UAE, Switzerland explore advancing trade and investment relations

UAE-Switzerland economic collaboration

In a concerted effort to enhance bilateral economic ties, the United Arab Emirates (UAE) and Switzerland embarked on a mission to bolster trade and investment relations. Led by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, a high-level UAE delegation visited Bern and Basel, Switzerland, engaging with senior government officials and private-sector leaders to forge stronger economic collaboration and foster investment flows between the two nations.

The visit aimed to build upon the growing rapport between the UAE and Switzerland, which witnessed non-oil trade reaching a total value of US$22.3 billion in 2023, marking a notable 41.2% increase from the previous year. Dr. Al Zeyoudi was accompanied by prominent figures from various sectors, including government officials and business leaders, reflecting the breadth and depth of the UAE's commitment to advancing economic partnerships.

During the visit, Dr. Al Zeyoudi held discussions with Helene Budliger Artieda, Switzerland’s State Secretary for Economic Affairs, lauding the upward trajectory of bilateral trade exchange. Their discussions culminated in the opening of the Swiss-UAE Economic Forum in Bern, bringing together representatives from leading companies and investors from both nations to explore promising investment opportunities and partnerships.

Dr. Al Zeyoudi emphasized the enduring strength of UAE-Switzerland ties, particularly as the two countries commemorated 50 years of diplomatic relations. He highlighted Switzerland's significance as a valued trade and investment partner, underscoring its position as the leading European destination for UAE non-oil trade exports and ranking fourth globally with a value of US$9.55 billion in 2023. The substantial increase in bilateral trade in 2023 underscores the alignment and synergy between the two economies.

Furthermore, Dr. Al Zeyoudi highlighted recent collaborative efforts between the UAE and Switzerland in various sectors, including alternative fuels, trade finance, biotech, and med-tech research, as indicative of the potential for deeper economic integration. He emphasized the UAE's dynamic business landscape, highlighting its strategic location, world-class infrastructure, and logistics capabilities as attractive propositions for Swiss businesses seeking to expand into Asian and African markets.

The delegation's engagements extended beyond government officials to include visits to leading Swiss private-sector companies, such as pharmaceutical giant Novartis and aircraft manufacturer Pilatus. Discussions during these visits explored potential partnerships aligned with the UAE's strategic initiatives, such as the newly established Emirates Drug Establishment, aimed at advancing healthcare capabilities.

Swiss cybersecurity firm Zendata's inclusion in the UAE's NextGen FDI programme underscores the UAE's commitment to fostering innovation and attracting cutting-edge companies to establish or expand their operations in the country. This initiative reflects the UAE's proactive approach to nurturing a thriving ecosystem for advanced industries.

Overall, the UAE-Swiss engagement underscores a shared vision for sustainable economic growth built on knowledge, innovation, and collaboration. By leveraging the strengths of both nations and fostering deeper cooperation across sectors, the UAE and Switzerland are poised to unlock new opportunities and pave the way for another 50 years of fruitful partnership and economic prosperity.