The U.S.-U.A.E. Business Council hosted United States Undersecretary of Commerce for International Trade, Stefan M. Selig for a policy luncheon on Monday in Washington, D.C. The closed-door policy discussion brought together public and private stakeholders to discuss the current business and regional developments impacting bilateral commerce between the U.S. and the U.A.E.
Following an introduction from U.S.-U.A.E. Business Council President Danny Sebright, U/S Selig delivered his perspectives on the importance of the U.S. trade relationship with the U.A.E. Following his participation at the World Government Summit in Dubai, U/S Selig shared his thoughts on the broader regional commercial trends and economic opportunities for U.S. business in the Middle East, and addressed the continued close cooperation in trade between the two states which saw bilateral trade reaching $25.44 billion in 2015, surpassing the 2014 level of $24.9 billion. This burgeoning trade relationship is especially important in the coming years in the lead up of Expo 2020; as the U.S. continues to provide the U.A.E. with best in class infrastructure, transport facilities, and technical expertise.
U.S.-U.A.E. Business Council President, Danny Sebright, with U.S. Undersecretary of Commerce for International Trade, Stefan Selig
In his address, U/S Selig said, “it was during this second visit that I came upon an important observation. As a result of what I saw and experienced at the Summit, as well as my meetings with the U.A.E. leadership last week, one fundamental point became crystal clear to me: that our two countries have reached a real inflection point when it comes to our commercial partnership and that the reason we got to this point is because of the leadership that the U.A.E. has shown on the regional and global stage.”
“While in Dubai and Abu Dhabi, I either learned or was reminded of how the U.A.E. is demonstrating commercial leadership to confront some of the dominant global trends of our time: the continuing explosion of innovation driven by the internet economy and a global economy defined by dramatically lower commodity prices.”
Following U/S Selig’s remarks, the floor was opened to the audience for a question and answer session in which U.S. and U.A.E. public and private sector representatives discussed developments and issues impacting bilateral trade and investment across a range of sectors.
U/S Selig concluded his remarks by thanking the honored guests and the U.S.-U.A.E. Business Council for providing a platform upon which key stakeholders can drive the commercial agenda between the two countries.
Mr. Sebright concluded the luncheon by expressing appreciation for the Undersecretary’s work in burnishing the close commercial ties between the two states, as well as thanking the business community for their participation.
For your information, Undersecretary Selig’s biography can be found below.
Stefan M. Selig
Undersecretary of Commerce for International Trade
U.S. Department of Commerce
Stefan M. Selig was confirmed on June 4, 2014, by the U.S. Senate to serve as President Obama’s Undersecretary of Commerce for International Trade at the U.S. Department of Commerce. Selig leads the International Trade Administration which assists in the development of U.S. trade policy in the global economy; creates jobs and economic growth by promoting U.S. companies; strengthens American competitiveness across all industries; addresses market access and compliance issues; administers U.S. trade laws; and under takes a range of trade promotion and trade advocacy efforts.
Additionally, in his current capacity, Selig serves as the Executive Director of the Travel and Tourism Advisory Board, sits on the board of directors of the Overseas Private Investment Corporation (OPIC), is a Commissioner for the Congressional Executive Commission on China, and is a lifetime member of the Council on Foreign Relations.
Previously, Selig served as Executive Vice Chairman of Global Corporate & Investment Banking at Bank of America Merrill Lynch. In that capacity, he focused on building and maintaining strategic relationships at the CEO and board-level with important clients of the firm. Before then, Selig was Vice Chairman of Global Investment Banking and Global Head of Mergers and Acquisitions at Banc of America Securities. Under his leadership, the bank advised its corporate and private equity clients on more than $1 trillion of strategic global transactions.
Selig is widely known as a highly accomplished banker and business executive who is recognized for his experience and judgment in providing strategic and financial advice to his clients. Throughout his nearly 30-yearcareer, he built a reputation as a trusted advisor and a tireless advocate for American businesses both domestically and internationally.
Prior to joining Bank of America in May 1999, Selig held various senior investment banking positions on Wall Street including Co-Head of Mergers & Acquisitions for UBS Securities. He began his investment banking career in the Mergers & Acquisitions Group at The First Boston Corporation in 1984, and subsequently was an original member of Wasserstein Perella & Co.
Selig holds a B.A. in Economics from Wesleyan University, a General Course Certificate from the London School of Economics and Political Science, and an M.B.A. from the Harvard Graduate School of Business Administration.
He has previously served as a member of the board of directors of Lincoln Center for the Performing Arts and Services for the Under Served which supports individuals and families facing challenging situations.
