UAE-Global Business Forum: A Catalyst for Trade and Investment
The UAE-Global Business Forum, held recently on the sidelines of the Global Business Forum for G20 (B20 Summit) in São Paulo, Brazil, has underscored the United Arab Emirates’ pivotal role as a global trade and investment hub. Organized by the UAE Ministry of Economy in collaboration with the UAE Embassy and Consulate in Brazil, this forum brought together key business representatives from G20 nations and other guest countries, aiming to foster productive relationships between the UAE and leading multinational companies.
Strengthening Global Trade Relations
The primary objective of the UAE-Global Business Forum was to highlight the UAE’s strategic position as a gateway to global markets. With trade between the UAE and G20 countries surpassing $196.1 billion in the first half of 2024—an increase of 4.1 percent from the previous year—the forum served as a timely platform for discussions on expanding trade and investment opportunities. In 2023, the UAE’s total non-oil trade with G20 nations exceeded $393.2 billion, reflecting a robust 15.3 percent growth compared to 2022.
During the forum, participants engaged in discussions focused on potential collaboration in key sectors such as renewable energy, technology, and food security. UAE companies had the opportunity to meet with their G20 counterparts, exploring new trade avenues and investment opportunities that align with the UAE’s long-term sustainable development goals.
The B20 Summit: A Platform for Inclusive Growth
Dr. Thani bin Ahmed Al Zeyoudi, the UAE Minister of State for Foreign Trade, led the UAE delegation to the B20 Summit, which convened approximately 1,000 high-level business representatives from G20 member nations. The summit, held on October 24-25, centered around the theme “Inclusive Growth for a Sustainable Future.”
The UAE delegation comprised representatives from various sectors, including education, innovation, health services, trade, energy, agriculture, tourism, and finance. This diverse representation underscored the UAE’s commitment to fostering inclusive growth and sustainable business practices. The summit provided a platform for private sector engagement, emphasizing the importance of inclusivity, particularly for women-owned businesses.
Public-Private Partnerships: A Key Focus
The UAE’s participation in the B20 Summit as a guest of Brazil during its G20 presidency reflects its growing influence in global trade and investment. In his address, Al Zeyoudi emphasized the critical role of the private sector in driving innovation and efficiency in global trade. He stated, “The B20 Summit is a vital platform to strengthen collaboration between the public and private sectors. It is important that policymakers listen to the expertise and insights from those who utilize global supply chains day in, day out to ensure they remain the enablers of growth and not barriers to it.”
Al Zeyoudi reiterated the UAE’s commitment to an open, rules-based trading system that is efficient, accessible, and resilient. By fostering stronger public-private partnerships, the UAE aims to enhance its role in global trade and investment, ensuring that it remains a key player on the international stage.
Conclusion: A Bright Future for UAE Trade
The UAE-Global Business Forum and the B20 Summit have collectively reinforced the UAE’s position as a global trade and investment hub. With a focus on sustainable development, innovation, and inclusivity, the UAE is well-positioned to capitalize on emerging opportunities in the global market. As the nation continues to strengthen its trade relations with G20 countries and beyond, the future looks promising for the UAE’s role in shaping the landscape of international trade and investment.
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