UAE services exports to hit new highs, driven by strong growth in key sectors
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The UAE has huge potential in the services sector driven by strong growth in key sectors such as travel and tourism, information and communications technology and professional services.
In a sentence, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, He said the country’s services sector is a key driver of economic growth and diversification. He noted that the UAE was ranked the 12th largest exporter of services in the world in 2022, according to the World Trade Organization. The value of the country’s services exports reached AED 567 billion, or $154 billion, last year.
Al Zeyoudi It added that global services exports reached $7.2 trillion in 2022, representing 25 percent of the value of total global exports and 11.8 percent of the world’s gross domestic product (GDP). This highlights the UAE’s enormous potential to drive its economic growth and diversification in this direction.
The new strategy for services exports, which was recently approved by the Cabinet, is expected to increase the contribution of this vital sector to non-oil foreign trade and the country’s gross domestic product.
The service economy currently represents more than two-thirds of global economic output. In light of the new strategy, the UAE is working to stimulate the growth and prosperity of its services exports. This is especially important as trade in services has grown globally 60 percent faster than trade in goods and raw materials over the past decade. The UAE’s performance has surpassed this global average, as the country’s services exports have grown four times faster than the rest of the world over the past eight years.
The UAE’s services sector is growing rapidly and is now a key driver of the country’s economy.
“The nature of trade is changing and service exports are experiencing significant growth,”
Al Zeyoudi saying.
“While trade in goods remains the cornerstone of the global trading system, trade in services is making up a larger proportion of the trade mix.”
The minister added that the country’s services exports are increasing at a faster rate than the global average, which has helped cement the UAE’s position as a global business hub with a high-value economy, increasingly based in the services. Trade in services currently accounts for around 29 percent of the country’s total foreign trade.
The objective behind the launch of the new services export strategy in partnership with the private sector is to help the country’s service companies maximize the benefits of the country’s growing trade relations.
“The travel and tourism sector is the best example of how the country is gaining an increasing share of the global market,”
Al Zeyoudi saying.
“We are also focusing on other key sectors, including information and communication technology, professional services, financial services, education, medical tourism, Islamic financial services, creative economy and logistics.”
The government is working with the private sector to develop a clear roadmap for each sector, create data-driven targets, identify markets and products, develop new improvement initiatives and promote opportunities.
“We realize that we, as a government, are not experts,”
Al Zeyoudi saying.
“Companies know what is best for their businesses and business leaders are best to advise us on how to facilitate their success. Our role is to provide a framework to help companies succeed, whether here or in new markets.”
The UAE is also investing in digitalization and modern technologies to create a new era of technology-based trade.
“This strategy is in line with our broader goals of creating a new era of technology-enabled trade, along with the UAE’s readiness to host the 13th World Trade Organization Ministerial Conference in Abu Dhabi.”
Al Zeyoudi saying.
News source: Emirates News Agency
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