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UAE presents economic achievements and global collaboration at WEF 2024

During a session titled “UAE: Navigating a Fragmented World”, at the 54th edition of the World Economic Forum (WEF), the UAE ministers showcased the UAE government’s inspiring model to enhance economic partnerships, promote the growth of international trade and build bridges of cooperation with various countries around the world.

During the sessions, the UAE Ministers highlighted the UAE’s economic and commercial achievements, its proactivity in line with pioneering technologies and the opening of opportunities for emerging economic sectors.

They highlighted the qualitative transformations in the UAE’s national economy 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, participated in the session together with Professor Ngaire Woods, Founding Dean of the Blavatnik School of Government and Professor of Global Economic Governance at the University of Oxford.

A sustainable national economy

During the session, Abdullah bin Touq Al Marri He highlighted the importance of economic associations as a key factor for economic development and cooperation at the international level.

He said:

“Economic partnerships take on special importance in light of continuing developments in the global economy. “The United Arab Emirates wishes to continue supporting the international multilateral economic system and strengthening cooperation with strategic markets both regionally and globally.”

Bin Touq He noted that the UAE’s growing network of global partnerships and collaborations will further enhance its prestigious economic position and support the growth and sustainability of the national economy. He highlighted the country’s stable investment environment and its 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 established and emerging companies from the Middle East and the rest of the world. rest of the world.

He Economy Minister He further noted that the UAE is making progress 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 United Arab Emirates 2031′ vision.

Expansion of economic associations

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

Dr Thani noted that the UAE’s foreign trade policy is supported by its ambitious Comprehensive Economic Partnership Agreements, which effectively contribute 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 the adoption of advanced technology and artificial intelligence applications to improve international trade, making it easier, cheaper, transparent and more predictable.”

Dr Thani He said foreign trade is at the forefront of the UAE’s economic growth and diversification, stating that the country is achieving 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 driver 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 promote global stability and create new corridors for economic, trade and development opportunities between emerging growth centers.”

Comprehensive Digitalization Approach

Omar Sultan Al Olama stated that the challenges facing the world raise the need to establish effective and positive international collaboration based on shared visions to shape a future accepted by all. This cooperation should focus on expanding the exchange of ideas and successful practices to build digital infrastructures supported by technology to improve efficiency and strike a balance between promoting innovation and ensuring the responsible use of technology and artificial intelligence.

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

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

Al-Olama saying:

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

Al-Olama emphasized that the United Arab Emirates recognizes 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 be a global hub for startups and encourage collaboration and integration between entities and institutions.

News source: Emirates News Agency

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