Finland and United Arab Emirates develop their energy cooperation
Finland and the United Arab Emirates (UAE) signed a Memorandum of Understanding on energy on 9 May 2022. The memorandum of understanding (MoU) aims to develop technical and economic cooperation between the two countries in the energy sector and to promote the access of Finnish companies to the Emirati market.
Minister of Economic Affairs Mika Lintilä and the UAE’s Assistant Minister for Economic and Trade Affairs Abdulnasser Alshaali signed the document. The memorandum was prepared in Finland by the Ministry of Economic Affairs and Employment with the support of the Ministry for Foreign Affairs and together with the industry.
The areas of cooperation covered by the MoU include clean energy transition, clean and renewable energy technologies, hydrogen, oil and gas, as well as geology and mineral resources, including nuclear waste management and the final disposal of spent nuclear fuel.
“The Dubai Expo World Expo provided a unique opportunity to build the image of Finland, show our expertise and promote trade between our countries. Now is the time to concretise this cooperation. With this memorandum, we will continue our cooperation with both the authorities and the industrial sectors,” Lintilä said.
“We can work together on many practical issues in the nuclear energy sector, and Finland is one of the leading countries in nuclear waste management. It is likely that the world’s first functioning final disposal facility will be completed in Eurajoki. In addition, we have already had other areas of waste management in operation for years, such as low and intermediate level final disposal facilities for nuclear waste,” Lintilä added.
The UAE is seeking economic growth and competitiveness by transitioning to a digital economy and by encouraging investments in sectors that are important for the country’s development, such as ICT, renewable energy, health and pharmaceutical industry, circular economy, agricultural technology and education.
The reforms are driven by the aims to diversify the economy, respond to climate change, improve security of supply, and attract international business investments to the country. The fact that the UAE’s strategic goals and future priorities are close to the core of Finnish expertise and the offering of companies creates a basis for cooperation and trade.
Liisa Heikinheimo, Senior Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 29 504 7035
Nina Alatalo, Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 295 047 171 (Adviser to the Minister of Economic Affairs, EU and international affairs)
Mirjami Tanner, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 29 504 7167