Today's Edition
DAVOS (WAM)
UAE Minister of Economy Abdullah bin Touq Al Marri affirmed that the country 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.
The UAE minister 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.”
“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.”
“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,” he added.
He emphasised that the BRICS group holds major economic significance, in light of its expansion, the group will contain 46 per cent of the world's population and 25 per cent of global exports.
The minister added 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 per cent in 2022 and the non-oil GDP grew by 5.9 per cent during the first half of 2023. In addition to this, the UAE witnessed the highest FDI inflows in 2022, totalling Dh84 billion.
