LONDON — The UAE is committed to promoting global economic cooperation and enhancing its openness to the world, said Abdullah Bin Touq Al Marri, the Gulf country’s Minister of Economy, on the sidelines of the 13th edition of City Week Forum 2023 in London.
He highlighted the UAE’s role in creating investment opportunities in new economy sectors and supporting flexible and sustainable supply chains. “Thanks to its strategic location, the UAE serves as an active logistic gateway that facilitates the flow of goods in and out of regional, Asian, and African markets, improving the quality of life for people around the world,” Bin Touq added.
The UAE’s minister – who held several bilateral meetings at the event, including one with Lord Dominic Johnson, Minister of State in the Department for Business and Trade, UK — also emphasized the relevance of the UAE’s leading initiatives in supporting and promoting international economic partnerships.
Bin Touq also met with several high-profile figures, including Nicholas Lyons, Lord Mayor of the City of London; Andrew Griffith, British Economic Secretary to the Treasury; Morris Paton, CEO of City Week forum; Odile Renaud Basso, President of the European Bank for Reconstruction and Development; and Rashee Pandey, Head of Membership and Growth at Innovate Finance Panel.
Bin Touq stressed the need to strengthen existing economic partnerships between the UAE, Britain, and the European continent, and forge new ones in new economy sectors, including fintech, renewable energy, space industry, software, e-commerce, logistics, green and circular economy, and agricultural technology. He underlined the importance of sharing experiences in these sectors and other fields of mutual interest.
The minister of Economy attributed the UAE’s leading economic experience to its advanced technological infrastructure, attractive business and investment environment, and flexible economic legislation developed in line with the principles of the UAE Centennial 2071 goals.
These include granting full foreign ownership of companies, enhanced intellectual property protection, and an ambitious strategy to attract and retain talent in all sectors to establish the country’s position as a permanent hub for innovation and creativity.
Bin Touq invited the European and British business communities to take advantage of the incentives offered by the UAE economy to achieve growth and expansion in the UAE and the wider Middle East and African markets.
He drew their attention to the global investment platform ‘Investopia,’ creating opportunities and catalyzing future investments, and the UAE’s comprehensive economic partnership agreements (CEPA) program.
Under this program, the UAE has signed four agreements to date – with India, Israel, Indonesia, and Turkey – and is negotiating more strategic global markets.
“Once these partnerships materialize, they will enable the private sector to build regional and global networks, ensuring more profits, growth, and development,” he said.
City Week is an annual global forum held in London, bringing together more than 1,000 senior decision-makers and economic officials in the UK and the world to create more effective solutions to political issues and economic challenges.
This year’s edition tackled three main issues: climate change, green finance, and sustainability; institutional adoption and regulation of digital assets; and digitization and innovation in capital markets.