UAE calls for global efforts to stimulate trade

Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, delivered the UAE speech at the B20 Summit in Bali, Indonesia to detail how the nation continues to work to mobilize international efforts to stimulate trade and investment flows around the world, in order to help the global economy overcome current and future challenges.

The economy of the future, he said, will be based on knowledge and innovation, as well as investments in clean and renewable energy projects and the development of agricultural technology and advanced technology. This will enable emerging markets and developing countries to achieve Sustainable Development Goals and strengthen the momentum for the recovery of the global economy.

The keynote speech was delivered during the B20 Summit held on November 13-14 in Bali, Indonesia, which this year focuses on investing in carbon neutrality and energy transition, and the use of advanced technology to reduce emissions and maintain sustainable growth rates for the global economy.

 Dr Thani said: “The B20 Summit provides a vital platform for ministers and government officials from around the world to connect directly with private sector institutions. It is important to listen to their insights and experiences in order to inform the frameworks, programs and priorities that will shape the global economy over the coming year and beyond. This year’s summit is particularly important because it combines the need to confront the threat of a global economic recession with the growing demand for development. Growth must be sustainable, fair and inclusive, and this requires immediate action and innovative thinking.”

In the speech, entitled “Driving Global Partnership to Accelerate Energy Transition”, His Excellency focused on the UAE’s leading role in financing and facilitating renewable and clean energy solutions locally, regionally and globally. In this regard, His Excellency praised the historic agreement in November between the UAE and the United States of America to accelerate the progress of energy transition through the allocation of $100 billion to clean energy projects by 2035. His Excellency also referred to other mega projects such as the world’s largest floating solar power plant located in Indonesia, and the 10 GW onshore wind power plant to be built in Egypt following an Emirati-Egyptian agreement announced during the COP27 conference currently taking place in Sharm el-Sheikh.

He said such investments represent “smart and sustainable long-term strategies that will generate opportunities, stimulate growth and provide mutual advantages in the future - economically and environmentally”.

The B20 Summit is the G20’s main forum for networking with the global business community in preparation for the G20 Leaders’ Summit from November 15 to 16. Organized this year by the Indonesian Chamber of Commerce under the theme “Advancing innovative, inclusive and collaborative growth”, the Summit hosted more than 2,000 participants including ministers, senior government officials and CEOs of international companies.

In a related context,  Dr. Thani Al-Zeyoudi participated in a number of other important forums and round tables during the Summit. His Excellency was a guest of honor at the Bloomberg New Energy Finance Summit, a special session that coincides with the B20 Summit that brought together more than 300 global business leaders from the industrial, financial and development sectors.

Focusing on the topic of carbon neutrality, the Minister delivered a speech on the potential catalytic impact of the transition to clean and renewable energy and stressed the efforts of the UAE’s leadership in the production of solar, wind and hydrogen energy. He also participated in the Milken Institute Roundtable to discuss the progress made by the newly established International Sustainability Standards Board on the development of global standards for the preparation of ESG reports, and how developing countries can contribute to the delivery of more representative models.

On the sidelines of the Summit, members of the national delegation and representatives of the UAE government and private companies held a number of meetings with representatives of international companies and business organizations participating at B20. They discussed investment opportunities and prospects for cooperation in economic sectors of common interest. The B20 Business Summit was attended by  Dr Abdullah Salem Al Dhaheri, UAE Ambassador to Indonesia, and a group of businessmen and representatives of government and private companies in the country.

Agencies