Economy minister meets with WIPO, UNCTAD & WEF officials at MC12 in Geneva

Economy minister meets with WIPO, UNCTAD & WEF officials at MC12 in Geneva

WAM: Abdullah bin Touq Al Marri, Minister of Economy, has held bilateral meetings with senior officials from World Intellectual Property Organisation (WIPO), United Nations Conference on Trade and Development (UNCTAD) and World Economic Forum (WEF), on the sidelines of the UAE’s participation in WTO’s 12th Ministerial Conference (MC12) held recently in Geneva, Switzerland.

Bin Touq held meetings with Daren Tang, Director-General of WIPO; Rebeca Grynspan, Secretary-General of UNCTAD; and Saadia Zahidi, Managing Director of WEF.

During the meetings, Minister Al Marri reviewed the outstanding features of the UAE’s new economic model and plans for the next phase under the Projects of the 50, various development strategies, national initiatives and programs recently launched by the UAE government, and priority sectors on the UAE’s trade and investment agenda for the next phase.

Bin Touq’s meeting with WIPO Director-General noted that the UAE attaches great importance to developing the intellectual property (IP) system and encouraging innovators and creators. The country has made significant progress in this regard through developing a legislative structure for this vital sector and promulgating a number of laws that will help build innovation capabilities and promote entrepreneurship in technology and creativity.

He reiterated the UAE’s continued support for this sector, which directly impacts the growth of creative economy and represents an integral part of the country’s vision for the future.

Tang, in turn, praised the UAE’s efforts in the field of IP, as the country ranked 33rd in the Global Innovation Index and first among Arab countries. He also welcomed the idea of strengthening joint cooperation mechanisms to advance the region’s intellectual property system.

Bin Touq also discussed with the Secretary-General of UNCTAD the current global economic landscape and its implications on foreign direct investment trends and growth prospects in emerging markets. The two sides also exchanged views on the developments in the WTO Ministerial Conference agenda and a number of regional and international issues.

The Minister of Economy thanked Grynspan for participating in the Investopia Summit, which was held in Dubai on March 28. The two sides then discussed cooperation on trade, development, and investment issues, where it was agreed upon to establish a joint action team with UNCTAD to cooperate in common areas and programmes related to trade facilitation and development with a set of target countries.

Bin Touq reviewed the changes in the UAE’s business environment in light of new initiatives and recent legislative amendments that have enhanced the markets’ openness to foreign investment, as well as the current focus on attracting talent and skills to serve the UAE’s future vision.

Grynspan underlined that the UAE is a major regional investment destination and has the capabilities and potential to enhance its attractiveness to foreign investments.

During the UAE’s Minister meeting with the Managing Director of WEF, both sides discussed developments in their joint initiatives. The meeting also addressed developments in the global economy at the regional and international levels, opportunities and challenges, and ways to further enhance regional partnerships that serve future directions and support sustainable development goals.