UAE reiterates backing for UNCTAD's efforts to build a balanced and just economic and social system: Official

ABU DHABI, 21st July 2016 (WAM) --- The UAE has reiterated its keen interest in supporting the United Nations Conference on Trade and Development (UNCTAD) to enhance chances for building a balanced and just economic and social system. Assistant Under-Secretary for Foreign Trade Affairs at the UAE Ministry of Economy, Juma Mohammed Al Kait, in a speech at UNCTAD's fourteenth session (UNCTAD 14), being held in Nairobi, Kenya, said that the UAE's economic strength, strategic geographical location and global trade stature are important factors in backing the goals set by the UNCTAD. Highlighting that the UAE has transformed into a unique regional and international model for trade, investment and economic development, he noted that, in line with directives from the leaders, the country has established the pillars for economic diversification and a flexible, open and competitive knowledge-based economy using qualified national human resources. He further noted that non-oil sectors account for no more than 30 per cent of the country's GDP making the country well-positioned in the face of the collapse of oil prices. He said the government of the UAE is developing legislation to create an attractive environment for investments, encourage innovation and small- and medium-sized enterprises (SME) in line with the UAE Vision 2021. The UAE emerged as the region's first and the world's 16th most promising home economies in terms of attracting FDI in the period from 2016 to 2018, according to UNCTAD's World Investment Report 2016. The UAE, he added, was emerged as the ninth largest recipient of investments among Asian developing countries. He also noted that the International Monetary Fund projected the UAE economy to grow by 3.1 per cent in 2016 and the non-oil sector to grown by 3.6 per cent in the same year. According to the World Trade Organisation (WTO), the UAE is the world's largest hub for re-exports, he noted. Al Kait further noted that in the UAE, women account for 66 per cent of the government's workforce while some 23,000 women run projects worth more than US$13 billion. Meanwhile, Al Kait invited Executive Director of the International Trade Centre (ITC), Arancha Gonzalez, to participate in the Global Trade Development Week, to be held in Dubai in October. The ICT is the joint agency of the UNCTAD and the WTO. Ms. Gonzales praised the UAE for its trade and economic performance during the third review of its trade policies and practices, conducted in June by the WTO. - Emirates News Agency, WAM – http://www.wam.ae/en/news/emirates/1395297971892.html