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Adoption of the bill ratifying the economic and technical cooperation agreement between Burundi and the United Arab Emirates

ByWebmaster

Aug 17, 2022

BUJUMBURA August 16th (ABP) – The National Assembly met on Thursday, August 11, 2022, at the Kigobe hemicycle, in plenary session to analyze and adopt the bill ratifying the economic cooperation agreement and technical between the government of the Republic of Burundi and the government of the United Arab Emirates.

                                                                                      The MPs vote on the bill

In his explanatory memorandum, the Minister of Foreign Affairs and Development Cooperation, Mr. Albert Nshingiro, recalled that the Republic of Burundi and the United Arab Emirates have maintained good relations of friendship and cooperation for a long time when a delegation of the Abu Dhabi Fund visited Burundi in order to make contact with the Burundian authorities. Burundi has signed multiple agreements with the United Arab Emirates, particularly in the air sector, a cooperation agreement in the field of defense, in the promotion and reciprocal protection of investments, a cooperation agreement in the field of construction.

As part of implementing the agreements signed between the two parties, Mr. Shingiro indicated that the United Arab Emirates have granted to the government of the Republic of Burundi, through the Fund set up for external financing, namely the Fund Abu Dhabi, financing or co-financing of projects in Burundi with a donation of US$20,000 intended for the development of postal services granted in 1974.

He added that the Abu Dhabi Funds participated in the co-financing of the SUPOBU fishing project in 1976 for an amount of US$1 million. That fund also participated in the co-financing of the MOSO sugar company for an amount of US$5.5 million.

According to that minister, on November 8 to 12, 2021, the President of the Republic of Burundi Evariste Ndayishimiye paid an official visit to the United Arab Emirates. On the sidelines of this visit, an economic and technical cooperation agreement between the government of the Republic of Burundi and the United Arab Emirates was signed on November 10, 2021, in Dubai, as part of the strengthening of those relations of friendship and cooperation between Burundi and the United Arab Emirates. The two parties have agreed, if necessary and if the possibilities allow it, that the investors of the parties may rent land or acquire land in the event that it exists. Indeed, it is recognized that the United Arab Emirates are more advanced than Burundi in the agricultural, pastoral, fishing and agro-food processing sectors. Burundi should take advantage of this expertise of the United Arab Emirates, by granting small rental areas for experimental fields, he noted.

He also indicated that specific agreements will be negotiated and signed area by area on the basis of mutual interests of the parties for the implementation of the agreement.

By ratifying this agreement, Burundi will have implemented the policy of economic diplomacy which is a policy based on five pillars, among others the attraction of foreign investment, the transfer of technologies, the promotion of tourism, the progressive industrialization of the country. as well as infrastructure development.

The MPs sought to find out the economic added value of the new form of cooperation. According to Minister Shingiro, this is a win-win cooperation agreement, and Burundi will be able to draw inspiration from the experience already acquired by the United Arab Emirates to revitalize its economic policy.

In addition, Burundi will certainly have funding opportunities that will be allocated to economic projects to be developed and submitted to the United Arab Emirates.