Wed 17-05-2017 20:56 PM

UAE, Sweden discuss prospects for co-operation on innovation, SMEs, R&D

ABU DHABI, 17th May, 2017 (WAM) -- UAE and Swedish officials have discussed prospects of co-operation in innovation, small and medium-sized enterprises, research and development, R&D, as well as smart cities, as trade between the two countries stood at US$1.1 billion in 2016, according to the Ministry of Economy.

As well as underlining cooperation between the two countries in these vital sectors, Abdullah Al Saleh. Abdullah Al Saleh, Undersecretary at the UAE Ministry of Economy, and Oscar Stenstrom, State Secretary to Ann Linde, Sweden's Minister for EU Affairs and Trade, explored opportunities for creating partnerships in regional development enterprises such as the Silk Road Economic Belt and the 21st-century Maritime Silk Road, which encompasses 60 countries.

The UAE is speeding up efforts to transform in an innovation and knowledge-based economy, Al Saleh noted, adding that the UAE seeks to benefit from Sweden's rich experience and progress in scientific research.

Stenstrom noted that Sweden looks forward to bolstering economic relations with the UAE, which he described as an important economic partner in this region.

Swedish companies have an increasing interest in the UAE's growing healthcare sector, he noted.

The Swedish government take a keen interest in a visit of a UAE business delegation to Sweden later this year. The visit would help expand understanding about ways and areas of economic and investment co-operation between the two countries, according to Stenstrom.

Sweden also wants its participation in Expo 2020 Dubai unique as the global event promotes sustainable development, innovation and technology, significant goals that Sweden is working to achieve, Stenstrom added.