Team Blitz India
The first session of the Joint Economic Committee (JEC) between the UAE and the Islamic Republic of Iran was convened in Abu Dhabi recently and focused on enhancing cooperation across various economic sectors of mutual interest.
Chaired by Abdulla bin Touq al Marri, UAE Minister of Economy, and Mehrdad Bazrpash, Iranian Minister of Roads and Urban Development, the session centred on fostering bilateral economic relations. Discussions spanned various sectors including the new economy, tourism, transport, entrepreneurship, energy, renewable energy, SMEs, innovation, logistics, agriculture, and environment.
The UAE Minister emphasised the growing UAE-Iran economic partnership, highlighting its significance in strengthening bilateral ties. He expressed the UAE’s commitment to broadening economic and trade cooperation with Iran across diverse sectors of mutual benefit. “The convening of the first session of the UAE-Iran JEC reflects our shared aspirations to solidify existing economic ties and expand them into future sectors,” said Touq. He underscored the UAE’s leadership’s vision to enhance bilateral cooperation with global partners.
The Minister of Economy briefed the Iranian delegation on recent economic developments in the UAE, including amendments to the Commercial Companies Law allowing 100% foreign ownership. Additionally, modernisation of visa and residency systems, introduction of self-employment and green residency pathways, and enactment of new federal laws were highlighted, fostering a favourable business climate and promoting sustainable economic growth. Discussions also centred on mechanisms to enhance trade exchanges and the pivotal role of the private sector in fostering economic cooperation.
Both sides agreed to establish joint technical task forces to oversee the implementation of the Committee’s outcomes, outlining economic and trade cooperation in the near term. The JEC pledged to offer programmes and facilities to support SME growth and facilitate their entry into new markets.
Furthermore, the session explored cooperation and investment opportunities in tourism, trade, traditional and renewable energy, R&D, institutional innovation, financial markets, entrepreneurship, agriculture, and aviation, aiming to further deepen bilateral economic ties.
