US Ambasador Richard Olson - Abu Dhabi, United Arab Emirates

Ambassador's Remarks at U.S.-U.A.E. Business Council Meeting at Emirates Palace,
Abu Dhabi, United Arab Emirates

Khaldoon, Joe, it is great to be with you and the members of the U.S.-U.A.E. Business Council again.

To all of the charter U.S. members of the Council, Boeing, BP, Exxon Mobil, Good Harbor, KBR, General Dynamics, The Harbour Group, Northrup Grummon, Raytheon, and the American Business Group of Abu Dhabi, your launch last May with HH Sheikh Abdullah Bin Zayed al Nahyan, the Foreign Minister, was certainly one of 2007’s U.S.-U.A.E. bilateral highlights.

To the U.A.E. charter members of the Council: Mubadala, DP World, Jumeirah, Dubai World, Sorouh, Dubai Group, and TDIC, you have my firm commitment that the U.S. Embassy here in Abu Dhabi will work with you to support the Council’s goals.

In fact, the Council’s mission statement, which emphasizes a commitment to advancing the longstanding and valuable economic and commercial relationship between the U.S. and the U.A.E., tracks very closely with the goals of the U.S. Embassy.

As I think you all know, the U.A.E. is the largest export market in the Arab world for U.S. goods, with some 13 billion dollars in American exports here in 2006 and of course the United States also represents a very important destination for U.A.E. investors.

It is important to restate the U.S. commitment to being the best place in the world to do business and to herald the U.S. Administration’s “Open Investment” initiative. We want our country to benefit from U.A.E.’s investments, and we want our economy to remain a competitive destination for foreign investment in the global marketplace.

I know that many of you were in Bahrain with Deputy Secretary of Treasury Kimmitt at the U.S.-GCC investment forum this week. For those of you who were not, Deputy Secretary Kimmitt reaffirmed our President’s open economies statement and our strong U.S. commitment to advancing open economies at home and abroad, including through open investment and trade.

Deputy Secretary Kimmitt talked about what the U.S. has done since the period of Dubai Ports World to correct the image of the U.S. commitment to open investment. Our strategy has three components: a) to improve our internal processes and reaffirm our open investment policy; b) to work with Congress on C.F.I.U.S. reform legislation to rebuild faith in and strengthen the national security review process, while remaining open to foreign investment; and c) to engage with our international partners to stress the importance of opening markets to investment opportunities.
Foreign investment in the United States, including from sovereign wealth funds, strengthens our economy, improves productivity, creates good jobs, and spurs healthy competition.

Foreign-owned firms based in the U.S. contribute significantly and positively to the U.S. economy. For every $10 million invested from abroad, 30 direct and 30 indirect jobs are created or supported in the United States.

The U.S.-U.A.E. Business Council’s work in monitoring and advocating for commercial, trade, and investment policies and initiatives of critical importance to both countries is already being felt, just seven months after the Council's launch. So thank you, U.S.-U.A.E. Business Council members, for the outstanding work you do.
We all know that the United Arab Emirates is the driver of social, political, and economic change in the region, with a forceful political leadership at the helm of this country playing a key role in regional stability.

Speaking for my U.S. Government colleagues, Assistant Secretary of Commerce Bohigian and Senior Commercial Officer, Christian Reed, let me tell you that we intend to join in with all of you in the private sector in carrying forward the important relationship between the U.S. and the U.A.E.

US EXPORT COUNCIL PROVIDES ASSISTANCE TO US COMPANIES SEEKING ACCESS TO HIGH GROWTH MARKETS OVERSEAS. http://usexportcouncil.com/