The UAE will host the World Investment Forum and Asia’s first E-commerce Week in 2020 in Abu Dhabi and will co-chair the Fifteenth Ministerial Conference (UNCTAD) hosted by Barbados in the Caribbean the same year. The event will be hosted by the UAE Ministry of Economy and the Abu Dhabi Department of Economic Development (ADDED). The announcement was made during the 66th session of the United Nations Conference on Trade and Development (UNCTAD) Board, which was recently held in Geneva, in the presence of Mukhisa Kituyi, Secretary-General of UNCTAD and representatives of member states.
H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said that the country’s move to host the main events of UNCTAD in 2020 underscores the UAE’s position as an important trade and investment hub in the region, and serves its aspirations to contribute to the regional and international efforts to develop the business environment.
Al Mansoori added that the Conference will play a key role in supporting the development of least developed countries. The UAE has a strong partnership with it through several joint initiatives and activities that serve this cause. He pointed out that the UAE has pioneering development experience, achieved through strengthening international cooperation, promoting openness and facilitating the exchange of experiences; and the transfer and localization of knowledge; as they are key requirements for the achievement of comprehensive and sustainable development goals.
Abu Dhabi’s hosting of the first edition of the UNCTAD Asia E-commerce Week is in line with the UAE’s efforts to support various initiatives aimed at achieving international consensus on E-commerce practices, that are witnessing steady growth. Besides, in order to maximize the benefits of this trend in developing and least developed countries, the establishment of an integrated and flexible system that ensures positive impact of this sector on the global economy is necessary, Al Mansoori added.
He said that the UAE is a leader in building and developing regional capabilities in this advanced field, adding that the UAE ranks first in the Arab world and fourth in the top 10 emerging economies in the field of e-commerce, according to the E-commerce indicator issued by UNCTAD. He reiterated the wise leadership’s desire to further develop infrastructure and technology and enhance the country’s capabilities in smart services and e-commerce.
H.E. Saif Mohamed Al Hajeri, Chairman of ADDED, said that Abu Dhabi’s hosting of the World Investment Forum and Asia’s first e-commerce week establishes the UAE as a leading player in the regional and international trade movement.
H.E. explained that the event will be of great benefit to the emirate as the Abu Dhabi government moves forward with plans to strengthen its international and regional partnerships to build a strong, sustainable and diversified economy capable of further development and growth, in light of its policy of opening up and building fruitful global partnerships.
H.E. said that the strategic location of the UAE has contributed greatly to the country being an established global economic hub and a vital gateway for international products and trade between the East and the West. He insisted that Abu Dhabi’s hosting of the event will have a positive impact on international decision-making and the future of the global economy and investment; and increase growth in terms of developing existing strategies and building new international competitive visions that promote sustainable global development.
H.E. further added that the event will contribute to the enhancement of external relations and trade ties with global markets, especially in the light of the ambitious development plans and specific economic initiatives launched as part of Abu Dhabi Government’s Accelerators Program ‘Ghadan 21’.
H.E. concluded by urging all federal and local private sector companies and institutions to take advantage of the benefits that would come from the UNCTAD World Investment Forum, emphasizing that it is the world’s leading platform for discussing investment and development issues, formulating strategies and solutions to global investment and development challenges, influencing decisions on investment policy making, and shaping the global investment environment.
World Investment Forum
WIF is held every two years and, in its last session in 2018, attracted over 4,000 stakeholders from the global investment community that comprises160 countries; with high-level participation from heads of state and government, ministers and executive directors of global corporations, stock exchanges, sovereign wealth fund managers, investment treaty negotiators, heads of investment promotion agencies, experts of international investment sites, heads of international organizations, parliamentarians, representatives of civil society, prominent scientists and the international media.
Joint Presidency of the Ministerial Conference
The UAE and Barbados will host the UNCTAD event in 2020. The city of Bridgetown, Barbados, will welcome the UNCTAD Ministerial Conference, while Abu Dhabi will host the World Investment Forum and Asia’s first E-Commerce Week. The UNCTAD quadrennial conference, which is held every four years, is the highest decision-making body in UNCTAD as member states conduct trade and development assessments and discuss policies and mechanisms that respond to the various global challenges in the trade and investment markets.