2024-01-18 21:04:47
Davos (Union)
His Excellency Abdullah bin Touq, Minister of Economy, confirmed that the UAE, thanks to the directives of its wise leadership, has adopted a forward-looking vision to enhance economic openness to the world, build economic partnerships, and strengthen bridges of partnership and cooperation with strategic markets, which contributes to strengthening the country’s position as a global partner and an attractive and influential economic center in the world. In light of the “We are the Emirates 2031” vision.
This came during His Excellency’s participation in a session entitled “BRICS Expansion”, which was held within the series of sessions and dialogues of the World Economic Forum “Davos 2024”, alongside His Excellency Enoch Godongwana, Minister of Finance of the Republic of South Africa, and His Excellency Smriti Zubin Irani, Minister of Minority Affairs and Women and Child Development. Republic of India, and Zhao Jifan, Chairman and CEO of Trina Solar. His Excellency said, “The UAE held more than 18 joint economic committees with 18 countries at the regional and global levels during the past three years, including member countries of the BRICS group such as China and Russia. Through these committees, work was done to enhance the prospects for economic ties and develop cooperation programs and plans.” Economic and investment opportunities for periods ranging from one to three years in sectors and areas of mutual interest, enhancing paths of economic cooperation and creating new channels of fruitful partnership and cooperation.”
He added, “The UAE’s accession to the BRICS group comes from its belief in the importance of strengthening multilateral economic cooperation, and its commitment to creating new opportunities for exporters, manufacturers and investors, not only at the level of the BRICS countries, but also at the global level, in a way that supports accelerating the pace of international trade and supporting access to markets.” “And the ease of integrating companies into global value chains, and increasing the flow of investments.”
Benefit from “BRICS”
His Excellency said: The UAE will benefit from BRICS in diversifying its national economy and enhancing its competitiveness regionally and globally, supporting the increase of national non-oil exports to foreign markets, developing new partnerships in various economic sectors, especially the new economy, and increasing the flow of foreign direct investment into the UAE markets, especially since The BRICS group constitutes an important source of foreign investment, in various future fields such as transportation, financial services, technology, and clean energy, which supports the provision of more job opportunities and enhances mutual investments between member states. At the same time, the UAE provides its partners from the BRICS group with a strategic location characterized by many possibilities. economic, and an ideal climate for establishing and developing businesses, as the UAE business environment is characterized by flexibility, continuous development, and attractiveness for entrepreneurial projects in all economic activities, especially new economic sectors, tourism, entrepreneurship, and technology.
His Excellency explained that the BRICS group represents great economic importance as it accounts for 23% of the global gross domestic product, 42% of the world’s population, and more than 16% of global trade.
for economic indicators
In the same context, His Excellency Abdullah bin Touq noted that the UAE economy is growing and diversifying rapidly, thanks to the pioneering economic initiatives, policies and strategies adopted by the country. He reviewed a set of results and indicators for the national economy, including the country’s gross domestic product achieving a growth rate of 7.9% during the year 2022. As well as the growth of non-oil GDP by 5.9% during the first half of the year 2023, and the increase in hotel establishment revenues in the country to 32.2 billion dirhams during the period from January to September of 2023, a growth rate of 27% compared to the same period in the year 2022. The country also achieved in The year 2022 is the highest number in its history for foreign direct investment flows, at a value of 84 billion dirhams ($23 billion). His Excellency also stressed the pivotal role of the UAE in promoting sustainable economic development at the global level and expanding into new economic sectors, in addition to the economic capabilities that the country enjoys and its role in promoting the growth of global trade, as the UAE is connected to more than 400 cities around the world by direct lines, and has the largest Shipping lines extend through 88 ports around the world, and the UAE business environment provides an ideal climate for establishing and developing businesses.
private sector
The national private sector is participating strongly this year in the World Economic Forum (Davos), where officials from major national companies and private sector institutions in the country constitute regarding 80% of the volume of UAE participation in the forum, which would provide an opportunity for national companies to exchange experiences and knowledge, continue development, and build international partnerships. In various fields, it is the third largest international participation in “Davos” and the largest in the history of the country’s participation in the forum.
Global platform
The Davos Forum represents a global platform to address all economic challenges at the regional and global levels. Therefore, the UAE is keen to participate in this forum in order to enhance its role and contribution in supporting international efforts to resolve these issues and review its vision and strategy, in order to achieve sustainable development goals and enhance comprehensive economic development. At the regional and global levels.
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