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 Your Highness Sheikh Hamdan bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai
Excellencies,
Ladies and Gentlemen,
Allah’s Peace, Mercy and Blessing Be upon You.
We would like to extend our sincerest gratitude and appreciation to H.H Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum for attending this investment forum, and we would also like to thank you all and the Ministers and officials of the United Nations Conference on Trade and Development or UNCTAD who have played constructive roles in ensuring the success of this forum. We welcome all of our guests to the United Arab Emirates and wish them a pleasant stay. Our meeting today is of a universal character as it gathers delegates from 75 countries, expert business leaders and specialists who exert a strong influence on the implementation of development strategies and economical visions throughout the world.
Distinguished Guests,
Foreign Direct Investment or FDI is a driving force in the globalization process, which has become a key factor in a modern world economy where the international investment environment has grown to be economically, technically, politically and legally interrelated. This has brought about a number of challenges, such as maintaining a balance between national and international investment policies. There are currently 5,900 international investment-related treaties in existence. Countries around the world are pursuing more investments because of their positive role in development in terms of job creation, technology transfer and increased production. The desired benefits of international investments are not obtained automatically, though. They require continuous hard work at all levels and the building of positive relationships between investments and the socio-economic state of the host country. This requires a new form of investment-development relationship and an international investment system that can effectively promote sustainable development for all.
Though FDI levels have declined significantly over the past few years due to the world financial crisis, there are current indications of recovery and the ascent to a more positive future, especially in the medium and long terms. In its report last April, UNCTAD initially estimated a 13.2 per cent increase in world FDI flow to USD 1.346 trillion in 2010, compared with USD 1.189 trillion in 2009. Although some remain cautious at this stage considering the tenuous economical and financial revival, our cooperation as countries and as organizations is enough to raise optimism and overcome the obstacles standing in the way of an invigorated international investment movement. Some of the most prominent challenges we face involve sustainable development issues, foreign and local investor-related legislations, investment protection, capital transfer guarantees, earnings transfer, and lack of fair rules for investment disputes.
Ladies and Gentlemen,
The UAE plays a vital role in reenergizing trade and investments worldwide, starting with the exceptional leadership and strategic visions of H.H. Sheikh Khalifa bin Zayed Al Nahyan (May God protect him), Head of State, and his brother H.H. Sheikh Mohammed bin Rashid Al Maktoum (May God protect him), Vice-President and Prime Minister of the UAE and Ruler of Dubai. Well-planned government guidelines and strategies, a competitive economy and an advanced trade status have also contributed to the UAE’s emergence as a bridge between East and West. Today, the UAE continues to successfully attract foreign investments. As you all know, the Emirates maintains a highly favorable business and investment climate and offers many facilities provided by local and international investors. These have made our country the regional headquarters for over 25 percent of the top 500 companies in the world. The government is currently developing a number of trade, investment and economic laws to further enhance the local investment environment. It is also working on strengthening the competitiveness of the UAE, one of the most dynamic economies in the region, through the specific initiatives of the Emirates Competitiveness Council and other related authorities. The efforts of these organizations have been instrumental in many of the UAE’s achievements, such as ranking 25th out of 139 countries in the Global Competitiveness Report issued by the World Economic Forum in 2010, 40th out of 183 countries in the Doing Business Report issued by the World Bank, and 1st among Arab countries and 16th worldwide in the Global Trade Enabling Report 2010 issued by the World Economic Forum.
Distinguished Guests,
Statistically, macroeconomic indicators in the UAE show encouraging signs for the current year. The International Monitory Fund or IMF confidently expects a 3.5 percent rise in the 2011 growth rate, following up on the momentum of 2010, which saw most economic sectors achieve fair growth in a significant movement towards recovery from the global financial crisis. It is worth noting that the UAE is highly committed to enhancing its resources through economic diversification and foreign investment promotion throughout the region. The government is currently focusing on compliance with international investment guidelines to mitigate the effects of climate change via fields such as renewable energy. It is also encouraging the growth of sectors involving high technological competence, such as airplane components, tourism and education, as well as enhancing the services sector. We would like to take this opportunity to invite companies and countries to take advantage of the UAE’s economic and strategic strengths and contribute to the implementation of its development and investment plans. By working hand-in-hand, we will be able to effectively pursue our common interests, stimulate international investments, and help restore confidence in the global economy.
Ladies and Gentlemen,
The UAE is hosting the World Investment Forum as part of its initiatives to enhance capital movements and help develop investment companies around the world. It is also an opportunity for us to support trade relations, renew business commitments, and stimulate strategic international investments towards developing and transition economies. This Forum is intended for senior officials, industry specialists, investment professionals and the world’s senior financial organizations to discuss matters on reasonable economic governance, strategic expansions and sustainability and find the best means and practices to improve investment policies especially in developing and least developed countries. There are 14 ministers and governors of investment and financial organizations present with us today alongside over 1000 registered participants. This event is also a platform for investors interested in viable and sustainable opportunities. More than 100 bilateral meetings are scheduled to take place between company owners and business leaders from around the world.
These three days will bring about new investment opportunities into the world and will inform investors of prospects in emerging markets that can steer the world away from recession and spur an investment boom in the near future. This forum will also show how the emerging markets can play a vital role in helping least developed countries boost their economies and their infrastructure projects. The Forum will focus on many vital cases mentioned today in the global economic agenda and in economic discussions among countries, companies and businessmen to help achieve our common objectives. The first day will cover foreign direct investment in a post-recession environment and its future prospects; analysis of FDI from the perspective of current projects and guidelines in the world economy; prospects of economies in the Middle East and GCC; and investment opportunities in Central and Eastern Europe as gateways to the EU markets.
The distinctive cooperation between the UAE and UNCTAD contributed to the organization of a high-level meeting on green energy slated for the second day of the forum. This is a topic of great interest for world economic guidelines as well as the policies of developing and developed countries. The World Investment Report 2010 issued by UNCTAD entitled “Investing in a Low-Carbon Economy” will be presented during the meeting. On the third and final day, the forum will shed light on world trade and foreign direct investments, the role of strategic planning for sustainable cities in development and community integration, and the actual state and future of trade and investment in ASEAN and sub-Saharan African countries. It will also outline how to expand underlying forces for enhancing public sector leadership and partnerships between the public and private sectors, with emphasis on the Central Asia experience. Prospects in the world financial services industry, real estate and waste management sectors will also be taken up.
The Forum will include a unique investment exhibition embracing 75 participants who will present products and tools in real estate, investment and other key sectors. We invite you to come and visit this exhibition, which provides an excellent opportunity for promoting investments and linking companies together as well as reaching bilateral understandings and signing investment deals between companies and countries.
We hope to achieve all the desired objectives and visions through this Forum, and also hope that our presence here will prove to be a turning point in stimulating investment and economic movements in the region and throughout the world.
Thank You, |
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