- Hon Todd McClay
The NZ-UAE Bilateral Investment Treaty (NZ-UAE BIT) has entered into force, providing another framework to promote greater economic cooperation between our two countries, Trade and Investment Minister Todd McClay has announced.
"This Treaty will help promote and facilitate investment, by providing investors in New Zealand and the United Arab Emirates with clear rules," Mr McClay says.
"Together with the NZ-UAE Comprehensive Economic Partnership Agreement (CEPA) which entered into force in August, it will help create the conditions for increasing two-way investment."
"High-quality foreign investment is a critical source of capital for New Zealand to keep building a competitive and productive economy. This Government is working hard to enable it."
Mr McClay says the UAE is a significant and increasing source of investment globally, and this high-quality treaty will promote New Zealand to UAE investors.
HE Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of Foreign Trade stated: "The UAE-New Zealand CEPA was a historic milestone in our economic partnership, and a transformative opportunity to enhance private sector engagement. Now with the Bilateral Investment Treaty in force, we will continue driving the momentum forward and deepening our investment ties. Together, these agreements will pave the way for increased cooperation between our business sectors, benefiting both our economies."
Mr McClay and Minister Al Zeyoudi, meeting in Singapore today, also signed a joint statement welcoming the establishment of the New Zealand - United Arab Emirates Business Council. The Council will further strengthen trade, investment and private sector engagement between the two countries.
The UAE is one of New Zealand's largest markets in the Middle East, and a gateway into a US$500 billion economy that is growing and diversifying rapidly.
