ID :
93758
Tue, 12/08/2009 - 15:17
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Shortlink :
https://oananews.org//node/93758
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UAE Economy Minister: in the UAE the worst is behind us
Abu Dhabi, Dec 8, 2009 (WAM) - UAE Minister of Economy Sultan Saeed Al-Manrousi yesterday urged for stronger cooperation and communication among the world's governments in order to be able to face the challenges hitting global economy and to adapt to the new realities of the global economy.
Speaking at the opening of first edition of the Middle East Summit Forum, organized by the Swedish Trade Council in Abu Dhabi, Al-Mansouri said the UAE was among the first regional country to have taken speedy action to ease the impact of the global financial crisis.
Swedish Minister of Trade Dr Ewa Bjorling was present at the opening ceremony. "The strong fundamentals of the UAE economy. We are a strong federation and we are moving ahead with renewed confidence to ensure the socio-economic welfare of our society. The country's GDP rose from Dh6.5 billion in 1971 to Dh929 billion in 2008, an increase by 114 times, which is the result of the wise economic policies adopted by the UAE leadership. The value of contribution of non-oil sectors in the GDP has reached 63 per cent in 2008 driven by the wise diversification policy adopted by the UAE.
The UAE was one of the first economies in the region to take swift steps to address the impact of the global financial crisis. While economists continue to debate how long the global financial crisis will last, we, in the UAE, are convinced that the worst is behind us. We see clear indications that the crisis is bottoming out.
The Government's support commenced with securing deposits, supporting the banking sector financially, setting up a high calibre committee to manage outcomes of the crisis, developing the national infrastructure, issuing new rules and legislations such as National Centre Code for Consensus, exempting limited liability companies of capital, motivating promising economic sectors such as small and medium businesses, and less dependence on oil, among others.
These steps have played a positive role in transcending the most difficult times, ensuring gradual recovery. The outcomes will be definitely evident in 2010.
He added that the global crisis has also opened doors to umpteen opportunities especially in the small and medium businesses sector. The SME sector is regarded as a safe alternative for investments for governments and businesses all over the world.
"SMEs according to the World Bank contribute by 46 % of the GPD and form around 80% of the total projects of the whole world and 35 % of the manual industries. SMEs also encourage innovation and creativity and attract national labour force and benefits from local resources and attracts foreign investments." The ministry of Economy, he noted, has been asked by the cabinet to put down a federal policy to support the small and medium businesses. The Ministry has studied and evaluated the status of SMEs in order to discover the challenges and opportunities facing this vital sector.
The Ministry also saw the experiences of 28 countries in the fields of small and medium businesses. We were exposed to the SME experience of Italy, Germany, Sweden, United States etc "For us in the UAE, one of our focal areas in the past years has been to diversify," Al-Mansouri said.
Indeed in 2003, the European Commission said micro, small and medium-sized enterprises represent 99 percent of enterprises in the EU and provide around 65 million jobs, representing two-thirds of all employment.
In the UAE, 80 percent of the 260,000 trading and industrial companies are SMEs. And in such economically challenging times, it is the small businesses that arguably need most support. Yet stricter lending requirements by banks due to a shortage of liquidity have meant SMEs have struggled to secure loans during the financial crisis.
The UAE and Sweden share a long history of bilateral trade, economic and cultural relations. We have a vibrant business community of Swedish entrepreneurs in the UAE, and I take this opportunity to thank you for your contribution to our economy.
Sweden and the UAE, he noted, share a commitment to further strengthening the ties that bind us. The UAE is dedicated to sharing best practices and exploring strategic investment projects in Sweden.
"Trade between the UAE and Sweden last year reached US$1.12 billion and the UAE is keen to increase bilateral trade levels in the years to come and to fix the trade imbalance between both countries, through exploring best ways and opportunities to fill this gap," he said.
Al-Mansouri expressed confidence that the first Middle East Summit will open doors to more bilateral investments between the UAE and Sweden.
Speaking at the opening of first edition of the Middle East Summit Forum, organized by the Swedish Trade Council in Abu Dhabi, Al-Mansouri said the UAE was among the first regional country to have taken speedy action to ease the impact of the global financial crisis.
Swedish Minister of Trade Dr Ewa Bjorling was present at the opening ceremony. "The strong fundamentals of the UAE economy. We are a strong federation and we are moving ahead with renewed confidence to ensure the socio-economic welfare of our society. The country's GDP rose from Dh6.5 billion in 1971 to Dh929 billion in 2008, an increase by 114 times, which is the result of the wise economic policies adopted by the UAE leadership. The value of contribution of non-oil sectors in the GDP has reached 63 per cent in 2008 driven by the wise diversification policy adopted by the UAE.
The UAE was one of the first economies in the region to take swift steps to address the impact of the global financial crisis. While economists continue to debate how long the global financial crisis will last, we, in the UAE, are convinced that the worst is behind us. We see clear indications that the crisis is bottoming out.
The Government's support commenced with securing deposits, supporting the banking sector financially, setting up a high calibre committee to manage outcomes of the crisis, developing the national infrastructure, issuing new rules and legislations such as National Centre Code for Consensus, exempting limited liability companies of capital, motivating promising economic sectors such as small and medium businesses, and less dependence on oil, among others.
These steps have played a positive role in transcending the most difficult times, ensuring gradual recovery. The outcomes will be definitely evident in 2010.
He added that the global crisis has also opened doors to umpteen opportunities especially in the small and medium businesses sector. The SME sector is regarded as a safe alternative for investments for governments and businesses all over the world.
"SMEs according to the World Bank contribute by 46 % of the GPD and form around 80% of the total projects of the whole world and 35 % of the manual industries. SMEs also encourage innovation and creativity and attract national labour force and benefits from local resources and attracts foreign investments." The ministry of Economy, he noted, has been asked by the cabinet to put down a federal policy to support the small and medium businesses. The Ministry has studied and evaluated the status of SMEs in order to discover the challenges and opportunities facing this vital sector.
The Ministry also saw the experiences of 28 countries in the fields of small and medium businesses. We were exposed to the SME experience of Italy, Germany, Sweden, United States etc "For us in the UAE, one of our focal areas in the past years has been to diversify," Al-Mansouri said.
Indeed in 2003, the European Commission said micro, small and medium-sized enterprises represent 99 percent of enterprises in the EU and provide around 65 million jobs, representing two-thirds of all employment.
In the UAE, 80 percent of the 260,000 trading and industrial companies are SMEs. And in such economically challenging times, it is the small businesses that arguably need most support. Yet stricter lending requirements by banks due to a shortage of liquidity have meant SMEs have struggled to secure loans during the financial crisis.
The UAE and Sweden share a long history of bilateral trade, economic and cultural relations. We have a vibrant business community of Swedish entrepreneurs in the UAE, and I take this opportunity to thank you for your contribution to our economy.
Sweden and the UAE, he noted, share a commitment to further strengthening the ties that bind us. The UAE is dedicated to sharing best practices and exploring strategic investment projects in Sweden.
"Trade between the UAE and Sweden last year reached US$1.12 billion and the UAE is keen to increase bilateral trade levels in the years to come and to fix the trade imbalance between both countries, through exploring best ways and opportunities to fill this gap," he said.
Al-Mansouri expressed confidence that the first Middle East Summit will open doors to more bilateral investments between the UAE and Sweden.
