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Abu Dhabi: Sensitivity towards the UAE's sovereign wealth funds in the US and some European countries is exaggerated as these funds proved to be positive, stable, and reliable investors, a senior Dutch official said yesterday.
"I think that the trend reflects growing protectionism in the countries in concern, as these funds have been investing in the Netherlands for a long time, and proved to be reliable partners," Frank Heemskerk, the Dutch minister of foreign trade, told Gulf News.
The minister is heading a delegation of 30 businessmen to discuss opportunities of enhancing economic relations between the two countries.
"These businessmen represent the energy, water management, and construction industries, areas where the Netherlands have an extensive know-how," Heemskerk said.
"I am not at liberty to disclose the value and nature of the contracts signed, but we will soon open an office for the Netherlands Foreign Investment Agency in Dubai to target the GCC markets in general and enhance the flow of capital with the UAE," he said.
Free trade pact
According to the latest figures, the trade balance between the UAE and the Netherlands amounts to 2.6 billion euros, of which two billion constitute Dutch exports to the UAE.
"The free trade agreement between the GCC and the European Union will definitely enhance trade relations with the UAE, and we strongly support it," Heemskerk said.
On the turbulence in international markets and the prospect of US economic recession, Heemskerk said it is not wise to be too pessimistic, especially for policymakers.
"A US recession will surely result in a slowdown in the global economy affecting all aspects of economic relations starting from oil prices. Yet in the longer term, countries with strong structural growth will be able to recover quickly," he said.
"Successful economic diversification policies adopted by the UAE leadership and the shift towards industrialisation will play a major role in protecting the economy from adverse impact."
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