UAE-New Zealand trade reached $762mln by end of 2024: Minister
ABU DHABI: Todd McClay, Minister for Trade of New Zealand, has affirmed the accelerating growth in economic ties with the United Arab Emirates, with bilateral trade reaching NZ$400 million (approximately AED880 million) in the fourth quarter of 2024, bringing the total trade volume for the year to NZ$1.3 billion, equivalent to AED2.86 billion.
Speaking to the Emirates News Agency (WAM) on the sidelines of the AIM Congress 2025 in Abu Dhabi, McClay said this sustained growth is driven by the alignment of the two governments' visions and their shared commitment to enhancing trade and investment ties.
He highlighted notable growth of up to 60 percent in the services sector, reflecting the strength and diversity of bilateral cooperation.
He noted that direct UAE investments in New Zealand exceeded NZ$200 million (AED440 million) in 2024, spanning sectors such as food, infrastructure and productive industries. He added that investment agreements between the two countries, including the Comprehensive Economic Partnership Agreement (CEPA), are opening new avenues for increased capital flows, especially in infrastructure and energy.
McClay said around 20 New Zealand companies are currently active in the UAE market, while discussions are ongoing with several UAE companies interested in establishing offices in New Zealand. He emphasised that New Zealand's attractive investment climate is underpinned by key bilateral agreements, including a double taxation avoidance agreement, which grants preferential tax treatment to UAE sovereign wealth funds.
He added that New Zealand has launched an ambitious plan to expand its road network and implement large-scale infrastructure projects, presenting ideal opportunities for UAE sovereign wealth funds and companies seeking long-term investments in construction, management and operation.
McClay confirmed that New Zealand welcomes investments in renewable energy sectors such as wind, solar and geothermal, alongside promising ventures in processing industries, agri-tech, artificial intelligence, pharmaceuticals, and data centres.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
a day ago
- Gulf Today
UAE's nuclear programme a role model in terms of safety
The UAE continues to cement its status as a global role model in developing a peaceful nuclear energy programme that adheres to the highest standards of safety, transparency, and international cooperation. This comes at a time when the world is increasingly turning to reliable energy sources that can support the transition to climate neutrality. From the outset, the UAE adopted a collaborative and open approach, forging robust international partnerships, most notably with the Republic of Korea and the United States, to drive forward its nuclear ambitions. Mohamed Al Hammadi, Managing Director and Chief Executive Officer of Emirates Nuclear Energy Corporation (ENEC), highlighted the international stature of the UAE's peaceful nuclear energy programme. Sheikh Mohamed Bin Zayed Al Nahyan visits the Barakah Peaceful Nuclear Energy Plants, in Barakah. File photo He highlighted the country's success in developing a global model for integrating nuclear power into a diverse and innovative energy portfolio. Al Hammadi noted that this achievement is rooted in the visionary leadership of the UAE, a clearly defined roadmap, and a firm commitment to the highest standards of safety and transparency, underpinned by strong international cooperation. In statements to the Emirates News Agency (WAM), Al Hammadi added that the UAE has been a pioneer in international cooperation and coordination within the nuclear energy sector. He pointed to the country's significant efforts in this vital field, which culminated during the COP28 with over 30 nations pledging to triple global nuclear energy capacity by 2050 as part of the drive toward climate neutrality. Additionally, nearly 120 companies and banks worldwide committed to supporting this ambitious goal. He also highlighted the innovative model of international cooperation between the UAE and the US, which addresses the demands of the modern era and its rapid technological advancements, particularly in the fields of artificial intelligence and data centres. Barakah staff. Al Hammadi emphasised that securing clean and reliable energy sources, such as nuclear power, is essential to support initiatives like the ''Stargate UAE'' project. Launched by a consortium of tech companies, the initiative aims to position Abu Dhabi at the forefront of the global AI revolution. For their part, key UAE entities, led by the Emirates Nuclear Energy Company (ENEC) and the Federal Authority for Nuclear Regulation (FANR), play a central role in advancing the UAE's nuclear programme. Through a robust network of strategic and technical international partnerships, these institutions have facilitated knowledge transfer, experience exchange, and the development of specialised human capital. Cooperation with the Republic of Korea has served as the cornerstone for the successful development of the Barakah Nuclear