Page 34 - Ministry of Economy - December2017

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

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
Companies’ initiative.

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