UAE Ministry of Economy Signs MoU with Dutch Government to Reinforce Partnership in Innovation

H.E. Eng. Sultan bin Saeed Al Mansoori, Minister of Economy, and Dutch Minister of Economic Affairs Henk Kamp led the opening of a business forum on innovation and smart cities held at the FME Association's head office in The Hague. The forum occurred in time with the browse through of the UAE economic delegation led by H.E. Al Mansoori to the Netherlands organized to develop strong connections in between the two nations.

On the sidelines of the forum, H.E. Al Mansoori attended a bilateral conference with the Dutch Minister of Economic Affairs where both sides went over the current status of their financial and trade relationships as well as explored key opportunities to develop ties across vital fields, consisting of energy technology, food, transport, and logistics.

Both sides authorized a Memorandum of Understanding (MoU) on innovation throughout the forum to put in place an effective mechanism to assist in knowledge and modern technology exchange between their corresponding business neighborhoods, scientific research study establishments, and government agencies.

Consisting of the UAE delegation were H.E. Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs, H.E. Mohammed Khamis Al Muhairi, Undersecretary of the Ministry of Economic situation and the Minister Consultant to the Tourist affairs, and H.E. Saeed Ali Al Nowais, UAE Ambassador to the Netherlands. Representatives of federal and local government firms additionally signed up with the delegation. They consisted of H.E. Khalifa bin Salem Al Mansouri, Performing Undersecretary of the Department of Economic Growth in Abu Dhabi, Jamal Al Hai, Deputy CEO of Dubai Airports; Ahmad Obaid Al Tunaiji, Deputy Director General, of the Division of Economic Growth in Ras Al Khaimah, Dr. Hashim Al Nuaimi, Director of Customer Protection Department at Ministry of Economy, Hussain Al Mahmoudi, CEO of AUS Enterprises in Sharjah, and high-ranking authorities from the General Civil Air travel Authority (GCAA); Telecom Regulatory Authority (TRA); Abu Dhabi Fund for Development (ADFD); Dubai Chamber of Business and Industry (DCCI); Masdar; and the Netherlands Business Council in Dubai (NBC).

During his opening speech, H.E. Al Mansoori stressed the lively financial and trade connections in between the UAE and the Netherlands, along with their shared rate of interests in developing concern industries as part of their corresponding economic development agendas. According to him, the international non-oil trade between the two countries amounted to regarding USD 3.8 billion by the end of 2015, and more than USD 2.7 billion throughout the initial 9 months of 2016.

The UAE Minister added that the following phase of their partnership will certainly include stronger financial connections because ongoing efforts to develop brand-new cooperative mechanisms through exchange of proficiency and experiences in the locations of innovation and small and average enterprises (SMEs). H.E. Al Mansoori included that the UAE is waiting to gaining from the Netherlands' wide experience in innovative scientific research and modern technology. This will certainly help the UAE develop a knowledge- and technology-driven industries, consisting of renewable resource, food, transport, logistics solutions, healthcare, and smart cities.

H.E Al Mansoori mentioned that innovation is one of the key pillars of the UAE's development vision with which the state has taken various initiatives to improve its capacities and capacities and develop encouraging setting for innovation concentrating on energy, transportation, innovation, healthcare, education, water and area.

H.E. likewise took the opportunity to share the UAE's basic objectives, namely to be amongst the leading 10 nations on the Global Innovation Index by 2021; enhance the payment of innovation to the gdp (GDP) to 5 per cent from the present 3 per cent; and raise the share of scientific research advancement to the GDP to 1.5 percent. H.E. Al Mansoori detailed also the country's massive jobs on transportation and space facilities.

For his part, Kamp emphasized his nation's eagerness to enhance its collaboration with the UAE, particularly in the mutually useful areas of innovation and progressed technology. Kamp noted during his speech the UAE's constant advancement, making the Arab state a destination of choice for financiers. H.E. also explained the Dutch business' high passion to enhance their existence in the UAE market.

The Dutch Minister further highlighted a number of promising collective possibilities in the areas of research and innovation, specifically in regards to the growth of innovative facilities in transportation and progressed industries. He stated that the Netherlands is one of the world's leading countries in these fields, including that the most recent MoU will enhance the cooperative structure here.

H.E. Al Mansoori and Kamp authorized the MOU at the end of the forum. The terms of the arrangement consist of improving and checking out wider cooperation in innovation by encouraging, helping with, and organizing exchange of experiences; and creating partnerships in between their respective federal government entities, business incubators and startups, scholastic and scientific organizations, and the private sector. The top 5 concern sectors are:

Renewable energy and energy sustainability
Innovation in the field of food and water
Space and aviation
Innovation in life science and health care
Smart cities