UAE GDP rose more than 236-fold from Dh6.5 billion in 1971 to Dh1,540 billion in 2014 says, Minister of Economy

DUBAI, 31st March, 2015 (WAM) -- Under the patronage of Vice President and Prime Minister and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, the Annual Investment Meeting (AIM 2015) was inaugurated on Monday, March 30th, 2015) at the Dubai International Convention and Exhibition Centre by Sultan bin Saeed Al Mansouri, Minister of Economy. Day One saw impressive presence of official delegations from more than 144 countries. The strong response on the first day demonstrated the huge potential for attracting investment in hotspots across diverse regions in the world. The first day focused on latest trends in foreign direct investment (FDI), growth prospects in emerging markets and the importance of attracting foreign investment globally in general and in emerging markets in particular. AIM 2015 presented a platform for decisions makers, officials, investors, entrepreneurs, experts, analysts and academics who gathered under one roof to discuss FDI challenges, potential and growth. Participants in AIM 2015 had the opportunity to hold meetings, make contacts and share expertise with peers from all over the world. A variety of sessions were held on the first day. AIM has gained great significance with international participants from across the world actively participating in the event. AIM 2015 kicked off with a welcome speech by Sultan bin Saeed Al Mansouri, Minister of Economy who said, "The world today is changing faster than we can imagine, and several global developments have had their impact on the UAE and wider region. Factors like the decline in oil prices or the depreciation of the euro are affecting different countries in different ways and re-shaping the global economy." "A key factor on the minds of many of us present here today is the slower growth in developing countries. The growth rate is projected to rise moderately in 2015–16, from 3.3 percent in 2014 to 3.5 percent in 2015, according to the latest IMF estimates, "Al Mansouri added. He said, "In sync with global economic growth, the UAE economy is expected to continue to grow despite the decline in oil fortunes. Although the UAE is now less dependent on natural resources as a source of revenue, petroleum and natural gas exports still play an important role in our national economy." He added, "The UAE GDP increased more than 236-fold from Dh6.5 billion in 1971 to Dh 1,540 billion in 2014." The first day began with the release of the 2nd edition of AIM Annual FDI Report by Dr Karl P. Sauvant, Resident Senior Fellow, Columbia Center on Sustainable Investment, Columbia Law School, Earth Institute, USA. The annual publication of the AIM highlighted the general theme of the conference and revealed the latest trends in FDI globally and regionally, in particular in growing markets. A special focus was given to the competitiveness of fast growth markets and key opportunities and challenges they have to face in a fast moving and unpredictable world. The report release was followed by the first Plenary Session, a Global Leaders’ Debate. This session included business leaders, senior public officials and heads of international institutions and academia representing some major stakeholders of the international investment community. The second Plenary Session entitled "Policy Options for the Promotion of Innovation and Technology Transfer through FDI" highlighted the policies that are needed in both host and home countries, at national and international levels to encourage technology transfer and dissemination through FDI. The session, chaired by Capital Finance International (CFI) representative, featured international thought leaders such as Khosh Choksy, Vice-President of Turkey and Middle-East Affairs, US Chamber of Commerce. The third Plenary Session entitled "Innovation in the global factory the role of global value chains" explained how global value chains (GVCs) are reshaping the geography of global business. This session was led by the OECD and explored the implications for firms and governments, such as how MNEs surf on the waves of the global factory model, which allows the company to significantly reduce its exposure to international risk (through a significant reduction in its FDI) while maintaining their presence in international markets. The Annual Investment Meeting (AIM) 2015 included a Ministerial Roundtable for ministers of several countries specialised in investment, economy, finance, foreign trade, foreign affairs and international cooperation. Dawood Al Shezawi, CEO, AIM’s Organising Committee said: "This roundtable aimed to discuss the prospects for Foreign Direct Investment (FDI) and ways to support and develop its flow between countries." Featuring ministers responsible for economy, investment and international cooperation in several countries, the event discussed ways to develop and support direct investments, knowledge and developments, as well as exchange experiences in this regard, including bringing benefits to the delegates visiting AIM. AIM 2015 is themed on "Sustainable Development through FDI Induced Innovation and Technology Transfer". – Emirates News Agency, WAM – http://www.wam.ae/en/news/economics/1395278672750.html