The UAE and Ireland have recently signed a Memorandum of Understanding (MoU) aimed at enhancing economic and technical cooperation and establishing a Joint Economic Commission between the two nations. The deal is part of a broader effort to drive mutual economic growth and increase private sector engagement between the two countries.
Dr. Thani Al Zeyoudi, Minister of State for Foreign Trade, and Niamh Smyth, Ireland Minister for Trade Promotion, AI and Digital Transformation, signed the deal.
“The relationship between the UAE and Ireland is one of mutual respect and shared ambition. With a foundation built on trade and cooperation, we are well-positioned to explore new avenues for investment and collaboration. The signing of this MoU is a testament to our commitment to enhancing bilateral relations and unlocking the significant potential that exists between our two countries,” Al Zeyoudi remarked.
Stronger collaboration in key sectors
The agreement aims to strengthen bilateral trade relations and establish a Joint Economic Committee to facilitate ongoing dialogue and collaboration between the UAE and Ireland. It will explore collaboration in various sectors, including trade and investment, energy efficiency, renewable energy, infrastructure development, the digital and green economy, supply chain resilience, food security, healthcare technology and other areas of shared interest.
The key focus of the deal includes developing and diversifying economic and technical cooperation founded on shared values of equality and mutual benefit.
Meanwhile, the Joint Economic Committee will promote business delegation visits, facilitate the exchange of information on economic developments and programs, and strive to create a favorable two-way investment climate. Additionally, the agreement encourages both parties to engage and foster collaboration at international exhibitions, conferences, and seminars and address any obstacles hindering bilateral economic cooperation.
UAE, Ireland mark 50 years of diplomatic relations
For her part, Smyth highlighted the friendship that has grown between Ireland and the UAE, noting the significance of signing the agreement as the two nations mark 50 years of diplomatic relations.
“The Joint Economic Commission will give a new forum for further collaboration in areas such as trade and investment, aviation, education and research, renewable energy and green technology, healthcare and life sciences. Once fully established, it will serve as a vehicle to enhance internal cooperation and coordination, strengthening Ireland’s partnership with one of the most dynamic economies in the world, and one with huge potential for increased bilateral trade and investment,” Smyth said.
Smyth concluded that growth in UAE-Ireland relations would not have been possible without the State Agencies of each side, Enterprise Ireland, Bord Bia, the IDA, and Tourism Ireland, who “work tirelessly to promote Ireland here in the UAE,” she said, adding that “through these collective efforts, the bilateral relationship has reached truly remarkable heights.”
Non-oil trade hits $1.1 billion in 2024
The relationship between the UAE and Ireland is characterized by shared values and a mutual commitment to fostering innovation and technology-driven economies. Both nations are actively developing their business ecosystems to attract foreign direct investment in strategic sectors.
With over 1,000 Irish trademarks registered in the UAE, including notable companies like Stripe and Kentech Group, there is a clear indication of growing economic ties. Previous collaborations, such as the MoU between Dubai’s Roads and Transport Authority (RTA) and Enterprise Ireland, highlight the importance and mutual benefit of increased trade and connectivity.
The establishment of the Joint Economic Committee will serve as a vital institutional framework for enhancing economic dialogue and cooperation, enabling both countries to develop programs and initiatives that further strengthen their partnership and promote sustainable economic growth.
With non-oil trade between the UAE and Ireland reaching $1.1 billion in 2024, up from $694 million in 2019, this collaboration aims to elevate trade exchanges to new heights that reflect the many opportunities of mutual benefit available in both countries.
