Calling for action to facilitate the growth of international trade across all borders, UAE Minister of Economy, H.E. Sultan bin Saeed Al Mansoori, today opened Global Trade Development Week at Jumeirah Emirates Towers in Dubai. The three-day event brings together 600 influential business and government leaders from over 90 countries to discuss how to tackle today's most challenging trade and development issues. 

H.E. Al Mansouri said, “Global Trade Development Week has grown to be a major international forum committed to increasing knowledge, capabilities and dialogue between government and private sector trade leaders. We here in the UAE are proud to have been part of the growth of this commendable event.”

Speaking on the potential of the global trading system, the Minister called for the removal of barriers to trade. H.E. Al Mansouri said, “We all agree that trade is a vital engine of economic growth that creates quality jobs.  However we need to remove barriers to trade that hamper economic growth, whilst at the same time facilitate trade at borders, which needs both domestic reform and international cooperation and the world is looking forward to move ahead in the implementation of the new Trade Facilitation Agreement in WTO”. 

The Minister also used his speech to reflect on the UAE’s continuing economic success. “Growth will continue to rise over the next several years as the UAE continues to meet its economic development diversification targets. The UAE’s sound economic infrastructure and business-friendly environment make our country an ideal partner for the world commercial interests. Our trade and investments are spread out and well distributed as we interact with 220 markets worldwide. This has given the UAE considerable economic resilience, helped minimize the impact of regional instability on our economy, and enabled us to continue with the development of our country.”

The macroeconomic outlook is positive. Economic growth is expected at 4.8 percent in 2014 and about 4.5 percent in coming years, supported by a number of megaprojects announced over the past 18 months and the successful bid for the World Expo 2020. The GDP in 2013 was $402 billion. The value of foreign direct investments stock in the UAE by the end of 2013 reached $105.5 billion, while the value of UAE investments abroad by the end of 2013 amounted to $63 billion,” the Minister added.

H.E. Al Mansouri also highlighted the UAE knowledge and innovation initiative, INNOVATIVE. He said, “We target to acquaint the economy for a step further towards INNOVATIVE. In this regard, it is the aim of the UAE to have a 5% contribution from knowledge economy and innovation to the GDP by 2021.”

Ms Ayesha Al-Kobaisi, Director of International Trade Organizations Department and the Project Manager for Global Trade Development Week from the Ministry of Economy, adds, “This forum presents an interactive platform for government, business, academic and industry thought leaders to collaborate discuss and share best practice. Global Trade Development Week’s ambitious programme creates bilateral, regional and multilateral dialogue between governments and the private sector. Delegates take on the challenge of returning to their own countries and companies with a set of actions that will contribute to the growth of international trade across all borders.”

The opening session included keynote speeches from H.E. Hani Al Hamli, Secretary-General of Dubai Economic Council, Eng. Hani Salem Sonbol, Deputy CEO of the International Islamic Trade Finance Corporation and Dr Nadir Mohammed, Country Director, GCC Countries, World Bank.

Global Trade Development Week features an outstanding line up of over 120 speakers. The event opened with a Ministers and Trade Leaders VIP plenary, followed by four concurrent summits that cover ‘Global Free Trade and Special Economic Zones’, ‘Trade Finance and Industrial Development’, ‘Corporate Real Estate Leaders’ and ‘Global Customs and Trade Facilitation’.  The event runs until 29 October and features an exhibition alongside.

For full details of the programmes and exhibition, please visit the event website www.kwglobaltrade.com

For further information please contact the PR Manager, Nana Mancell, Email: nanam@kwconfex.com  Tel:  +971 50 956 9277.

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