of diplomatic relations, Al Zeyoudi highlighted the strong links between the UAE and Switzerland and stressed their common goal of economic growth. As the top destination in Europe for UAE non-oil trade exports, which are exceeded $9.55 billion in 2023, he emphasised Switzerland's critical position as a valued trade and investment partner. Beyond $22.3 billion in bilateral commerce in 2023, this shows how well the two economies complement one another and how committed they are to long-term, knowledge- and innovation-driven economic growth.

The Minister cited as evidence of the possibility for greater economic integration recent partnerships in the fields of biotech, medtech, trade finance, and alternative fuels. In addition, he gave Swiss companies considering growth into Asian and African markets a sneak peek at the UAE's vibrant business environment, highlighting its advantageous position and top-notch infrastructure.

Al Zeyoudi and the delegation explored cooperation prospects in line with the UAE's developing Emirates Drug Establishment while visiting important Swiss private-sector companies, including Novartis and Pilatus. The UAE delegation reflected a diversified approach to economic involvement and collaboration, with senior executives from a range of industries represented, including banking, aviation, healthcare, and advanced technology.

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