UAE Ministry of Economy holds high level meetings in Romania

June 9, 2014 3:17 pm

“UAE companies have registered exceptionally successful performance in drawing international investments and proven their global competitiveness. Our home grown entities have earned reputation through decades of hard work and excellence. Today, organizations from the UAE are welcomed and sought after worldwide,” according to His Excellency Sultan Al Mansouri, Minister of Economy.

His Excellency Sultan Al Mansouri’s comments followed a high-level meeting with Romanian officials led by the Prime Minister Victor Ponta in Bucharest. The exchange was held on the side lines of the Joint Economic Committee meeting held in the Romanian capital. The UAE delegation included high level officials and members of the country’s business community.

Al Mansouri, added, “The UAE is proud of the developmental role that our companies are playing in different countries around the world. The operations of the UAE’s companies abroad are marked by a high degree of corporate social responsibility. The enterprises are seen as real partners in developmental efforts and not just as profit seekers.”

Al Mansouri offered detailed insights into the investment landscape of the UAE. He highlighted the facilities offered to investors, the legislative framework and the ultra-modern infrastructure and logistical capabilities that position the country as a preferred international business hub. The Minister of Economy also highlighted the availability of free zones, mega ports and airports, and the development of infrastructurally-enabled industrial cities that support the significant investment opportunities in the UAE.

During the meeting, the two sides emphasized the importance of laying out a clear framework for future cooperation. The proposed framework will identify specific sectors, timelines and follow-up mechanisms to monitor development and tackle any obstacles. The delegations agreed that a joint team would be set up for the implementation of decisions made by the Joint Economic Committee.

For his part, the Romanian Prime Minister expressed his country’s interest in developing cooperation across all sectors, focusing on agriculture, industry, tourism, and energy. Romania’s State Minister for Energy, meanwhile, outlined the country’s significant economic potential in wind energy, hydropower, and solar power and confirmed interest in attracting investments from the UAE in the renewable energy sector.

The delegates also discussed ongoing privatization plans that are underway and called on businesses in the UAE to benefit from the investment opportunities available in Romania.

Financial Agreement
A memorandum of understanding (MoU) was signed between the Securities and Commodities Authority of the UAE and the Financial Supervisory Authority (FSA) of Romania at the conclusion of the Joint Economic Committee meeting.

The MoU seeks to establish a framework for mutual assistance and facilitate the exchange of information between the two authorities. The enhanced cooperation is in turn anticipated to ensure mutual compliance with regulations in the securities and futures domain of the two countries. Additionally, the agreement aims to augment investor confidence and promote the integrity of the securities markets through establishing a charter for co-operation, exchange of information and investigative assistance that conforms to existing laws and practices.

The pact also specifies the mutual scope of work that focuses on the prevention of illegitimate financial market activities including insider dealing, market manipulation and other fraudulent practices prevalent among companies, securities, futures contracts, options and collective investment schemes.