The Ministry of Economy, in cooperation with the Organization for Economic Cooperation and Development (OECD), organized the final forum of the “State Economic Policies Harmonization Project,” which was launched in February 2023, with the aim of enhancing the competitiveness of the country’s economic legislative environment, in the presence of His Excellency Abdullah bin Touq Al Marri, Minister of Economy, and with the participation of… A wide range of representatives of government agencies and the private sector in the country, in addition to a delegation from the organization itself.
His Excellency Abdullah bin Touq said: The UAE, thanks to the directives of its wise leadership, today possesses a competitive and flexible economic legislative system, which has witnessed the launch of many pioneering legislation and policies for various economic and commercial sectors and activities in the country, especially the new economic sectors, in line with the objectives of the vision. We are the UAE 2031, with the country ranked first in the world in developing proactive legislation for new economic sectors by the next decade.
In his speech during the forum, His Excellency added: Aligning the economic policies of the UAE with those of the Economic Cooperation Organization, in order to consolidate the openness of the state’s institutions to the horizon of cooperation with all relevant international and regional institutions and organizations, and in a way that contributes to building an economic model that is more flexible and in line with global standards. By developing the legislative system of the national economy, creating a competitive and sustainable business environment, and enhancing opportunities for entrepreneurs and investors in various economic sectors.
His Excellency pointed out that this project contributes to diversifying and sustaining the national economy and enhancing its competitiveness at the regional and global levels, as it is based on developing policies for non-oil economic sectors. His Excellency cited the strong indicators and results achieved by the UAE economy during the first half of 2023, the most prominent of which is the growth in output. The country's gross domestic product is 3.7%, as well as non-oil domestic product growth of 5.9%.
The forum included a review of the outcomes and results of the “State Economic Policies Harmonization Project” and its role in enhancing the competitiveness of the business environment, as it is based on developing economic policies in accordance with international best practices within 4 main areas: competition policy, corporate governance policy, entrepreneurship policy, and investment policy, where This distinguished project witnessed the exchange of experiences and the holding of many technical workshops on the UAE’s efforts in the four areas of the project, in which more than 150 representatives of about 30 entities participated in the government and private sectors in the country over a period of more than 10 months, starting in Last February until November 2023, in addition, the project dealt with the exchange of missions and expert visits, to learn more about the working mechanisms within the various economic sectors, and to evaluate the applicable legislation, so that it can be developed and brought to the level of international standards.
The forum discussed the most prominent results achieved by the UAE economy over the past years as a result of its strategic policies aimed at shifting towards a new economic model, as the state was able to create a stimulating and more open climate for investment, by approving an institutional framework to encourage investment, including amending the Commercial Companies Law, which allowed foreigners The ability to own companies in all legal forms in the Emirates.
The state has also launched many initiatives and legislation that enhance the establishment of a culture of competition in the country's markets, deepen capital markets and corporate governance, and launch programs that support entrepreneurship and small and medium enterprises with a focus on innovation and sustainability standards.
The Ministry of Economy seeks to benefit from international standards and practices, in addition to expanding areas of cooperation, knowledge exchange, and economic policy dialogue with the Organization for Economic Cooperation and Development.
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