R.A.C.E - Keynote - The Abu Dhabi Department of Economic Development

foreign [Music] guests ladies and gentlemen I'm delighted to be here this afternoon addressing what happens to be one of the closest trending topics to my heart both in a corporate and personal level as well collaborating to build sustainable regulatory paths guiding efficient and meaningful social business ecosystems well into the 21st century the ongoing evolution of tech is keeping the world and economies on their toes and the mindsets of ever-changing demographic traits and attributes this important transformation is often followed by corresponding climate political and economic change attempting to keep Pace in order to remain valid and to matter and rapidly globalizing and capital system world I believe there are interconnected practices that work positively balanced environmental and social goals with that of business and economy for the good of nature citizens and Commercial establishments everywhere a green economy is the 21st Century's logical solution and is imperative given its people and nature oriented approach focus on the principles of well-being good governance Energy Efficiency low carbon development and yes poverty eradication driving green economies is the vital interconnectivity of the public and private sectors with both sides partnering towards influencing public policy and procedures required to harness sustainability the constant talk about the green economy notion nowadays really does encourage economies to become more sustainable and efficient resilient and circular now with this demanding change and upgrading of socio-economic systems comes the pace of technological change and Innovation and the creation of new opportunities the interconnectedness of countries and the integration of the world economy has increased drastically partly due to the many technological revolutions and growth opportunities in the past few decades some of these opportunities are offered for instance by the information and communication technology sector a sector that has been spearheading the acceleration of the socio-economic development by virtually making the world as small as the palm of your hand and bringing everyone together in real time speeding up business and facilitating Supply chains the rapid cross-border flow of goods Services people and finance is now more than ever testing the effectiveness and the capacity of domestic regulatory Frameworks the scale of globalization combined with the digitized and increasingly presenting contemporary policy makers and Regulators with challenges that cannot be dealt with in isolation it is thus imperative that we solicit the creation of conditions and environments necessary for the new economy to flourish worldwide and that means unprecedented collaboration across sectors and industries perfecting a dynamic regulatory environment moving forward is the most important and while ICT is one of the several elements shaping new economies no one can deny that it continues to advance faster than regulation regulation must take on a dynamic approach and connect continuously evolve and for that I think there is a consensus on the need for collaborative regulation it's about having a holistic view it's about having that inclusive dialogue across the sectors were actually slowly starting to see the cross certain International markets the interaction and collaboration between Regulators is growing we recognize the role of public policy Regulators can play in carving Progressive and efficient ecosystems raising awareness and shaping a new roadmap on both the national and Regional levels and in stimulating the creation of online incubators sustainable Finance declaration spearheaded by adgm is surely a major step in the right direction it has been busy the past few years bringing various businesses economic and financial players together to best bridge that barrier and for and from what I see you guys are doing an excellent job I'd like to complement this Excellency team adgm and Miss Mercedes for continuing to bring everyone together and driving the sustainable agenda forward in a collaborative collaborated and fruitful manner being sustainable ready means being prepared and best at preempting for the unexpected as custodians of an economy and custodians of any financial sector fueling the growth within an economy is prudent manner we encourage public entities and private firms to speed up their collaborations with all the stakeholders towards Progressive regulatory Frameworks to facilitate and support the development of infrastructure and provision of services the transition to a green economy status is necessary for companies to achieve sustainable development targets and to be able to truly contribute to the global bottom line companies attempting to achieve this may find it challenging when transitioning to Green status as they seek to deliver economic growth while fostering a symbiotic and positive relationship between nature and humans we are here to tell the private sector that the government on both local and federal levels are here to support and facilitate your endeavors collaborate with us tell us what you need ladies and gentlemen greed economies employ inter-economic interconnected economic activities that promote global scale sustainable development Environmental Protection and eco-efficiency and poverty eradication while circular economies are a regenerative development concept for economic growth that focuses on restoration use of Renewables and elimination of waste and toxic material through the smart manufacturing of raw materials products systems and business models they are joined by the common goal of reconciling environmental economical and social goals we need to blend both Notions based on suitable regulatory doctrines in Abu Dhabi our recently announced industrial strategy and soon to be unveiled economic strategy will focus on how we integrate green and circular elements to drive growth and diversification in a responsible and calculated manner and we urge you all to jump on our bandwagon collaborate with us to expedite our continued transformation agenda thank you so much for your time