The Abu Dhabi Department of Economic Development (ADDED) and the Ministry of Economy of the Slovak Republic have signed a Memorandum of Understanding (MoU) to strengthen economic cooperation.
The agreement aims at bolstering relations between Abu Dhabi and the Slovak Republic, with a special focus on manufacturing, tourism, innovation, advanced technologies, and logistics services.
The MoU represents a pivotal step in fostering robust bilateral relations between both parties, underpinned by a shared commitment to fostering economic prosperity.
Recognizing the essential role of economic cooperation in fortifying ties between nations, the MoU will facilitate collaborative initiatives to streamline trade and knowledge sharing while facilitating investment and innovation in Abu Dhabi.
In line with Abu Dhabi’s commitment to creating a vibrant investment ecosystem, ADDED and the Ministry of Economy of the Slovak Republic have agreed to stimulate various forms of cooperation that encompass investment initiatives in Slovakia’s economy, particularly in infrastructure development projects.
Vladimír Šimoňák, State Secretary of the Ministry of Economy of the Slovak Republic, said that, “The potential for economic cooperation between Slovakia and Abu Dhabi is substantial with opportunities that can be leveraged for mutual benefit. Both Slovakia and Abu Dhabi can explore avenues to enhance bilateral trade or investment cooperation. Abu Dhabi’s investment capabilities can be channeled into various sectors in Slovakia together with expertise in large-scale infrastructure projects which can complement Slovakia’s infrastructure needs. I see a lot of opportunities for our companies to benefit from joint MoU, this includes various fields such as infrastructure development, technology, renewable energy, and innovation.”
Abu Dhabi and the Slovak Republic’s bilateral trade and mutual investments are on the rise. With many opportunities to increase cooperation, this agreement between ADDED and the Ministry of Economy of the Slovak Republic will pave the way for investors to benefit from ample opportunities.
The Slovak Republic is an attractive destination for foreign direct investment (FDI), with a favorable geographic location in the heart of Europe. Manufacturing industries, including automotive, machinery and transport equipment, metallurgy, electronics, chemicals, and pharmaceuticals have the potential for further growth.
The MoU underscores the importance of encouraging investment and joint ventures, facilitating the entry of small and medium enterprises (SMEs) and startups into the Abu Dhabi market, and creating suitable conditions for Slovak companies within special economic zones in Abu Dhabi. It promotes the establishment of relations between financial institutions and the creation of a joint investment fund to bolster economic ties. This strategic partnership underscores the significance of international collaboration to diversify the Emirate’s economy and increase contributions to non-oil GDP.
