Verona Forum participants: UAE's position significantly strengthened after recent accession to BRICS
After the recent accession to BRICS, the position of the United Arab Emirates has significantly strengthened. The country reaffirms its important and constructive role in the international arena, relying on its own economic potential. This idea has been voiced today by the speakers of the special session of the 17th Verona Eurasian Economic Forum in Ras Al Khaimah (UAE).
As noted by Rashed Al Teneiji, the Director of Business International Development and Trade Promotion Department – UAE Ministry of Economy, while acting in accordance with its national interests, the United Arab Emirates has confidently gained the status of the largest international and regional centre for business co-operation, and it is playing an increasingly prominent role in creating an atmosphere of trust and good neighbourliness, which is especially in demand these days. “Openness to the world, developed infrastructure, including seaports and airports, as well as a stable approach to the business community, help companies that have come to our country to grow, stabilise and attract highly qualified specialists and reliable business partners. The constructive interaction between our government agencies and the private sector is another important point of why the country is attractive to investors. We use flexible approaches,” he stated.
In turn, HE Mohamed Sharief Alawadhi, the Director-General – CEO of Fujairah Free Zone Authority, believes free trade zones are another important argument for attracting investments to the UAE. He explained, “There are no taxes, no duties. The vision of our leaders was to overcome all barriers in this direction. The state opened the first free economic zone more than 40 years ago. Today there are 46 of them, this means we launched one about every year. There are different packages of solutions for them, but the result is obvious: they form about 30 percent of the country's GDP. Importantly, the government and the country's leadership intend to continue this policy.”
Islam Abdul Karim, the Regional Head of YANGO Middle East, relocated to the UAE in 2022. He commented on his decision, “This country has created favourable conditions for doing business with a number of incentives. The location itself is important: it is a point that connects both Europe and Asia. Security and political stability for both small and international companies are ensured here. The government helps at every stage, so the country becomes a home for business.”
Damyana Bakardzhieva, the Senior Research Fellow at Anwar Gargash Diplomatic Academy (AGDA), added that the UAE is open to attracting human capital and plays a significant role in the world order, “Superpowers, such as China and the United States, can argue with each other, impose high tariffs on each other. Medium-sized powers such as the UAE have successfully positioned themselves as reliable trading platforms and can act as mediators between large countries where trade is not always successful.”
