In a bid to enhance cooperation and explore new opportunities for trade and investment, the UAE-Czech Business Forum was held in the presence of UAE Minister of State Ahmed Ali Al Sayegh and Czech Prime Minister Petr Fiala. The forum, part of a high-level UAE delegation's visit to the Czech Republic, aims to bolster bilateral relations and fulfill the aspirations of both nations.
During the visit, the two countries signed an Agreement on the Avoidance of Double Taxation, underscoring their commitment to facilitating economic collaboration. Minister Al Sayegh commended the UAE-Czech economic ties, emphasizing the UAE's significant role as one of the Czech Republic's largest economic partners. In 2022 alone, non-oil trade between the two countries exceeded USD 1 billion. He also highlighted the notable growth in Czech investment in the UAE.
Al Sayegh stated that the convening of the UAE-Czech Business Forum reflected the ever-expanding bilateral relations between the UAE and the Czech Republic, especially in economic sectors. He mentioned that these sectors had experienced significant growth recently after the signing of the agreement for economic, commercial, and technical collaboration in January 2022. According to him, the agreement marked the beginning of a new phase of robust economic ties that would assist in achieving plans for sustainable economic growth in both countries.
The UAE-Czech Business Forum witnessed the establishment of joint working groups in various sectors, including trade and investment, education, health, agriculture, environment, energy, renewables, and technology. These groups aim to identify and explore opportunities for collaboration in both countries. Additionally, a joint action plan was agreed upon to advance bilateral cooperation in priority sectors for the UAE and the Czech Republic.
The high-level UAE delegation comprised representatives from several ministries, including Finance, Economy, Education, Climate Change and Environment, and Health and Prevention. Various entities and companies from the public and private sectors, as well as esteemed educational institutions such as the United Arab Emirates University, Khalifa University, and the American University of Sharjah, were also part of the delegation.
Notable entities in the delegation included Masdar, Emirates Nuclear Energy Corporation, Al Dahra Holding, Tawazun, EDGE, ST Group, Rockford Xellerix, Al Fattan, the Artificial Intelligence Office, UAE Space Agency, G42, Advanced Technology Research Council, Sharjah Research Technology and Innovation Park, Abu Dhabi Department of Economic Development, Invest in Sharjah, Dubai Airport Free Zone, Ajman Free Zone, Emirates Global Aluminum, and Bin Ghalib Group.
In addition to the forum, the College of Agriculture and Veterinary Medicine at the United Arab Emirates University and the Czech University of Life Sciences signed a memorandum of understanding. This agreement aims to foster collaboration and knowledge exchange in the field of agriculture and veterinary sciences.
The UAE and the Czech Republic are poised to strengthen their economic ties through increased cooperation and joint initiatives. The UAE-Czech Business Forum marks an important milestone in the bilateral relationship, paving the way for sustainable economic growth and mutually beneficial partnerships between the two nations.
