DUBAI, 2nd May, 2018 (WAM) — Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, has met with the Treasurer General of the African National Congress in South Africa, Paul Shipokosa Mashatile, at the Ministry headquarters in Dubai during his visit to the UAE. The two parties reviewed the bilateral relations between the two countries and highlighted the importance of their trade and business ties, emphasising the value of their mutually strategic and amiable alliance.
The meeting was held in the presence of Ambassador Mahash Saeed Alhameli, UAE Ambassador to South Africa, Majid Ali Omran, Advisor at the Ministry of Finance, and several other Ministry officials.
The UAE Minister highlighted the importance of holding similar meetings to unify efforts and pave way for mutual development and economic objectives. During the meeting, both representatives also mentioned that the Ministry had previously signed 115 agreements to avoid double taxation with a majority of the UAE’s trading partners, which led to large financial savings for the private sector and exempting tax effects on direct investments.
During the meeting, Al Tayer stressed the significance of this meeting commenting on the positive impact their relationship has on both countries and the foundation they have built for future collaborations. As a result of the UAE’s strategic geographic location, it enjoys strong economic relations with South Africa, acting as the South African nation’s gateway towards Middle Eastern markets.
Al Tayer highlighted the role of the double taxation agreement signed by the two parties on 23rd November 2015, noting that the signing of the accord would protect and encourage bilateral investment.
Commenting on the agreement, Al Tayer said, “The exceptional bond that has developed between the UAE and South Africa is witnessing remarkable growth at various levels. We look forward to seeing the fruits of our continued collaboration.”
During the meeting, the Minister also discussed the UAE’s leading position in various energy fields including electricity, gas, and other megaprojects in these sectors. He underlined the importance of participating in global exhibitions held in the UAE to highlight South Africa’s trade and touristic activities.
Mashatile highlighted the UAE’s remarkable development as well as its economic achievements in recent years, and noted South Africa’s interest in sharing experiences and benefit from countries’ successful experiences in the field of energy, in addition to learning from the UAE’s expertise in finding innovative solutions to the challenges facing water security and ways for the optimal use of resources.
The ANC Treasurer General also highlighted the importance of stimulating direct foreign investment, which would, in turn, expand the horizons of investment to the public and private sectors. He also elaborated on the need to attract more investment to the real estate sector in order to achieve economic diversification.