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Embracing innovation to meet global economic challenges

Speakers noted that creating an enabling environment to promote innovation

and build entrepreneurial enterprises based on creativity and excellence is
critical to meeting global economic challenges. The government sector’s focus
on reducing carbon emissions and driving digital transformation would support
the competitiveness of that environment and enhance economic stability.

They also emphasised the UAE's pivotal role in promoting artificial intelligence
innovation and developing new industries that support the future of
sustainable economic development and a rapid transition towards the digital
age. The proactive approach adopted by the UAE to shift from carbon-

intensive industries to sustainable initiatives such as the significant expansion
of clean energy was also highlighted. Speakers pointed out the UAE as a
model for building a future economy based on innovation, knowledge and
sustainability.

Flexible fiscal policies enhance resilience to shocks and reduce risks

Investopia sessions noted that governments' desire to adopt competitive

economic legislation, flexible fiscal policies and tax facilities is key to
overcoming the uncertainty of the global economic landscape, containing
shocks and reducing risks for emerging economies.

In addition, the speakers pointed out that developing countries face many

current challenges, including high inflation rates and failure to effectively meet
their citizens' needs. This calls for the expansion of social protection strategies
and sustainable economic policies that take into account the social dimension
and reduce the debt burden faced by emerging economies.

https://en.aletihad.ae/news/business/4482120/investopia-2024-emphasises-importance-of-
driving-new-economy