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Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs representing the UAE, attended the recent UAE-U.S. Innovation and Investment Summit.
The summit aims to explore more opportunities for cooperation in the next phase, expand and develop trade exchanges and mutual investment between the UAE and the United States, and private companies from both sides will participate more. It also aims to promote fruitful partnerships in sectors that support the sustainability and innovation agenda of the two countries.
In his speech, Dr. Al Falasi emphasized the strength and durability of the economic relationship between the UAE and the U.S. This is reflected in the amount of mutual investment, because UAE investment accounts for the largest share of the total Arab investment in the U.S. market, which will reach 447 by the end of 2020 One hundred million U.S. dollars. Among the most important countries investing in the US market, the UAE ranks first in the Arab world and 20th in the world. The UAE’s total investment in R&D activities related to innovation and technology in the United States is close to 1.7 billion U.S. dollars and has contributed to supporting U.S. exports worth 1.3 billion U.S. dollars. At the same time, as of the end of last year, the total foreign direct investment flowing into the UAE from the United States was 19.4 billion U.S. dollars.
Al Falasi expressed that the UAE hopes to maintain the current momentum of the trade and investment partnership between the two countries and emphasized the importance of close cooperation to encourage the next phase of mutual investment flows and promote UAE and U.S. companies to gain promising market opportunities for each other. He emphasized that UAE companies are keen to invest in the technology industry, smart chip manufacturing, semiconductors, IT projects and 5G communication networks. In addition, he explained that the total investment of UAE companies in R&D activities related to innovation and technology in the United States now exceeds US$1.7 billion.
In addition, the Minister also reviewed the UAE’s efforts in intellectual property and protection of inventions, innovations and trademarks, as well as the creative work of UAE individuals and companies, in order to promote the knowledge economy and increase the confidence of global investors in the domestic market. He also reviewed the new updates issued by the UAE, worked with the private sector and communicated with the private sector to ensure that it contributes to the development of these leading legislations, including industrial property laws to protect patents, utility certificates, industrial design and trademark laws , It provides legal protection for company trademarks and solves counterfeiting and commercial fraud.
In addition, Dr. Al Falasi explained that the UAE is now the most active, developed and fastest growing economic center in the region. It enjoys a significant strategic position, strong fiscal reserves, a huge sovereign wealth fund, a large number of development project expenditures, and a stable, stable and flexible economy, attractive and flexible tax policies, excluding income taxes, and political stability. A safe and open environment, and an inclusive and multicultural society. According to various global studies, the UAE is one of the 20 most livable countries.
During the summit, Al Falasi introduced to American companies and companies the most important projects taken by the UAE government to support the country’s transition to a new economic model and prepare for the next 50 years. Most notably, he reviewed the “Entrepreneurial Nation” initiative, which is a comprehensive portal to establish a new economic stage based on innovation and entrepreneurial empowerment.
Participants also briefly introduced the latest projects initiated by the UAE government in the framework projects in the 1950s, especially the UAE export development 10×10 plan and joint investment platform, as well as the UAE Investment Summit (Investigia), which will be held in March 2022 in 2020. The first meeting was held during the Dubai World Expo.
In addition, Farasi also reviewed some other initiatives in the “Top 50 Projects”, including updating the country’s residence system, expanding the golden visa category and introducing new residence systems such as the green residence system. Visa and freelancer visa. He also reviewed the comprehensive economic partnership plan implemented by the UAE and its broad prospects for trade development and facilitation, investment promotion, and strengthening the UAE’s role in promoting the development of the region and the world.
The non-oil trade between the two countries has shown significant growth in recent years, from US$5.22 billion in 2005 to US$17.83 billion in 2020. The UAE has ranked first in the region and 19th in the world for 12 consecutive years. The list of the largest receiving markets for U.S. exports in 2020, because U.S. exports to this country last year were US$14.75 billion. In the first half of 2021, the total foreign trade between the two countries exceeded 11 billion U.S. dollars, and the bilateral trade continued to grow at the end of the year.
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