Friday, January 13, 2023 – 12:13 PM
ABU DHABI, 13th January / WAM / The Economic Integration Committee held its first meeting for the year 2023, in the presence of His Excellency Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, representatives of local economic development departments in all emirates of the country, and representatives of the Executive Office to Combat Money Laundering and Terrorist Financing.
The committee reviewed its achievements and efforts in developing the legislative and investment environment of the country in accordance with the best international practices followed during the year 2022. Among the most prominent of these achievements is the strengthening of cooperation and communication between the concerned federal and local government agencies to support the issuance of economic and commercial legislation and policies in the country, including the issuance of the commercial registry law, the family companies law, and the law Commercial transactions, the policy of defining basic food commodities, and the policy of strengthening market supervision.
His Excellency Thani Al-Zeyoudi said: “Thanks to the vision and directives of the wise leadership, the UAE today has a competitive and flexible economy and a well-developed and well-established legislative environment that has contributed to enhancing the country’s attractiveness to local and foreign investments, supporting the growth of the domestic product of the national economy, and expanding and prospering commercial activities, in line with the vision of We Are the Emirates.” 2031 aimed at strengthening the country’s position as a global partner and an attractive and influential economic center, in line with the goals of the next fifty years.
He added that the Economic Integration Committee played a prominent role in developing the legislative system of the country during the year 2022, and raising it to new levels of excellence, leadership and competitiveness, and this was evident in the issuance of legislation and policies aimed at growing and stimulating the investment environment in the country .. pointing to the importance of the national efforts of the economic development departments. And the local departments concerned with accelerating the pace of implementing economic laws and legislation and applying them effectively and quickly, in a way that contributes to enhancing the growth of commercial activities and sectors in the country.
His Excellency added that the Committee continues its tireless work and implementation of its new plans and objectives during its meetings that will be held in 2023, in order to present more recommendations and supportive decisions to consolidate the strength and sustainability of the national economy, enhance the investment environment, and address all challenges and issues that may occur in the future for the business and trade sector in the country.
During its tenure last year, the committee contributed to strengthening the state’s efforts to develop policies and legislation supportive of countering money laundering and combating terrorism, through continuous follow-up of the work progress of the operational plan for company registrars, which witnesses concerted national efforts to strengthen the system of real beneficiary procedures for private sector establishments, in a manner that achieves compliance. It follows the legislation, decisions and regulations related to combating money laundering, combating the financing of terrorism and financing illegal organizations, and takes into account the best international standards and practices and the results and requirements of the Financial Action Task Force (FATF).
She explained that the country has achieved a great achievement in this regard, as the registration of this data for all companies registered within the country and in non-financial free zones has been completed by 96%.
In its meeting, the committee discussed the efforts of the Ministry of Economy, in cooperation with the Ministry of Human Resources and Emiratisation and the Departments of Economic Development, to develop the national economic register, and to ensure accurate and comprehensive data flow and standardization of registration frameworks at the level of the seven emirates.
The committee was briefed on the achievements of the Ministry of Economy, in cooperation with its strategic partners, in the FDI NEXTGEN initiative, as the initiative has succeeded in attracting many international companies operating in advanced application sectors, including financial technology, artificial intelligence, and electronic payments, to the country’s markets, since Launched last July, the initiative supports enhancing the country’s attractiveness to foreign investments and provides a comprehensive set of measures to facilitate the transfer of companies to the country, including accelerating the obtainment of licenses and issuing visas, golden residency, supporting the smooth and rapid transition of management and employees, obtaining bank financing and the necessary commercial and residential rental incentives.
The committee was also briefed on the developments of the foreign investor’s compass project, which represents an integrated national platform aimed at promoting the investment environment in the UAE, and highlighting opportunities and vital areas for investment.
– Mill-
Dina Omar
