The Republic of Sierra Leone and the United Arab Emirates have inked a Comprehensive Economic Partnership Agreement, which is a major step toward deepening economic connections with Africa. The comprehensive economic partnership agreement is a significant step toward increasing the UAE's trade and investment presence throughout the African continent, supporting sustainable development goals, and linking emerging economies with international markets, according to UAE ministers and officials.
The deal intends to create new opportunities for collaboration in key areas such as commerce, investment, industry, energy, agriculture, and infrastructure, according to UAE government authorities. Supporting innovation, knowledge transfer, and improving supply chains between the two countries are further goals of the relationship.
The deal is a component of the United Arab Emirates' larger Comprehensive Economic Partnership Agreements initiative, which aims to strengthen the nation's standing as a major international trading and investment hub. Minister of State for Financial Affairs His Excellency Mohammed bin Hadi Al Husseini said the collaboration makes the United Arab Emirates a more desirable place to invest and adds significant depth to the country's expanding network of international trade agreements.
The UAE and Sierra Leone's bilateral commerce has been increasing, and it is expected to reach $153 million by year end. As the primary commercial partner of Sierra Leone in the Arab world, the United Arab Emirates is dedicated to fostering stronger trade ties that benefit both parties, stressed Foreign Trade Minister Dr. Thani bin Ahmed Al Zeyoudi.
The comprehensive economic partnership agreement offers substantial chances to strengthen bilateral collaboration in the fields of infrastructure and renewable energy, according to His Excellency Suhail bin Mohammed Faraj Fares Al Mazrouei, Minister of Energy and Infrastructure. The minister stated that Sierra Leone is prepared to begin revolutionary energy projects because of its abundant resources and dedication to development.
Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, further stated that the agreement is in line with the leadership's goal of strengthening global collaboration and forming high-caliber alliances. The government says the agreement helps to boost growth in industrial and technology sectors that are important to both countries.
Minister of Health and Community Protection His Excellency Ahmed bin Ali Al Sayegh called the relationship a significant step toward strengthening collaboration in areas that are directly related to community health and quality of life. The agreement offers a workable foundation for growing collaborations in the medical domain, healthcare, and health security supply chains.
Dr. Amna bint Abdullah Al Dahak, Minister of Climate Change and Environment, on the other hand, emphasized that the collaboration offers a significant chance to further common goals concerning food security and environmental sustainability. The agreement will facilitate the investigation of innovative agricultural technology and sustainable practices that are essential to creating robust food systems, according to the Sources.
The economic collaboration is a qualitative accomplishment in strengthening bilateral investment links, according to His Excellency Mohamed Hassan Alsuwaidi, Minister of Investment. Nonetheless, he pointed out that Sierra Leone's burgeoning economy and wealth of natural resources present encouraging prospects for collaboration in crucial areas including infrastructure development, clean energy, and agriculture.
The UAE's Central Bank Governor, His Excellency Khaled Mohamed Balama, also affirmed that the deal is a significant step in aiding the nation's attempts to diversify its economy and international alliances. In order to promote market efficiency and fortify financial stability, the agreement helps to improve investment flows, facilitate cross-border transactions, and increase financial cooperation.
According to Economy and Tourism Minister His Excellency Abdullah bin Touq Al Marri, the relationship is essential to improving Emirati businesses' access and exports to African markets. The agreement supports strategic goals that are intended to keep the country's economy healthy through alliances and close ties with friendly nations.
Although authorities have not verified the implementation dates for the agreement's many components, they have stated that they are committed to collaborating closely with their Sierra Leonean partners in order to optimize the partnership's potential and clear the path for growth and prosperity in joint investment.