Business Secretary Flies The Flag In UAE For UK Business


Vince Cable is on his first government trip to the UAE to boost trade with the region and encourage more inward investment into the UK


Published on 21 January 2014

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by Department for Business, Innovation & Skills and UK Trade & Investment

(WireNews+Co)

London, England

Vince Cable
Vince Cable

Business Secretary Vince Cable is on his first trip as Business Secretary to the United Arab Emirates (UAE) to boost trade with the region and encourage more inward investment into the UK.

The 2-day trip, to Dubai and Abu Dhabi, forms part of efforts to meet UK Trade and Investment’s (UKTI) target of increasing bilateral trade with theUAE in goods and services to £12 billion by 2015. Current trade and investment levels are on track to meet those targets, reaching £10 billion in 2012.

On the first day of his trip Vince Cable encouraged businesses in the UAE to invest in the UK by launching a new UKTI Gulf Investment team, sponsored by the Department for Business, Innovation and Skills.

The taskforce will be headed by accountants’ firm PricewaterhouseCoopers (PWC) and will find 100 new investment opportunities which will lead to 15 concrete investment projects from Kuwait, Qatar, Saudi Arabia and the UAEby the end of March 2015.

Business Secretary Vince Cable said:

“Growth remains our country’s top priority. Encouraging firms to export more to emerging economies has formed a key part of the government’s industrial strategy helping us stay ahead of the competition in key sectors where we are global leaders.

“UK exports of goods to the United Arab Emirates were up 11% until September last year, generating over £6 billion - a major success story for our commercial partnership.

“The UAE’s long-term prospects remain strong and I am looking forward to meeting with businesses and key decision makers to take forward British interests in my first visit to the country.”

In Dubai Dr Cable will also meet with some of the 170 UK businesses exhibiting at the international fire and security show Intersec and speak to His Highness Sheikh Ahmed, President of the Dubai Civil Aviation Authority, about high value opportunities for UK business in the aerospace sector.

Firms wanting to export will be able to benefit from greater support from UK Export Finance. We are doubling the number of regional Export Finance Advisors, simplifying application forms and working with the banks to make them more aware of UKEF support and to provide clearer information that can be passed on to customers.

 


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Posted 2014-01-21 12:38:00