FDI pivotal in stimulating economic growth: Al Marri

The UAE has all ecosystems that support investments and is among the top 20 preferred destinations for foreign direct investment (FDI) in the world, participants at the Annual Investment Meeting (AIM) heard on Tuesday.

With FDI flow increasing by four per cent year-on-year, the UAE has set an example by combating every challenge and turning it into an opportunity. The nation has developed its economic sectors to achieve qualitative shifts to a newer and more sustainable economic model, cementing itself as one of the top global economies in the world, speakers said on the opening day of AIM 2022 which hosted the participation of more than 174 countries.

The event was inaugurated by Abdulla bin Touq Al Marri, UAE Minister of Economy at the Dubai Exhibition Centre, Expo 2020 Dubai.

“Investments in the future come at a time when the global investment landscape is changing rapidly thanks to an array of factors such as post-pandemic trends, economic priorities, and digital revolution; but one fact remains unchanged, FDI plays a significant role in the continuing efforts to achieve economic growth and prosperity,” said Al Marri.

The strong response on the first day of AIM was a barometer of the global economic recovery post Covid-19 as well as the UAE’s global position as a hotspot for investments across the investor spectrum.

Day one of AIM focused on the latest trends in FDI and its growth prospects in emerging markets and the importance of attracting foreign investment driven by a progressive mix of legislation and flexibility in emerging markets.

The first day of the three-day event brought together investors, venture capitalists, and financial institutions under one roof to participate in discussions, debates, and much more.

Day one started with a debate focusing on ‘Investments in Sustainable Innovation for a Thriving Future.’ The Vice President of Colombia, Dr Martha Lucia Ramirez kicked off the debate as she highlighted the need for “sustainable innovation” and an improvement in the global supply chain, focusing on a more “integrated” solution.

Rebeca Grynspan, secretary-general of the United Nations Conference on Trade and Development expressed her concern about the lack of development and aid provided to developing countries. “In the developed world recovery went up to 30 per cent but in developing countries only 20 per cent. Developing countries are lagging behind in terms of investment in very important sectors.”

Vera Songwe, under-secretary-general, United Nations, and executive secretary, Economic Commission of Africa started off by congratulating Dubai on a “fantastic EXPO” and further added on the “peculiarities” that the African continent faces post-pandemic.

“All the ecosystems that support the investment is available in Abu Dhabi that boasts a strong and flexible platform not to mention the easiness of starting businesses. Just plug the business into one of the ecosystems in Abu Dhabi,” said Rashed Abdulkarim Al Blooshi, Undersecretary, Abu Dhabi Department of Economic Development.

The debate concluded with the President of the Republic of Tatarstan, Rustam Minnikhanov, as he highlighted how AIM was progressively gaining traction every year.

— issacjohn@khaleejtimes.com