Energy Plant. Over time, this partnership has expanded to include new investment opportunities in international ventures, including the deployment of Small Modular Reactors (SMRs). On the regulatory front, the UAE's Federal Authority for Nuclear Regulation (FANR) maintains agreements with its Korean counterpart covering joint inspections and capacity building. These ties are further strengthened through regular meetings to monitor technological advancements and regulatory developments. With the United States, the UAE has signed a series of strategic agreements aimed at advancing nuclear innovation and sustainability. These include a Memorandum of Understanding with the U.S. Department of Energy's Idaho National Laboratory (INL) to develop solutions for producing hydrogen, water, and steam at the Barakah Nuclear Energy Plant. The UAE has also partnered with TerraPower to support the development of advanced reactors, and signed an MoU with General Atomics (GA), a leading US advanced technology solutions company, to collaborate on using advanced technologies and materials for nuclear energy supply. Most recently, a partnership was announced with GE Vernova to jointly evaluate the deployment of the BWRX-300 Small Modular Reactor (SMR) technology internationally. As part of its efforts to expand its network of strategic partnerships, the UAE is actively exploring avenues of cooperation with China in the development and operation of nuclear power plants, both domestically and in third countries. Areas of collaboration include the operation and maintenance of nuclear facilities, the development of high-temperature gas-cooled reactors, nuclear fuel supply chains, and investment opportunities. In parallel, FANR has strengthened its ties with counterpart agencies through agreements that enhance cooperation in nuclear safety, security, non-proliferation, and capacity building, further reinforcing the UAE's commitment to global nuclear governance. In a move that underscores the expanding international footprint of the UAE's nuclear programme, ENEC has signed a cooperation agreement with Romania. As part of the agreement, the UAE will support the development of a Small Modular Reactor (SMR) project in Romania, backed by an investment of $275 million. The UAE continues to affirm its leadership as a regional model for countries pursuing nuclear energy as a strategic option. WAM
Al Etihad
a day ago
- Al Etihad
UAE President, VPs congratulate Custodian of Two Holy Mosques on success of Hajj season
7 June 2025 19:45 ABU DHABI (WAM)President His Highness Sheikh Mohamed bin Zayed Al Nahyan has sent a congratulatory message to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud of Saudi Arabia, on the occasion of the success of the Hajj season of 1446 Highness Sheikh Mohamed bin Zayed expressed his sincere congratulations on the success of the Hajj season this year, which was achieved by the grace of Allah the Almighty, and thanks to the generous care of the Custodian of the Two Holy Mosques, his wise government and its institutions, to ensure that pilgrims can perform their rituals in tranquillity and safety. His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, also dispatched similar messages to the Custodian of the Two Holy Mosques.
Al Etihad
a day ago
- Al Etihad
UAE: AI offers promising opportunity for achieving development, balanced growth
7 June 2025 14:18 BRASÍLIA (WAM)The UAE Parliamentary Division took part in the 11th BRICS Parliamentary Forum held in Brasília, the capital of Brazil. Parliamentary delegations discussed climate issues, artificial intelligence, peace and security, and institutional parliamentary the discussion on Parliamentary Cooperation for Responsible and Inclusive Artificial Intelligence, Sara Mohammad Falaknaz, FNC Member, stated that artificial intelligence represents a promising opportunity for achieving development and balanced emphasised that its optimal investment requires sound governance, beginning with fair and equitable legislation. She stressed that technological advancement should not come at the expense of justice, privacy, and digital sovereignty, and highlighted the importance of considering ethical and human dimensions when developing relevant legal and regulatory pointed out that the UAE was a pioneer in anticipating the technological future through pioneering initiatives—most notably, the appointment of the world's first Minister of State for Artificial Intelligence, the launch of the UAE Artificial Intelligence Strategy 2031 aimed at enhancing government performance and achieving economic excellence through AI technologies, as well as the establishment of the Mohamed bin Zayed University of Artificial Intelligence. She concluded her speech by stressing the importance of enacting flexible and ethical legislation that keeps pace with rapid developments, supports innovation ecosystems, ensures the protection of individual and societal rights, and the need to enhance international parliamentary cooperation in order to exchange expertise and develop unified standards that ensure safe and inclusive digital transformation.
