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RAK, US bilateral trade sees 67% growth over 5 years

Dubai - Ras Al Khaimah is currently home to around 113 US companies, operating in various sectors

Bilateral trade between Ras Al Khaimah and the United States saw a steady growth over the past five years, and was recorded at a total value of Dh558 million in the past year alone, officials said.
Mohamed Al Nuaimi, chairman of Chamber of Commerce and Industry, underscored the importance of the economic relations between the two sides, and said that the US represents one of Ras Al Khaimah's top business partners. The US is currently ranked second in terms of exporting markets to the emirates, and sixth in terms of the total trade volume with Ras al Khaimah. Trade between the two witnessed a growth of 67 per cent during the past five years.
Ras Al Khaimah accommodates 113 US companies running 248 different activities including trade and repair services, manufacturing industries, real estate and leasing, transportation and storage, hotels and restaurants, construction and community services, education, financial intermediation, health, agriculture, and mining.
Al Nuaimi recently met with Thomas Bruns, regional senior commercial officer for the Gulf and commercial counselor at the USA Embassy in UAE. The meeting was attended by Mohamed Hassan Al Sabab, director general of the RAK Chamber of Commerce and Industry and Eman Al Hayas, assistant director general of the Commercial Services and Business Development Sector, Ras Al Khaimah Chamber of Commerce and Industry. The meeting discussed ways of reinforcing economic cooperation between the two sides.
Al Nuaimi stressed the importance of the meeting in connecting the private sector to reinforce the economic ties in different sectors of common interest. He added that the SMEs exhibition which took place in November 2019 was a transitional phase in the business relations of the SMEs in many countries across the world and Ras Al Khaimah, and particularly the USA companies that participated in the exhibition. He further noted that Ras Al Khaimah Chamber of Commerce and Industry sponsors the Stevie Awards, which promote and support the growth of the SMEs, with companies from 26 countries participating in the award. 
"Our future vision is to attract the businessmen and investors to the emirate and encourage them and offer all the facilities to ensure their sustainability," he said.
Thomas Bruns praised the development witnessed by Ras Al Khaimah in the last 10 years and the economic boom, and looked forward to reinforcing the partnership with the emirate of Ras Al Khaimah. He expressed his appreciation for the constant progress achieved by the emirate in adopting open investment and economic policies in addition to its efforts to boost its position as one of the key investment destinations in the region. He also underscored the importance of organizing a virtual event to bring the business communities together to discuss and explore the investment opportunities.
business@khaleejtimes.com