During a meeting held in Emirates place in Abu Dhabi, UAE Minister of Economy, HE Sultan Bin Saeed Al Mansouri, and British Minister of State for Trade, Investment, and Small Business Lord Davis developed an effective mechanism to help increase cooperation between SMEs and a system to exchange data and experiences between the Emirates and Britain.
The move comes as a result of the UAE-UK Joint Economic Committee that met in London last October.
Mansouri stated that the new mechanism will help enhanse the way that SMEs perform in the UAE and the Ministry of Economy plans to use the SMEs in order to help support and hold up the national economy.
Throughout the meeting both parties took a look at how bilateral trade can be increased up to 12b pounds by the year 2012 and identified which sectors can be improved. The main sectors that will be needed to reach the target include industry, renewable energy, SMEs, innovation, and finance.
In addition, Mansouri said that both countries hold many opportunities and that the meeting was very productive and a great way to discuss the best way to address challenges so that the two countries can start to invest in each other.
Lord Davis also agreed that the meeting was productive and was a valuable way to build business relationships between the UK and the Emirates if both groups agree to work towards their goals under the established timeframe.
This was the second meeting that was held between the new joint economic committee of the UAE-UK.