Forum witnesses signing of a Memorandum of Understanding to establish a joint business council

Abu Dhabi, 21 September 2021:  The UAE-Estonian Business Forum, chaired by H.E. Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs; and H.E. Andres Sutt, Estonian Minister of Entrepreneurship and Information Technology, discussed ways to enhance cooperation and build long-term partnerships in various economic fields between the two sides. The discussions focused on the creation of new paths during the next stage to further expand and develop cooperation frameworks between the two countries.

The Forum was organized in Dubai by the Federation of UAE Chambers of Commerce and Industry, in the presence of Abdullah Al Mazrouei, Chairman of the Chambers of Commerce and Industry in the UAE. During the session, a number of officials and businessmen from both sides discussed investment and business opportunities in the field of SMEs.

Furthermore, the forum witnessed the signing of an MoU between the Federation of Chambers of Commerce and Industry in the UAE and ‘Enterprise Estonia’ with the aim of establishing a UAE-Estonian Business Council to promote investment and economic opportunities between the business communities in the two countries. It will also help develop commercial cooperation between them, in addition to providing services and facilities between the sectors of trade business and investment in both the UAE and Estonia.

Al Falasi briefed the Estonian delegation participating in the forum on the most prominent features of the ‘Projects of the 50’ and the new economic legislation that aims to create a knowledge-based economic model that is flexible, competitive and sustainable. He noted that it features pioneering projects capable of stimulating further growth in the sectors of manufacturing, technology, research and SMEs.

In addition, H.E. Al Falasi underlined the depth of the relations between the two countries in various fields, noting that the UAE-Estonian relations have witnessed great growth and development in recent years. He said that this progress is a result of the two countries' desire to strengthen their bilateral relationship and take it to higher levels of coordination and partnership.

H.E. Al Falasi further said: 'The UAE-Estonian Business Forum is a very important platform through which we have put forward joint plans between the two governments for future paths of cooperation. It places particular emphasis on increasing cooperation in the fields of entrepreneurship to include new paths, stimulate bilateral and mutual investments in the two countries' markets, and create channels for direct communication between the companies of the two countries. These will give them the opportunity to agree on investments and projects with promising prospects during the next phase, especially in the sectors of health care, finance, agriculture and manufacturing.”

Al Falasi expressed his confidence that the UAE-Estonian Business Council will contribute to building sustainable and long-term partnerships between the two countries in light of the new economic developments in both the UAE and Estonia. It will create more cooperation in various fields in pursuit of a more prosperous future, he noted.

Furthermore, Al Falasi pointed out the importance of establishing strong partnerships by taking advantage of the great capabilities and unique components of the two countries to ensure the achievement of future goals. Besides, he highlighted the important role played by Estonian companies in the economic transformation and diversification, especially in terms of technological developments such as robotics, artificial intelligence and biotechnology. H.E. also referred to the importance of Estonian companies benefiting from the promising opportunities in the UAE’s markets as a springboard to launch into other regional markets

Meanwhile, H.E. Andres Sutt expressed happiness in his participation in the UAE-Estonian Business Forum, pointing out the importance of this forum in developing and strengthening cooperation in the fields of investment and information technology and exchanging experiences in the field of supporting and developing SMEs.  This applies particularly to those operating in the field of information and communication technology and the Fourth Industrial Revolution. He further highlighted his desire to actively participate and benefit from the Expo 2020 Dubai, which begins next month, as it will provide Estonia a unique opportunity to demonstrate its position as the most digitally advanced society in the world.

Economic cooperation between the two countries has made significant strides in H1 2021 compared to the same period in 2020, where the volume of trade exchanges doubled by 100%. The promising growth rates reflect the rapid development of relations between the two countries in various fields and establish a solid ground for the intensification of joint efforts between the two governments to further strengthen cooperation and economic integration, led by a clear vision that serves the development aspirations of both sides.