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RIYADH: A high-level UAE delegation to Switzerland, led by the minister of state for foreign trade, is set to boost growing business relations between the two countries.

The UAE and Switzerland saw non-oil trade reaching $22.3 billion in 2023, a record increase of 41.2 percent compared to 2022, due to growth in imports, exports, and re-exports, according to the Emirates News Agency.

Thani bin Ahmed Al-Zeyoudi led the delegation to the capital Bern and the city of Basel in Switzerland, where they met with senior government officials and private sector leaders to support economic cooperation and enhance investment flows between the two countries.

Al-Zeyoudi held talks with Switzerland’s State Secretariat for Economic Affairs Helen Budliger Artieda, with both praising the depth of economic relations and the flourishing trade exchange between the two countries. 

They then inaugurated the UAE-Swiss Economic Forum, held in the capital Bern and attended by business leaders, investors, and representatives from major companies from both sides to explore investment opportunities and promising partnerships.

In his keynote address at the forum, Al-Zeyoudi emphasized the strong Emirati-Swiss relations, celebrating 50 years since the start of diplomatic partnerships. He stated that the robust relations are a result of a shared vision to achieve mutual economic prosperity through harmony and cooperation.

He added that Switzerland is considered a significant trade and investment partner for the UAE, ranking fourth globally and first in Europe, placing it among the largest destinations for non-oil Emirati exports valued at $9.55 billion in 2023. 

Al-Zeyoudi highlighted that the UAE-Swiss Economic Forum serves as an important platform to continue opening new avenues for prosperity, bringing together the public and private sectors from both countries to communicate, and explore new ways of partnerships that shape Emirati-Swiss economic relations.

He praised the recent Emirati-Swiss economic cooperation, pointing out the benefits and incentives provided by the vibrant business environment in the UAE for Swiss companies and investors, including its strategic location, world-class infrastructure, and supportive regulatory and legislative environment for growth.

This also included the Next Generation Foreign Direct Investment program in the UAE, which provides a set of market entry fundamentals to enable advanced companies worldwide to establish or expand their operations in the country, of which Swiss cybersecurity company ZENDATA was recent beneficiary.

The state delegation participating in the visit included Hissa Abdulla Al-Otaiba, the UAE ambassador to Switzerland, Fatima Mohamed Al-Kaabi, director-general of the Emirates Pharmaceuticals Foundation, Ahmed Khalifa Al-Qubaisi, the CEO of the Abu Dhabi Chamber of Commerce and Industry, and other top officials.

During the official visit to Switzerland, Al-Zeyoudi and the accompanying delegation visited two major Swiss companies, including the headquarters of the Swiss pharmaceutical company “Novartis,” where he explored a range of promising innovations in the pharmaceutical industry. 

He also discussed with company senior officials the prospects of cooperation in the pharmaceutical sectors, achieving the strategic objectives of the Emirates Pharmaceuticals Foundation, of which Al-Zeyoudi chairs its board of directors.

During the trip, the minister visited the headquarters of Pilatus Aircraft, founded in 1939, which is the only Swiss company developing, producing, and selling aircraft to customers worldwide, with cooperation agreements with the Emirati manufacturing company Strata. 

The Emirati delegation included government officials and senior executives from companies representing high-growth sectors, including banking, finance, aviation, and trade, as well as investment, healthcare, and advanced technology. It also included representatives from Dubai Chambers, Emirates Airlines, and others.