Launch of council on the new economy reinforces UAE as a global idea hub

Abu Dhabi - Initiative by Ministry of Economy to share the country's experience and benefit from expertise & research in the future of the economy

By Staff Report

Published: Mon 16 Nov 2020, 6:04 PM

Last updated: Mon 16 Nov 2020, 6:05 PM

The Ministry of Economy (MoE) has launched the ‘International Advisory Council on the New Economy’, a first of its kind initiative, with the participation of international experts as well as influential national figures involved in the formulation and development of many of the UAE’s economic development programs.

Abdulla Bin Touq Al Marri, UAE Minister of Economy, said: “The council is a new initiative that the UAE is developing, through which we will work to develop ideas, proposals and formulate new economic policies.”

The council will undertake a set of tasks related to the structure of the new economy, including the development of ideas and proposals; providing advice to decision-makers in new economic fields, development of research papers and studies; and development of new models for regional and international partnerships in the fields of the future economy.

In addition, the council will contribute to coordination efforts with research centers and academic institutions, with the aim of strengthening the UAE’s position as a global hub for innovative ideas and sharing the UAE economy’s experience with external partners.

Bin Touq added that the changes the world is currently witnessing as a result of the pandemic are being reflected across all aspects of life, ranging from our daily lives to travel, trade and other vital economic sectors. However, the current circumstances do not limit the UAE’s aspirations. Instead, they motivate us to convert challenges into opportunities and employ them in the service of long-term development goals and objectives, he said.

“The government of the UAE was the most prepared one to deal with most of the challenges that emerged as a result of Covid-19 and was also the most capable in adapting to changes compared to many other countries. Moreover, today, the country is working according to an ambitious development vision for the next fifty years. Following an accurate and realistic understanding of the current economic scene, analyzing indicators and extracting possibilities are essential to developing plans and initiatives in support of the country’s strategic directions,” he said.

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