UAE Showcase Economic Achievements and Global Collaboration at WEF 2024

UAE Showcase Economic Achievements and Global Collaboration at WEF 2024

During a session entitled "UAE: Navigating a Fragmented World", at the 54th edition of the World Economic Forum (WEF), UAE ministers showcased the UAE Government inspiring model in enhancing economic partnerships, promoting international trade growth and building bridges of cooperation with various countries around the world.

During the sessions, the UAE Ministers highlighted the achievements of the UAE on the economic and trade levels, its proactivity in keeping with pioneering technologies, and opening opportunities for emerging economic sectors.

They emphasised the qualitative transformations in the national economy of the UAE and its resilience and growth despite global changes.

Abdullah bin Touq Al Marri, Minister of Economy; Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade; and Omar Sultan Al Olama, Minister of State for Artificial Intelligence and Digital Economy and Remote Work Applications, have participated in the session alongside Professor Ngaire Woods is the founding Dean of the Blavatnik School of Government and Professor of Global Economic Governance at Oxford University.

A sustainable national economy

During the session, Abdullah bin Touq Al Marri emphasised the importance of the economic partnerships as a key factor for economic development and cooperation on the international level.

He said:

“Economic partnerships gain particular significance in light of the continuous developments in the global economy. The UAE is keen to continue supporting the international multilateral economic system and strengthening cooperation with strategic markets at both regional and global levels.”

Bin Touq noted that the UAE’s expanding network of global partnerships and collaborations will further enhance its prestigious economic standing and support the growth and sustainability of the national economy. He highlighted the country’s stable investment environment and competitive tax advantages for doing business and economic activities, in addition to its sophisticated infrastructure and distinctive strategic location, which have contributed to making it a leading destination for both established and emerging businesses from the Middle East and the rest of the world.

The Minister of Economy further noted that the UAE is moving forward in establishing its position as a global hub for the new economy by attracting talents, developing new economic legislations, and stimulating creativity and innovation in various fields in line with the objectives of the ‘We the UAE 2031’ vision.

Expansion in economic partnerships

Dr. Thani Ahmed Al Zeyoudi said during the session that the UAE continues to be a reliable trading partner, an attractive investment destination and a reliable link in global supply chains, despite the current global instability and fragmentation in international trade.

Dr. Thani noted that the UAE’s foreign trade policy is underpinned by its ambitious Comprehensive Economic Partnership Agreements, which contribute effectively to fostering new opportunities for the private sector by opening market access to a quarter of the world's population.

He said:

“The UAE supports adopting advanced technology and artificial intelligence applications to enhance international trade, make it easier, cheaper, transparent and more predictable.”

Dr Thani said that foreign trade comes at the forefront of the UAE’s economic growth and diversification, affirming that the country is driving new milestones in total trade volumes, exports and re-exports. He added:

“We believe that multilateralism, allied to an open, agile and rules-based global trading system, is the main factor of development, and we are committed to supporting the development of technologically enhanced and fully accessible supply chains. This will help us in our efforts to promoting global stability and creating new corridors for economic, business, and developmental opportunities between emerging centres of growth.”

Comprehensive Digitisation Approach

Omar Sultan Al Olama stated that the challenges facing the world bring the need to establish effective and positive international collaboration based on shared visions for shaping a future embraced by everyone. This cooperation should focus on expanding sharing ideas and successful practices to build digital infrastructures supported by technology to enhance efficiency and achieve a balance between promoting innovation and ensuring the responsible use of technology and artificial intelligence.

Al Olama further added that the technological capabilities available today represent a key enabler and a nurturing environment for innovation, fostering the development of various sectors. The positive impacts of artificial intelligence include addressing climate change challenges, supporting the economic development of countries by contributing to raising the gross domestic product for governments, improving performance, and enhancing the well-being for communities.

He said that the UAE realises the importance of technology in global economy and adopts a comprehensive approach that combines investment in technology, supportive regulatory environment, education, and skill development.

Al Olama said:

“The UAE has worked proactively to promote digitisation and make it a priority in various sectors to achieve the targets of the UAE Strategy for Artificial Intelligence 2031 and the UAE Strategy for Digital Economy”.

Al Olama emphasised that the UAE recognises the importance of the role of technology in building new values in the global economy, diversifying economic sources, and investing in emerging and future sectors. The UAE aims to provide a supportive environment for innovation, research and development, and to be a global hub for start-ups and fostering collaboration and integration between entities and institutions.

News Source: Emirates News Agency

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