Page 21 - Ministry of Economy - December 2017

12/26/2017 Ministry of Economy heads 6th meeting of Global Innovation Index Executive team

December 26, 2017

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Ministry of Economy heads 6th meeting of Global
Innovation Index Executive team

Abdullah Al Fan: ‘The team is shifting from data monitoring to
formulating policies for the sustainability of the UAE’s global
competitiveness in the field of innovation’

The Executive Team of the Global Innovation Index operating under the
UAE National Agenda has held its sixth meeting at the Ministry of
Economy’s Dubai HQ. The session was led by H.E. Abdullah Sultan Al Fan Al
Shams, head of the team, in the presence of elite representatives from
federal and local entities that are members of the team.

The group discussed the latest updates to the Global Innovation Index and
available development opportunities. They also reviewed the work
methodology for the next phase which will focus on formulating policies
supporting an environment of innovation and the sustainability of the
country's competitiveness in this regard to help advance the national target
of becoming among the top 10 countries in the world by 2021.

The meeting emphasized the need to speed up several processes, namely
those related to the collection of expenditure data on education and
scientific research in academic institutions and the private sector as well as
data on foreign direct investments (FDI) within the country. The growth of
the UAE’s imports and exports due to advanced technology and the
contribution of technology to the state’s total foreign trade was also
discussed to complete related initiatives and plans.

H.E. Alshamsi said that the Executive Team is currently more focused on
the policy aspect than the monitoring and data collection process. This is to
keep abreast of international developments and to enhance the
competitiveness of the country regionally and globally in such a way that
ensures the achievement of advanced levels on the Global Innovation Index
to serve the directions of the country.

He added that there are many initiatives and steps that have been
developed recently to establish an incubating environment for innovation
and creativity. He noted that these efforts mostly focus on small- and
medium-sized enterprises (SMEs) and newly established innovative
companies. Among the most notable are the Ministry of Economy’s efforts
to collaborate with concerned entities that have members on the Global
Innovation Index Executive Team to advance the ‘Young Innovative

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