The TradeTech Sandbox aims to spark innovation in trade technology and establish best practices for its global adoption…reports Asian Lite News
The UAE government, during its participation in the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, launched a Global TradeTech Sandbox, as part of the TradeTech Initiative, in partnership with the Ministry of Economy, the Abu Dhabi Department of Economic Development, and the World Economic Forum (WEF).
This came through a memorandum of understanding signed during the WEF in the presence of Mohammad bin Abdullah Al Gergawi, Minister of Cabinet Affairs, and Klaus Martin Schwab, the WEF Founder and Executive Chairman. The MoU was signed by Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Al Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, and Sean Doherty, Head, International Trade and Investment, and Member of the WEF Executive Committee.
The TradeTech Sandbox aims to spark innovation in trade technology and establish best practices for its global adoption. It will achieve this by implementing flexible and forward-looking regulatory frameworks that unlock the potential of these technologies. By streamlining the interaction between exporters, logistics companies, ports, regulators, and customs officials, it will create a smoother and more efficient trade environment.
Al Zeyoudi said: “The adoption of advanced technologies is accelerating in various sectors, and it is important that international trade keeps pace with these developments now more than ever. We need to re-evaluate the current regulatory frameworks in order to keep pace with the digital transformation and address the future.”
He added: “Global TradeTech Sandbox is designed to keep pace with technological developments in all fields, to provide means for start-ups to access markets. It also provides a platform through which forward-looking regulatory policies can be adopted that adapt to the future, enhance innovation, protect stakeholders, and ensure the flexibility of global trade systems.”
The minister called on innovators in the field of global trade technology to visit the United Arab Emirates and benefit from its business environment to develop, refine, and disseminate their innovations that would stimulate the growth of global trade and increase its contribution to achieving comprehensive development around the world, in line with the aspirations of the world for the 21st century.
For his part, Ahmed Al Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, said that this partnership and other influential partnerships on the international scene showcase the UAE’s commitment to spearheading solutions for the rise of automation in logistics, demonstrating proactive leadership and paving the way for a more efficient and equitable global trade system. “This initiative embodies the imperative for collaborative efforts in shaping a better future for all. By adopting bold policies and fostering international partnerships, the UAE is setting a powerful example for proactive leadership in the face of a changing global economy,” he added. (ANI/WAM)
Abu Dhabi’s ‘Falcon Economy’ in the limelight at WEF 2024
The Abu Dhabi Department of Economic Development (ADDED) led the Emirate’s official economic delegation to the 54th Annual Meeting of the World Economic Forum (WEF), which concluded yesterday in Davos-Klosters, Switzerland, to showcase ‘Falcon Economy’s attributes, ample growth opportunities, and commitment to transformative strategies, steering towards a sustainable, green economy that positions Abu Dhabi at the forefront of global initiatives leading to Net Zero, driven by innovation and technology.
The high-level delegation, led by ADDED, comprised key entities including Abu Dhabi Global Market (ADGM), Abu Dhabi Investment Office (ADIO), Hub71, and Abu Dhabi Residence Office (ADRO). Together, they formed a robust platform representing leading economic powerhouses in Abu Dhabi, dedicated to exploring business opportunities and fostering strategic relations with global leaders.
Over the course of four days, the delegation actively engaged in more than 50 bilateral meetings with industry leaders and representatives of both the public and private sectors worldwide. This participation underscores Abu Dhabi’s commitment to contributing to global economic conversations and fostering collaborative efforts towards a sustainable future.
The delegation’s discussions with global economy leaders in Davos focused on enhancing cooperation and attracting talents, businesses, and investments to grow, thrive and expand out of Abu Dhabi.
Ahmed Jasim Al Zaabi, Chairman of ADDED, said, “During the past few days at Davos, we met with many esteemed delegates from across the world and shared our efforts to transform into a ‘Green Falcon Economy’ through innovation and entrepreneurialism. As the global economy is experiencing multi-faceted transformations impacting all geographies and industries, we believe a collaborative and proactive approach is needed to guide our world to a better future. To this end, we are engaging with global powerhouses to devise innovative solutions to current and future challenges,”.
“Our soaring ‘Falcon Economy’ presents a model of harmonising between advanced technologies, sustainability, human development, and economic growth. Our initiatives to further enhance a vibrant, globally competitive, and entrepreneurial ecosystem to generate opportunities for all, enabling them to reach their full potential are paying off. Foreign investments in Abu Dhabi witnessed a significant 9.7% increase, reaffirming the Emirate’s attractiveness to investors and its rising position as Capital of Capital,” Al Zaabi added.
ADDED was part of UAE’s largest delegation to the World Economic Forum (WEF), with over 100 senior representatives of federal and local government entities, and a special pavilion to highlight the UAE’s initiatives to elevate its stature as a hub for global business, finance, trade, and innovation by offering a unique environment of security, stability, global networks, and business opportunities.
Al Zaabi shared his views on UAE’s approach to bridging East and West by enhancing trade and investment flows, and the country’s commitment to fostering regional economic integration, referring to the vital role played by Comprehensive Economic Partnership Agreements (CEPAs) signed with key partners.
He also highlighted Abu Dhabi’s efforts to become the regional hub for entrepreneurship and innovation, high-tech Manufacturing, digital and automation, and finance. He elaborated that Abu Dhabi’s future growth model focuses on accelerating the move towards exporting goods, services, and innovations. (ANI/WAM)