Bin Touq: In the next 50 years, the UAE is targeting a development model that is more open to the world
Abdullah bin Touq mediates the speakers during the conference.
From the source
The Minister of Economy, Abdullah bin Touq Al-Marri, and the head of the Department of Economic Development in Abu Dhabi, Mohammed Al-Shurafa, participated in a dialogue session entitled “The Growth of the UAE towards a New Investment Environment” within the sessions of the “Salt” Forum for Entrepreneurship and Investment, which was held in New York State recently, It witnessed a large international presence with more than 2,500 participants, including officials, entrepreneurs and investors from all over the world.
Bin Touq said, "The UAE has set an ambitious goal for the next 50 years, to move towards a new development model that is more open to the world and more advanced, based on advanced technology, talents, creativity and emerging ideas, in line with the vision of its wise leadership for the future and the determinants of the UAE Centennial 2071."
He added, "Adopting this new model requires an integrated development of economic policies in cooperation and partnership between the government and the business sector, to deal with new economic concepts and ways to regulate them, such as cryptocurrencies, digital space, data revolution and artificial intelligence."
Bin Touq also spoke about the country's efforts to develop an environment capable of embracing and developing opportunities in the new economy sectors in the areas of green growth, circular economy, clean energy and industries based on advanced technological technologies, which creates diverse and new opportunities for foreign investments in the country.
He identified five main sectors that open broad prospects for foreign investments in the country in the next phase, namely renewable energy, industry, tourism, trade, logistics, and technology of the Fourth Industrial Revolution.
The UAE-US relations are witnessing continuous growth, as the UAE is the first Gulf trading partner for America’s exports during 2021, accounting for 34% of the total US exports to the entire Gulf Cooperation Council, while the country ranked second in terms of the total volume of foreign trade between America and the Gulf Cooperation Council countries during the same year.
At the level of the Arab countries, the UAE is the second largest Arab trading partner for America, as it acquired 25% of the total trade of the group of Arab countries with America during 2021.
America ranks fourth in the world in terms of the UAE's non-oil trade with the world during 2021.
And bilateral non-oil foreign trade between the UAE and America recorded during the first half of this year (2022) a growth of 31% over the same period in 2021, with a total value of $14.41 billion (AED 53 billion).
In terms of mutual investments, America ranked seventh among the countries of the world in the cumulative balance of foreign direct investment entering the UAE until the beginning of 2021, with investments amounting to 4.6 billion dollars (17 billion dirhams), recording a growth rate of 14% compared to the same period. from the previous year.
The balance of cumulative Emirati direct investments in America amounted to $33.1 billion until the end of 2021, compared to $31.6 billion until the end of 2020, with an annual growth of 5%.
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