Empowering Global Commerce through Trade Technology and Finance

[Music] thank you so much your excellencies esteemed guests ladies and gentlemen Alum very good morning it's a pleasure to welcome you all to abudhabi finance week a forum that will help us understand how and where Capital can best be deployed in today's economy the discussion and sessions over the next few days will focus on the financial capital and we'll also explore the importance of human and technological Capital all three are vital in creating long-term sustainable growth here in the United Arab Emirates and globally and ever since our foundation the UE has used the financial Capital to invest in world-class infrastructure from Logistics capabilities to digital Frameworks we have welcomed a highly skilled Talent from across the globe to elovate our Industries share their knowledge with our people and innovate new products as well as Services we have also embraced the possibilities of technology to improve our competitiveness and catalyze new forms of value creation together they have enabled the UI economy to grow almost 24 folds since the union and with as we continue to leverage talents technology and targeted Investments we also Define the trajectory for the upcoming 50 years excellencies ladies and gentlemen nowhere is the success of this model more apparent than in foreign trade one of the key pillars of the UA economy and a sector that has defined our nation's history building Upon Our strong economic foundations we launched a comprehensive economic partnership agreement program in September in 2021 we reached out to keep trading partners and begin negotiating Dynamic new trade deals based on better Market access fewer barriers to trade greater collaboration for our private sectors we have now concluded 25 deals with Nations spread across Asia Africa Europe South America and Australia six of which are in full operation including the regional Powerhouse of India and turkey we're already seeing the results of this policy in the first half of this year our non oil foreign trade reached an alltime high of one almost 1.4 trillion dams 11.2% increase of the same period in 2023 apparently our non oil exports grew 25% to reach 256 billion Duram taking together we have been able to deliver trade growth eight times faster and greater than the global average on the top of this we have been the driving force behind the global initiative that seeks to integrate advanced technology into Supply chains in January 2023 in January 2023 the U partner with the world economic forum and abudhabi Department of Economic developments to launch the trade Teck initiative its mission was to Champion the use of new tools such as artificial intelligence blockchain and machine learning into the global training system and making faster smarter cleaner and more inclusive we saw the potential of AI in improving custom procedure and warehouses management we recognized how blockchain can transform trade finance and crossb payments we understand the role of data analytics and machine learnings and monitoring the supply chains and enhancing cargo routs this convictions was a basis for the First Trade Tech annual report which offered Nations road map for develop for developments of Trade Tech tools it was followed by the first St Tech annual forums here in abudhabi which enable stakeholders and we needers to share knowledge and Champion adopt Champion adoptions we have now launched an accelerator to support the new tra solutions from around the world excellencies ladies and gentlemen it is a testament that our private sector that many of these Innovations are already in use in our major ports abudhabi ports Advanced trade and logistic platform offers a comprehensive ecosystem that uses blockchain and data analytics to digitalize transactions and reduce paperwork by 70% their M Gateway vessel management system automates all vessel Management Services while abudhabi Customs has launched smart classification system an advanced search engine powered by AI to determine application duties and restrictions just last week Abu Dhabi Department of Economic developments launched Abu Dhabi trade information portal and integrated digital solutions to facilitate import exports and reexport procedures and in Dubai the custom authorities have created a remote inspection project St use Ai and Robotics to Carry Out Inspections and warehouses and DB world as well have created athentic platform to bridge trade Finance gaps by connecting smmes to the credit they need importantly these Technologies also being exported to enhance supply chain and emerging economies and DB DB walls duai is a B2B e-commerce platform that is helping to connect Africa's businesses to Global Supply Chain excellencies ladies and gentlemen these are solutions that the U is developing here and taking to the world they will support our such as supply chain Hub global trade facilitator and technological innovator trade has helped shape the history of the uee and through the use of all form of capital we able to shape the future of trade and we are seeing similar results across the sectors from manufacturing to finance to health care to space acceleration I really hope that this week's discussion can continue to place the U as a heart of global Innovations I wish you all the best in the conference and your attendance and enjoy your stay and now lovely K thank you [Music]