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null UAE reiterates its commitment to supporting OIC's efforts to deepen cooperation among Islamic countries

04 Dec 2023

UAE reiterates its commitment to supporting OIC's efforts to deepen cooperation among Islamic countries

 

 

During its participation in the 39th COMCEC session in Istanbul

 

 

H.E. Abdulla bin Touq Al Marri, Minister of Economy, led the UAE delegation participating in the 39th ministerial session of the OIC Standing Committee on Economic and Trade Cooperation (COMCEC), held in Istanbul, Turkey, from 2 to 5 December.

 

H.E. Bin Touq said: "The UAE’s commitment to supporting OIC's efforts has been a steady policy aimed at deepening economic cooperation among Islamic countries. It also supports the exploration of more favorable opportunities in our markets to facilitate the sustainable growth of Islamic economies and formulate plans that will raise our readiness for any future challenges."

 

He added: "This meeting is particularly important in light of the developments we are witnessing at the regional and global levels, which pose many challenges that we need to collectively address. We also need to exploit all opportunities for the growth of Islamic economies, thereby promoting the prosperity and well-being of our people, supporting the aspirations of future generations and ensuring a better future for them."

 

H.E. Bin Touq emphasized that the UAE is paying more attention to e-commerce sector since it is one of the main pillars of economic growth over the next 50 years. Recognizing this, the UAE has made significant strides in the development of laws, legislative policies and strategic plans for the sector. These measures have contributed to positioning the UAE as a global hub for major e-commerce companies, as well as one of the fastest growing e-commerce markets across the region.

 

In this context, H.E reviewed the country's efforts to develop a pioneering legislative environment for e-commerce in accordance with international best practices, including the promulgation of Federal Decree-Law No. 14 of 2023 on Modern Trading by Technological Means. This law aims to stimulate the growth of the e-commerce sector in the country’s markets and to bring about a qualitative shift in the business environment for e-commerce.

 

He pointed out that Islamic economies possess many advantages along with the geographical location that makes them key players in the global trade movement. H.E. also underlined the importance of introducing initiatives that enhance their position on the global economic landscape, thereby turning Islamic countries into sustainable destinations for diverse foreign investments.

 

Furthermore, the Minister of Economy affirmed that the UAE is keen to enhance its economic and trade cooperation with the rest of the Islamic world, in addition to exchanging experiences and establishing new and sustainable partnerships, especially in the sectors of the new economy. These fields are considered a cornerstone of the UAE's knowledge-based economic model in line with the UAE Vision 2031.

 

H.E. explained that the UAE has developed, in implementation of its wise leadership's vision, a new economic model that meets the present requirements and builds strong foundations for the future as well. The country has taken several key steps, represented by significant legislative developments, where more than 40 laws have been amended. These laws contribute to enhancing the UAE economy’s openness to the world and facilitating new partnerships with all countries, especially in the new economic sectors. In addition, the country focuses on supporting the growth of the knowledge economy by attracting talent as the foundation of the future economy. Several more strategies have also been announced, including the UAE Tourism Strategy 2031, and the launch of the economic principles charter, approved by the UAE government to build the best economy in the world.

 

H.E. stated that as a result of this visionary outlook, the UAE's GDP achieved an unprecedented 7.9 per cent growth in 2022, surpassing the estimates of international organizations. Meanwhile, the UAE’s non-oil GDP at constant prices during the first half of 2023 reached approximately AED 633.241 billion, recording a new growth leap of 5.9 per cent compared to the first half of 2022.

 

The Minister of Economy also emphasized the importance of the issues discussed on the Committee's agenda in enhancing cooperation among Islamic countries. At the forefront of these topics is the implementation of the objectives of the Organization of Islamic Cooperation 2025 program, which is an urgent necessity, especially as they aim to develop a multidimensional response to the challenges faced by our countries in intellectual, cultural, political, social, economic, and developmental fields, through more effective and flexible programs and initiatives that are not affected by crises.

 

He pointed out the need to work on increasing the volume of bilateral trade between Islamic countries through promising and flexible economic initiatives, leading to the creation of new economic blocs that help enhance sustainable economic growth and create thousands of job opportunities. It will also give more room for the private sector to participate in supporting national economies through its contribution to innovative and leading projects, in addition to increasing economic cooperation through the launch of specialized initiatives and programs to promote the growth of the Islamic banking sector.

 

Moreover, H.E. Bin Touq emphasized the importance of improving the infrastructure of the transportation and communication sectors, developing the tourism sector and creating supportive opportunities for its sustainable growth. The need to commit to supporting Islamic cooperation frameworks in the food security file was also highlighted since it is one of the main issues facing the Arab and Islamic economies. This can be achieved through the localization of agricultural technology and food processing industries, contributing to enhancing sustainable development efforts and the growth of Islamic economies, he noted.

H.E. pointed out the necessity for Islamic economies to adopt green development tools and circular economy models, especially as the meeting coincides with the hosting the Conference of the Parties (COP28) by the UAE.

 

In his speech, H.E. Bin Touq reiterated the UAE’s support the Council's efforts to address these issues in accordance with the best practices and solutions.

 

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