ABU DHABI: United Arab Emirates' trade in non-oil sector was expected to grow by 10 to 15 percent in 2012 as it was intensifying efforts for bolstering trade with its partners in five continents of the world.
UAE's foreign trade grew 23 percent in 2011 as compared to 14 percent in 2010 which meant that it had earned 47 Dirham while it was expecting to achieve much better results in coming months.
Forging and expanding trading relations with its neighbours and other partners was being given top priority as the government is committed to give real fillip to increase its share in its Gross Domestic Product which at present was 10 percent, said UAE minister of foreign trade Sheikha Lubna Al Qasimi here while talking to journalists who were visiting here at the invitation of National Media Council to participates in 41th National Day anniversary celebrations.
She said India was UAE's biggest trading partner as trade with it last year was $53 billion which was mostly in gold as it was in massive demand in India. Giving region-wise break up of its trade the minister said Asian markets share was 52 percent, Europe 17 percent, Gulf Cooperation countries 12 percent while Arab countries' share was 8 percent respectively. The country exports goods worth 5.6 percent of its foreign trade with America.
Questioned how much foreign trade was earning for the country, she said its GDP in 2011 was $1.4 trillion which gave an indication of a massive role being played by non-oil sectors in the economy of the country which had baffled many other countries because of its stability and attraction of investors from all over the world.
Despite its differences with Iran over a few islands for which it seeks a peaceful resolution, Tehran too remained its trading partner. Questioned if her country would respect the restrictions placed by UN Security Council on Tehran, she said it would abide by it.
UAE has made a big shift by deciding to generate 70 percent of its GDP through non-oil sector hence it was following a robust foreign trade policy to expand its commercial ties with five continents including Africa which it regarded as a major gateway for expanding trade.
It has strong relations with Russia as about forty Russian companies were operating here. Its trade with Russia at the moment was $2 billion, she added.
UAE is the 8th largest oil producer in the world and holds 9 percent of the world proven oil reserves and five percent of the world's natural gas.
However despite its rich oil wealth, UAE has started long ago a massive diversification of its economy by supporting non-oil sectors particularly petrochemical, steel and aluminum sectors which are contributing substantially to its Gross Domestic Product. Besides it has been making sustained endeavours to attract foreign investment which have already succeeded to lure in foreign investors.
According to United Nations Conference on Trade and Development (2012),it has emerged as the second recipient of Foreign Direct Investment in the region attracting nearly $85.4 billion.
Its non-oil foreign trade had been maintaining a robust growth of 11.5 percent till last October, said Federal Customs Authority(FCA) sources. FCA preliminary statistical data confirmed that the value of the country's non-oil foreign trade during the first ten months of 2010 rose from 543.2 billion Dirham (Dh) in 2009 to Dh605.4 billion.
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