UAE's imports from Switzerland accounted for over Dh19.5 billion ($5.3 billion) of the Dh33.6 billion ($9.14 billion) bilateral trade between the two countries during 2015, a top official said.

The UAE, with exports worth  more than Dh14.1 billion to Switzerland last years, remains the top export market within the GCC for the European nation, ahead of Saudi Arabia which imports Swiss goods and services worth over Dh18 billion annually, added Michelle Gebert, executive director, Swiss Business Council Dubai & Northern Emirates.

Gebert was speaking ahead of an event organised by the Swiss Business Council (SBC) Dubai & Northern Emirates to mark two decades of bilateral trade co-operation with the UAE, set to take place at the Fairmont Palm Hotel & Resort in Dubai, on October 7.

“More than 200 guests are expected for what promises to be an unforgettable evening of fine dining and entertainment. I wish that the founding fathers were here to enjoy this historic event,” said Peter Harradine, president of the Swiss Business Council Dubai & Northern Emirates.

The highlight of the gala evening will be the Lord of the Matterhorn award, which is named after Switzerland’s most famous mountain.

“The award is granted to a UAE citizen who has contributed to the ongoing success of the council and enhanced its presence in the UAE,” said Gebert.

Previous recipients of the Lord of the Matterhorn award include, HE Hamad Buamim, President and CEO of Dubai Chamber of Commerce and Industry.

A non-profit organisation licensed by the UAE Chambers of Commerce & Industry, and established in 1996, the Swiss Business Council was formed to promote the interests and activities of companies and individuals with commercial interests between the UAE and Switzerland.

Valued at Dh11.4 billion, jewellery and precious metals, were the top Swiss export products to the UAE in 2015, ahead of Dh3.63 billion worth of watches. Machinery, pharmaceuticals, aircraft and vehicles come next with export values totalling Dh1.03 billion, Dh867 million and Dh639 million respectively. Exports of cosmetics and beauty products, as well as optical and medical equipment are also growing steadily.

Emphasising the strong trade links that exist between the two countries, Switzerland became the first country that agreed to participate in Expo 2020, investing Dh57 million in the Swiss Pavilion – which will be built on the Expo site, to present Swiss research capacity and innovation in the fields of renewable energies, mobility and the environment.

In terms of sustainability and innovation, this year’s gala dinner comes hard on the heels of another milestone for the Swiss business community. During the last 12 months Swiss-born technology has once again garnered world attention with the world’s first solar plane, piloted by its Swiss founders and co-creators Bertrand Piccard and André Borschberg, circumnavigating the globe in what has been hailed as a breakthrough for clean energy technology. - TradeArabia News Service