Papua New Guinea (PNG) has been encouraged to seize the opportunity to attract investment from the United Arab Emirates (UAE) in non-extractive sectors. Richard Maru, the Minister for International Trade and Investment, emphasized the potential for investment in areas such as manufacturing, fisheries, forestry, agriculture, health technology, and green energy projects. The UAE, with a GDP of over $700 billion, is looking to diversify its economy and has already made significant investments in sectors like aluminium production, tourism, aviation, re-export commerce, and telecommunications. Negotiations are currently underway for four agreements proposed by the UAE Trade Minister. PNG stands to benefit from the UAE's access to global markets and well-established supply and value chain networks. To expedite the process, PNG is urged to fast-track the negotiations and establish a diplomatic mission in Abu Dhabi [e89c9614].
The United Arab Emirates (UAE) has seen a 65% growth in non-oil trade over the past ten years, reaching 2.6 trillion Emirati dirhams by the end of 2023. The value of the UAE's 10-year non-oil trade amounted to more than 17.9 trillion dirhams, with around 10.3 trillion dirhams for imports, 4.99 trillion dirhams for re-exports, and 2.6 trillion dirhams for direct exports. The UAE's non-oil sector accounts for 74% of the nation's Gross Domestic Product. The main trading partners of the UAE are China, India, the United States, Saudi Arabia, and Turkey. The UAE ranks 11th in the world in terms of merchandise exports and 12th globally in services exports. The UAE's trade transactions in goods and services with the world amounted to 1.273 trillion dollars. The UAE's economic growth has been exponential, and it aims to enhance its position as a global partner and economic hub. Morocco is an important trade hub due to its diplomatic relations and strategic location. The UAE has invested in sectors such as technology, leisure, culture, finance, and sports to generate wealth through channels other than oil. The UAE's plan for economic diversification is in line with Saudi Arabia's "Vision 2030" [d844b515].