France wants to usher in a new era of economic cooperation with the UAE, says Minister – Nach Welt

French Minister Bruno Le Maire speaks at a press conference in Abu Dhabi.  - AP

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French Minister Bruno Le Maire speaks at a press conference in Abu Dhabi. – AP

The relationship between France and the United Arab Emirates is based on “friendship, truth, search and readiness” to build the future, a French minister said on Sunday.

“We want to usher in a new era in economic cooperation between the two countries. Now that we have a very fast and solid economic recovery, it is time to start a new economic cooperation between the two countries, ”said Bruno Le Maire, French Minister for the Economy, Finance and Recreation, said at a press conference in Abu Dhabi .

France has three types of cooperation with the UAE, said the minister. “First, there are all strategic issues related to our defense; second, the cultural ties where we want to build those relationships because we know how important they are to our people.”

“Business is at the core of our relationship,” he added.

“Now is the time to strengthen our ties to give new impetus to economic cooperation between the two countries.

“I can confirm that we will start new projects on all types of energies, especially renewable energies and hydrogen. We clearly want to be hand in hand in the fight against climate change. “

In October, the UAE announced the UAE’s Net Zero by 2050 Strategic Initiative, a national initiative to achieve net zero emissions by 2050.

The United Arab Emirates are the first country in the region to have this “very impressive and ambitious target” against climate change, he said. “But more investments in energy are needed, more investments in renewable energies, and we also want to open a new strategic cooperation between our two countries on the subject of hydrogen.”

“We want to stand behind the UAE to help them achieve the goal of zero emissions by 2050.”

France has decided to invest 9 billion euros in hydrogen over the next few years because it is “one of the most promising technologies in the fight against climate change”.

Le Maire continued: “We want to share this collaboration with the UAE.”

Le Maire is on a two-day visit to the United Arab Emirates to hold several high profile bilateral meetings with representatives from the UAE to strengthen the economic partnership between the United Arab Emirates and France.

“We are having a very strong economic recovery and now it is time to invest in innovation, new technology and new supply chains and that is why I am here in Abu Dhabi,” he said.

Mubadala Investment Company and Bpifrance, the French national investment bank, signed an agreement last year in which Mubadala committed to the LAC I Fund, a multi-billion dollar fund managed by Bpifrance. The fund aims to raise € 10 billion to be invested in around 15 listed companies from a large pool of world leaders in France over the next decade.

“We are very satisfied with the cooperation in all financial matters. I see room for this financial cooperation between the two countries to develop, ”he said.

He named energy, infrastructure and ports, as well as areas where France is ready to step up its cooperation with the UAE. “We also want to pave the way for new strategic economic partnerships in many different areas, for example in the areas of energy, infrastructure, ports with the UAE.

“France is also willing to accelerate the development of new tools like reusable product launches and we want the UAE on board,” said Le Maire.

On the challenges of combating climate change, the minister said: “The first is a technological challenge; how to get access to new technologies at the highest level in order to have green hydrogen, to create a balance that could help us to reduce these CO2 emissions in private companies, in the steel industry, in the cement industry.

“We are also ready to develop a collaboration between France and the United Arab Emirates on these technologies,” he said.

“If you want to achieve these zero CO2 emissions by 2050, investments in new technologies must be accelerated. We think of renewable energies like hydrogen, which together help us to achieve the same goal of zero CO2 emissions. “

“The second is funding because we should never underestimate the price of climate change.

“The third challenge is the need to support poor people, those on the lowest incomes, who are facing climate change,” he added.

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