From the World Economic Forum in Davos, Switzerland, United Arab Emirates Minister of Economy HE Abdullah bin Touq Al Marri shared his thoughts on the global economy and major themes from the conference on “Mornings with Maria” Friday.
“Since the pandemic, as we all have been, we’ve been in a recession or a depression and we’ve been in a slowdown and re-engineering our supply chain,” Al Marri told FOX Business’ Maria Bartiromo of the economic environment in the UAE.
“That’s the key point, is how to be more resilient,” the Minister continued. “I’ll be meeting with world leaders here in Davos, and the major topic we’re talking about is the resilience of the economy.”
According to Al Marri, the biggest challenge following the pandemic remains building a global economy that’s “more resilient and more agile.”
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“How do we take more hits, the pandemics and issues that goes around with inflation and recessions that’s happening globally,” he explained.
Al Marri expressed how the UAE proposed investing in new economies as a possible solution, as the World Economic Forum wrapped its final events Thursday in Davos.
“We saw the economies of digital commerce coming up very, very quickly and very rapidly,” the Minister noted. “That’s something which we say this is… future and more of a new economy that we need to invest in.”
Al Marri also discussed the country’s commitment to doubling its GDP over the next decade, detailing a “redesign” of open and comprehensive trade policies and agreements.
“We have signed the Comprehensive Partnership Agreement with India. It came into force on the 2nd of May and that shows, as well, that kind of commitment,” Al Marri pointed out. “We’re going to sign the next one with Israel on the 31st of May.”
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The Middle Eastern country’s air and seaports have been significantly improved and invested upon over the last 50 years, he added.
“These ideas of innovation are what really creates hopes. It’s what creates jobs. It’s what really creates stability,” Al Marri stressed. “That’s something which is very important and vital to the UAE, it really focuses on the opportunities. Focus is on the future. Focus is on the new economies that we can create.”
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