UAE Showcases Efforts in Developing Economic Partnerships

This came during the “BRICS in Expansion” session that took place at World Economic Forum (WEF) in Davos, Switzerland….reports Asian Lite News

Abdullah bin Touq Al Marri, Minister of Economy, affirmed that the United Arab Emirates has adopted a constructive approach to enhance economic openness to the world, build partnerships, and strengthen cooperation with strategic markets to consolidate the country’s position as a global economic hub.

This came during the “BRICS in Expansion” session that took place at World Economic Forum (WEF) in Davos, Switzerland. The session was attended by Smriti Zubin Irani, Ministry of Women and Child Development of India, Enoch Godongwana, Minister of Finance of South Africa, and Gao Jifan, Chairman and Chief Executive Officer, Trina Solar Co., Ltd.

Bin Touq added, “The UAE has participated in more than 18 joint economic committees with 18 countries at regional and global levels over the past three years, including BRICS member countries such as China and Russia to enhance economic ties and develop plans to encourage economic and investment cooperation.”

The UAE Minister of Economy said, “Joining BRICS aims at creating new opportunities for exporters, and manufacturers, globally. We seek to accelerate international trade, guarantee market access, facilitate the integration of companies into global value chains, and increase investment flows.”

Bin Touq stated, “Joining BRICS will support the UAE’s plans to further diversify its national economy and enhance its competitiveness on both regional and global levels. The step will increase the non-oil national exports and develop new partnerships in various economic sectors, in addition to increasing foreign direct investment flows to the UAE. BRICS countries represent a significant source of foreign investment in sectors such as transportation, financial services, technology, and clean energy. This, in turn, provides more job opportunities, enhances mutual investments among member countries, and simultaneously the UAE offers the BRICKS countries multiple benefits due to its strategic location, and business-friendly environment.”

Bin Touq emphasised that the BRICS group holds major economic significance, in light of its expansion, the group will contain 46 percent of the world’s population and 25 percent of global exports.

Bin Touq said that the UAE’s economy is growing rapidly, thanks to the innovative initiatives, policies, and strategies adopted by the country. The UAE GPD grew by 7.9 percent in 2022 and the non-oil GDP grew by 5.9 percent during the first half of 2023, in addition to this, the UAE witnessed the highest FDI inflows in 2022, totalling AED84 billion (US$23 billion).

Bin Touq affirmed the pivotal role of the UAE in promoting sustainable economic development globally. The country is connected to over 400 cities worldwide through direct flights, and it owns the largest shipping lines spanning 88 ports globally. The business environment in the UAE provides an ideal climate for establishing and developing businesses.

There was strong participation from the UAE private sector at the World Economic Forum 2024, where senior officials from major UAE companies and private establishments represented about 80 percent of the country’s delegation at the WEF.

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