UAE reaffirms its support for global efforts to promote transition to new economy & sustainable development at Antalya Diplomacy Forum

H.E. Bin Touq: New economy is capable of creating a wealth of investment opportunities to develop & employ more efficient green technology and products

H.E. Abdulla Bin Touq Al Marri, Minister of Economy, participated in a panel discussion titled “A Green Economy for an Inclusive and Sustainable Growth,” as part of the Antalya Diplomacy Forum, which was attended by the representatives of a number of chamber federations in Turkey, Europe, and Asia.

During the session, the Minister of Economy said that the UAE, under the directives of its wise leadership, supports all global efforts to promote the transformation towards a circular economy and achieve sustainable development goals to mitigate environmental challenges and improve the quality of life for people around the world.

The third edition of the Forum began on March 11 and was held over three days in the city of Antalya, southwest Turkey, under the patronage and in the pres       ence of H.E. Recep Tayyip Erdoğan, President of the Republic of Turkey. The forum witnessed the participation of a number of heads of states, ministers, business elites, opinion makers, experts, and academics. In addition, it served as an ideal platform for regional and global stakeholders to share insights and ideas on how to address international challenges and formulate solutions in the areas of diplomacy, politics, economics, and business.

The Minister of Economy said that the UAE has made great strides in transitioning towards a more flexible and sustainable economy through effective strategic initiatives, much of which have been implemented. He noted that the country’s endeavors in this regard are focused on several key pillars, most notably the circular economy. In addition, the UAE has integrated United Nations SDGs 2030 into its vision for the future and its development principles for the next 50 years. Several economic, social, and environmental initiatives have been launched in support of these goals, with the new economy as the main focus, and national efforts in this regard are ongoing and integrated, he said.

Furthermore, H.E. explained that the UAE today has become a world leader in clean and renewable energy strategies and investments, as well as in promoting a culture of green growth in all strategic sectors of the country. It has adopted innovative pilot projects in areas supporting a clean economy that would reduce carbon emissions, waste, and pollution, thereby ensuring the quality of life for current and future generations. He further pointed out that the new economy as well as the development of investment partnerships for green projects are constant priorities on the government’s agenda for economic cooperation with partners around the world.

H.E. Bin Touq continued: “There is no doubt that the circular economic model is capable of generating a wealth of promising opportunities and investments for the global private sector, with the support of governments and by leveraging innovative technologies to find solutions, services, and products that can support sustained growth and drive the global economy towards greater prosperity.”

In this context, H.E. Bin Touq reviewed the country's efforts to attract foreign direct investment worth AED 550 billion in new economic sectors by 2030. He also reviewed the UAE Energy Strategy 2050, which aims to create a clean energy mix that ensures a balance between its economic needs and its strategic environmental and sustainable development objectives. H.E. then briefed the participants on the parameters of the UAE circular economy policy aimed at enhancing resource efficiency, reducing waste of materials, goods, and energy, and promoting recycling in order to promote efficient production and consumption. In addition, he called for close consideration of the promising opportunities and partnership prospects offered by the UAE’s leading development policies in these areas.

Moreover, the Minister of Economy highlighted the importance of directing investments to new technological sectors that support sustainable development possibilities. He explained that the current time is best suited to develop global partnerships to stimulate investment opportunities in the new economy and support the circular economy and green growth. This is particularly true for the areas of water, energy, modern agricultural technology, sustainable transport, green infrastructure, green industry, recycling, and other investment opportunities offered by the new economy.

The panel discussed both the United Nations and Paris Agreements on Climate Change, which set out the overall multilateral framework for efforts to address global climate change. These support the efforts aimed at bringing about global changes in consumption, production, and investment patterns, taking into account the implications on different economic sectors at the long-term.

On the sidelines of his participation in the Antalya Diplomacy Forum, H.E. Bin Touq also held a number of bilateral meetings with the ministers of several countries, including H.E. Mustafa Varank, Minister of Industry and Trade of Turkey, where both sides underlined the importance of Turkish-UAE economic relations and their promising opportunities for growth during the next phase. This is particularly in view of the important steps taken by the two countries to consolidate their partnership and the signing of agreements that serve the business, trade, and investment environment in the two countries’ markets.

H.E. Bin Touq said that the UAE-Turkish economic and trade relations are poised for unprecedented growth during the next phase, driven by a mutual desire to develop existing cooperation frameworks, stimulate the private sector, and diversify intraregional trade, as the two countries announced talks for a comprehensive economic partnership agreement, which would be a watershed in bilateral cooperation between the two countries. In turn, the Minister of Industry and Trade of Turkey stated that the UAE is a major and vital partner of Turkey and that his country is committed to promoting this partnership and supporting all efforts to reach more advanced and prosperous levels that serve the common interests and development visions of the two countries.

H.E. also met with H.E. Dr. Abdullatif bin Rashid Al Zayani, Minister for Foreign Affairs of the Kingdom of Bahrain. The meeting discussed the strength of fraternal relations between the UAE and the sister Kingdom of Bahrain and the prospects for bilateral cooperation, particularly at the economic and commercial levels. In addition, the meeting  highlighted the importance of continuing efforts to diversify existing partnerships and stimulate business communities to invest in sectors of the new economy, serving the development vision of the two fraternal countries.

H.E. Bin Touq also held a bilateral meeting with Minister of Foreign Affairs of the Kyrgyz Republic, H.E. Ruslan Kazakbaev, where they discussed regional and international developments and the current growth of economic relations between the two countries, supported by political will and a mutual desire to further develop this partnership towards more advanced prospects.

Both sides reviewed the growth of joint bilateral relations and ways to strengthen economic cooperation between the two countries during the next phase. The importance of air transport cooperation and the opening of direct airlines between the two countries were also discussed.

Bilateral meetings also included a meeting with H.E. Pradeep Kumar Gyawali Minister for Foreign Affairs, Federal Democratic Republic of Nepal, during which, H.E. Bin Touq confirmed the UAE’s commitment to expand its partnership with promising markets, including Nepal. He further expressed the country’s desire to encourage the private sector to take advantage of the trade and investment opportunities offered by the markets of the two countries, serving development agendas and visions.

The Foreign Minister of Nepal expressed his gratitude and appreciation to the UAE for its support during the global pandemic and hailed the strength of the friendship and good relations between the two countries. He also commended the UAE’s organization of the Expo 2020 Dubai, which provides an important opportunity for all participating countries to showcase their development, trade, and investment prospects.