UAE holds final forum on Economic Policy Alignment Project in cooperation with OECD – Times of India

UAE holds final forum on Economic Policy Alignment Project in cooperation with OECD - Times of India

Abu Dhabi: Ministry of Economy, in collaboration with the Organization Economic cooperation and development (OECD) organized the final forum on the United Arab Emirates. Economic Policy Alignment Projectwhich was launched in February 2023.
The project aims to enhance the competitiveness of the country’s economic legislative environment. The forum was held in the presence of Abdullah bin Tuq Al-Marrithe Minister of Economy, and representatives of the public and private sectors in the country, as well as a large participation of an OECD delegation.
Bin Tuq said, “The UAE, under the guidance of its wise leadership, today boasts of a competitive and flexible economic legislative system. It has created a number of important regulations for various sectors and especially for economic and commercial activities in the country. It has witnessed the promulgation of legislation and policies. New economic sectors. This is in line with the objectives of the vision of ‘We UAE 2031’ to enable the UAE to develop proactive legislation for new economic sectors by the next decade. Be made number one globally.”
He added, “The alignment of the UAE’s economic policies with the OECD enhances the readiness of national institutions to cooperate with all relevant international and regional bodies and organizations. Further development of economic legislation , creating a competitive and sustainable business environment and promoting opportunities for entrepreneurs and investors in various economic sectors.”
Bin Touk noted that the project also contributes to the diversification and sustainability of the national economy as it focuses on the development of policies for non-oil economic sectors. He further reviewed the strong indicators and results achieved by the UAE economy in H1 2023, notably the country’s GDP growth of 3.7 percent, as well as non-oil GDP growth of 5.9 percent.
The Forum reviewed the results of the Economic Policy Alignment Project, which includes the development of economic policies in line with global best practices in four key areas: Competition Policy, Corporate Governance Policy, Entrepreneurship Policy, Investment Policy. It further saw the exchange of experiences and held several technical workshops on the UAE’s efforts in the four areas of the project.
Over 150 representatives from around 30 public and private sector organizations participated in the initiative over a period of over 10 months starting from February to November 2023. The project also witnessed delegation exchanges and expert visits to review various working mechanisms. To review the economic sectors and the existing legislation to bring it up to a developed and global standard.
Furthermore, the forum discussed the most important results achieved by the UAE economy over the years thanks to the adoption of its strategic policies aimed at transitioning to a new economic model. .
The country was able to create an encouraging and more open investment environment by adopting an institutional framework to promote investment, including the amendment of the Commercial Companies Law, which allowed foreigners to enter the United Arab Emirates. Allowed to own companies in all legal forms in the Emirates.
The country has also introduced several initiatives and legislation that promote a culture of competition in the country’s markets, deepen capital markets and corporate governance, and initiate programs that focus on innovation and sustainability standards. Hoy supports entrepreneurship and SMEs.
The Ministry of Economy is keen to leverage international standards and practices in addition to expanding areas of cooperation, knowledge sharing and economic policy dialogue with the OECD.

UAE,OECD,Economic policy setting plan,Economic cooperation and development,Abdullah bin Tuq Al-Marri

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