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Officials at the AIM conference

Innovation transfer FDI to achieve sustainable development

DUBAI, January 29, 2015

Foreign direct investment based on innovation and technology transfer to achieve sustainable development will be the focus of a  meeting to be held in Dubai in March.

The fifth edition of the Annual Investment Meeting (AIM), organised by the UAE Ministry of Economy, will run from March 30 to April 1 at the Dubai International Convention and Exhibition Centre, under the theme ‘Sustainable Development through FDI Induced Innovation and Technology Transfer.’

The theme supports the national innovation policies in line with the comprehensive National Innovation Strategy of the UAE with the goal of making the UAE one of the most innovative nations in the world within seven years.

The strategy embraces in its first phase 30 national initiatives for achieving a top rank in innovation, especially after that the UAE was named the most innovative Arab nation in 2014.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, remarked that innovation is driven by effective institutions, strong policies, specialised skills, and an economy where all sectors work together to discover new ways to conduct business.

A flexible and creative economy based on a national culture of innovation is the fastest and most sustainable way to reinforce the UAE’s competitiveness on a global level.

The Dubai Strategy launched last December clearly lists the key drivers of sustainable development, the most important of them being innovation.

The current annual investment in innovation is around Dh14 billion ($3.8 billion) in the UAE, of which Dh7 billion will go to research and development; but spending is expected to rise significantly in the years to come.

Sustainable development refers to developing the right mix of economic, social and environmental policies for the present and future from a broad perspective. However, foreseeing the future is not easy, and this is where the importance this year's AIM's theme is visible, as it relates to achieving sustainability through quality investments based on innovation and technology transfer.

The concept of Sustainable FDI is now more important than at any other time in history, because this approach not only attracts foreign investment but also leaves its impact on host countries that benefit from technology transfer through investment.

The UAE has a far sighted vision and it values the concept that continuous development of services, manufacturing should be based on technology and innovation to be sustainable.

The country has ambitions to become the leading technological hub in Europe, Middle East and Africa and to accomplish this it needs technology transfer that FDI can provide.

The UAR FDI-driven economic strategy attracted higher quality and value added investments and policy makers are now more aware of the importance of developing local skills and nurturing them not only through FDI but also through proactive internal innovation.

More than 500 exhibitors companies from 140 countries are set to take part at the meeting, displaying products, services and projects from industries like agriculture, aviation, basic commodities, trade, construction, education, research centers, energy, financing, financial services, free zones management, insurance, government, healthcare, investment in basic infrastructure for IT communications, legal, logistics, pharmaceutical, marine industries,  mining and real estate development, tourism and hospitality, transportation and waste management. - TradeArabia News Service




Tags: technology | innovation | transfer | FDI | AIM |

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