UAE and OECD cooperate to enhance investment environment in the GCC

The UAE ministry of The Ministry of Economy and the MENA-OECD Investment Programme co-organize the Regional Conference on: Assessing Investment Policies of Member Countries of the Gulf Cooperation Council: Translating Economic Diversification Strategies into Sound International Investment Policies, held today 5 April 2011 in Abu Dhabi at the Fairmont Bab Al Bahr hotel.

On this occasion H.E Sultan Bin Saeed Al Mansoori, UAE Minister of Economy emphasized that this strategic event reflects UAE's keenness to build strategic relationship with OECD in order to enhance the investment environment in GCC. MR Al Mansoori consider this step as a vital need to face current economic variables and to be more open to the global economy through exchanging experiences and best practice to efficiently compete and achieve economic growth.

From his side H.E Moahmmed Ahmed Bin Abdul Aziz Al Shihhi, Undersecretary of the Ministry of Economy who represented the Ministry at the event and delivered the key note speech, said: "The theme of this Conference has great significance to our countries since it would generate an interactive and constructive debate on how Investment policies can contribute to enhance economic diversification strategies.. The UAE has been leading this shift from dependence on oil to diverse non-oil economic activity with a great deal of success. Our strategic goal is to establish a full-fledged knowledge economy based on the incorporation of best practice knowledge in the economy to invigorate the economic diversification policy by creating further business opportunities and enabling sustainable growth".

The principles and values that the OECD promotes in the global economy, its strengths that include a multidisciplinary capacity for analysis and policy dialogue, and its sharing culture of best practices represent the genuine motivation of the UAE's effort to deepen the cooperation with the OECD.

The objective of the Conference is to present the findings of a stocktaking study on policy and legal frameworks for international investment of the six GCC countries and to establish a consultative process among key stakeholders on how to translate national diversification strategies into sound international investment policies.

The study takes stock of the international investment policy and legal framework of the GCC member countries and can be used as a tool for investment promotion, reform prioritization and enhanced communication. Conference discussions will provide the basis for enriching the study and an opportunity to consider national perspectives and the way ahead.

Government officials dealing with foreign investment issues, chambers of commerce & industry, academic and private sector representatives will take part in the Conference.

The Ministry of Economy by contributing to the organization of this Conference aims at enhancing the dialogue between the GCC countries on their respective experiences and strategies in economic diversification and investment. The theme of this Conference has great significance to the GCC countries since it would generate an interactive and constructive debate on how Investment policies can contribute to enhance economic diversification strategies.

By co-sponsoring this conference, the Ministry of Economy also shows his keenness to work closely with the OECD on a new pattern of cooperation that capitalizes on the regional approach incarnated by the MENA - OECD initiative, but goes beyond it to build up a tailored approach that would efficiently respond to the specific needs of the UAE in terms of economic modernization and efficiency.

The principles and values that the OECD promotes in the global economy, its strengths that include a multidisciplinary capacity for analysis and policy dialogue and its sharing culture of best practices represent the genuine motivation of the Ministry of Economy's effort to deepen the cooperation between the UAE and the OECD.