(MENAFN- Khaleej Times) Investments in science, technology and research are top priorities for the UAE, and are in line with the federal government's UAE Vision 2021 and its strategy for sustainable economic growth and competitiveness, Sultan bin Saeed Al Mansouri, Minister of Economy, said on Monday.
After inaugurating the fifth Annual Investment Meet (AIM), at the Dubai International Convention and Exhibition Centre, the minister said the current edition of the AIM, which has 'Sustainable Development through FDI induced Innovation and Technology Transfer' as the theme, is aligned with the UAE strategy to build an economy based on knowledge, innovation and creativity.
Al Mansouri said foreign direct investment (FDI) has immediate benefits such as providing capital for enterprises, creation of new job opportunities, increase of government revenues and surges in foreign currency reserves.
"However, the real impact of FDI on economic development comes from indirect means such as technology transfer, scientific know-how, sharing management and organisational best practices, as well as fostering competition and innovation."
"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 in 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 per cent in 2014 to 3.5 per cent in 2015, according to the latest International Monetary Fund estimates," Al Mansouri said.
The opening day of AIM drew the participation 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 the world.
A highlight of the opening session was the release of the second edition of the AIM Annual FDI Report by Dr Karl P. Sauvant, resident senior fellow, Columbia Centre on Sustainable Investment, Columbia Law School - Earth Institute, USA. The publication highlighted the general theme of the conference and revealed trends in FDI globally and regionally. 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 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 stakeholders of the global investment community.
The second plenary session titled '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 featured international thought leaders such as Khosh Choksy, vice president of Turkey and Middle-East Affairs, US Chamber of Commerce.
The third plenary session titled '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 Organisation for Economic Cooperation and Development and explored the implications for firms and governments, such as how MNEs surf on the waves of the global factory model, which allow companies to significantly reduce exposure to international risk (through a significant reduction in 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 the roundtable aimed to discuss the prospects for FDI and ways to support and develop its flow between countries. "Innovation was a key discussion point during the first day of AIM, as innovation plays an important role in the transformation toward a knowledge-based economy. Innovation needs a proper environment that supports creative ideas which can be converted into practical applications."
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