Page 32 - Ministry of Economy - December 2017
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12/26/2017 UAE MoE heads sixth meeting of Global Innovation Index Executive team | CPI Financial | CPI Financial News | Banking and Financial News,I…
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.
HE 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.
The initiative provides support for fast-tracking the establishment of new innovative businesses and enabling them to
commence work as soon as possible. It also encourages creative university students to transform their ideas into
marketable commercial projects by providing them with financing facilities and helping them with procedures for
registering patents, licences, trademarks and other aspects involved in establishing and doing business.
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