Abu Dhabi: The Abu Dhabi Investment Office (ADIO) and the Western Australia (WA) Department of Jobs, Tourism, Science and Innovation have signed a Collaboration Letter of Intent to accelerate growth across shared sectors of economic interest.
The partnership is one of several important ADIO projects aimed at expanding private sector prospects via improved linkages to Australia.
For the benefit of innovative startups and small-to medium-sized enterprises throughout the state, the Department of Jobs, Tourism, Science, and Innovation implements strategic initiatives on behalf of the Western Australian Government. This includes helping large-scale mining and industrial activities. In order to find opportunities for collaboration within ADIO’s Strategic Clusters and its Diversify WA Strategy, the department is collaborating with ADIO.
In addition, the agreement fosters cross-sector initiatives in the areas of advanced manufacturing, supply chain development, science, technology, innovation, and environmental, social, and governance frameworks.
Badr Al-Olama, Director-General of ADIO, said that, “ADIO is proud to drive and grow trade relations between Abu Dhabi and Western Australia. Our strategic collaboration with the Department of Jobs, Tourism, Science and Innovation will unlock opportunities for Australian companies, enabling their growth into Abu Dhabi and new markets in the region, as do the same for Emirati companies seeking to expand their activities in Australia and its surrounding region.”
Australia and the UAE have a long history of commercial relations, with the UAE being Australia’s main trading and investment partner in the Middle East. Australia was one of the 192 nations that took part at Expo 2020 Dubai, giving Australian businesses a vital platform to interact with important partners in the Middle East and South Asia.
In 2022, there was $9.3 billion in bilateral commerce in goods and services between the two nations. In addition, the United Arab Emirates and Australia said that negotiations on a Comprehensive Economic Partnership Agreement (CEPA) will begin in 2023. Currently, there are about 16,000 Australian expatriates living in the UAE.
The economy of Western Australia is focused on exports; the state produces around half of all Australian exports, which include minerals, petroleum, agri-food products, and specialty manufactured items. In 2022–2023 it had a gross state product (GSP) of AUD445.3 billion, or 17.4 percent of Australia’s GDP (gross domestic product).