Dawood Al Shezawi, CEO of Annual Investment Organising Committee, said: “AIM 2019 is a vital platform to conduct dialogue and it is opening at a crucial time. For the 9th edition, we are focusing on the impact of industry technologies, smart cities, sustainable economic practices, renewables, and startups on international investments and trade. This year’s theme is anchored on the fact that game-changing digital innovations play a visible role in attracting foreign investors.”

In 2017, the UAE’s foreign direct investments were worth $10.35 billion, which represents 40.6% of the total flow into West Asia. The figures were released in a joint report by the UAE Ministry of Economy and the Annual Investment Meeting.

The country’s investment landscape is supported by factors including:

• Easy transfer of profits and revenues without fees
• Efficient legal and political systems
• Organised laws to protect foreign capital
• Competitive legislative reforms to boost investor confidence
• Low tariff rates between zero and five percent for goods

H.E. Sultan Bin Saeed Al Mansoori, UAE Minister of Economy, said: “With the UAE adopting the best policies and economic trends to keep abreast of changes, the country is all set consolidate its position as a global destination for money and business. The UAE has recently launched a series of initiatives to stimulate economic growth, which have been aimed at strengthening efforts to attract foreign direct investment, raise financial and economic efficiency, stimulate investment, stimulate local production, improve the business environment and make it more efficient and attractive.

“Some of the most important initiatives include the issuance of new foreign investment law, granting investors ten-year residence visas for themselves and all members of their families, granting ten-year residence visas for specialised competencies including medical, scientific, research and technical fields and granting 100% foreign ownership in technology, outer space, renewable energy and artificial intelligence, among other sectors under consideration.”

The post Annual Investment Meeting 2019 focuses on the impact of digital innovations on investing appeared first on International Finance.

The agreement was signed during the UAE – Korean Bilateral Meeting that was held recently in Seoul by Eng. Mohammed Ahmed bin Abdul Aziz Al Shehhi, Undersecretary for Economic Affairs of the UAE Ministry of Economy, and Choi Dong Yu, General Commissioner of KIPO. Also, present during the ceremonial signing was Khalfan Al-Suwaidi, Director of the Industrial Property Department of the Ministry of Economy and a number of officials and employees from the Ministry and KIPO.

Under the terms of the agreement, highly qualified technical experts and patent examination experts from Korea will be assigned to the International Center for Patent Registration to see how they can consolidate and reinforce the UAE’s intellectual property infrastructure while also providing consultation and training services to further update legislative and regulatory frameworks–thereby helping in the move to support the UAE’s strategy on intellectual property.

H.E. Shehhi shared that the UAE has implemented a successful series of steps towards the further development of its intellectual property environment over the last few years and has taken a leading role in protecting the rights of inventors and creators, which enhances the UAE’s competitiveness in this dynamic area and contributes to establishing a stimulating environment for research, development and innovation in the UAE.

Al Shehhi added, “The newly signed agreement with KIPO will contribute to providing the International Center for Patent Registration in the Ministry of Economy with key benefits and advantages like addressing the need for expertise and technical inspection personnel required to develop its performance and work standards and guidelines; meet the requirements for training national competencies and qualifying them for excellence in patent examination and registration; preparing a complete guide on how to submit international applications for patents; develop a roadmap for appointing the Center as an International Searching Authority (ISA) and International Preliminary Examining Authority (IPEA) in line with the Patent Cooperation Treaty (PCT) under the umbrella of the World Intellectual Property Organization (WIPO).”

The post Ministry of Economy and KIPO signs new agreement aimed at enhancing UAE’s patent system appeared first on International Finance.