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Thursday, February 22, 2024

Abdullah Bin Touq showcases UAE efforts for global Economic Partnerships

(Davos) Abdullah Bin Touq Al Marri, UAE Minister of Economy, highlighted the nation’s commitment to economic openness and global partnerships during the “BRICS in Expansion” session at the World Economic Forum in Davos. 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.”

Emphasizing the UAE’s participation in joint economic committees, including with BRICS countries, Bin Touq stated that joining BRICS aims to create new opportunities for exporters and manufacturers globally. He underscored the economic significance of BRICS expansion, representing 46% of the world’s population and 25% of global exports. Bin Touq emphasized the UAE’s rapid economic growth and its role in promoting sustainable development globally, with the private sector heavily represented at the WEF. The Minister 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).

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