Global Conference On Economic Diversification 2024 Launches In Dubai With Key Insights From Experts
The inaugural Global Conference on Economic Diversification began its two-day event in Dubai on 31st October 2024. Organised by the Mohammed Bin Rashid School of Government (MBRSG), the conference aims to become an annual gathering. It brings together thought leaders from universities, policy-making bodies, and international organisations to discuss economic diversification.
Alia bint Abdullah Al Mazrouei, Minister of State for Entrepreneurship, highlighted the UAE's commitment to economic diversification. "Under the guidance of its wise leadership, the UAE has established a leading global model for economic diversification. Non-oil sectors now account for a remarkable 74 percent of the country's GDP," she stated.
The conference builds upon the Economic Diversification Index (EDI) series, an influential publication by MBRSG. This index is presented annually at the World Government Summit. The event serves as a platform for sharing research and insights related to economic diversification policies and strategies.
Dr. Ali bin Sebaa Al Marri, Executive President of MBRSG, emphasised their role in supporting the UAE’s vision for a sustainable future. He noted that MBRSG aims to empower future leaders and provide tools for informed decision-making. "The Global Conference on Economic Diversification – the first in this annual series of events – fulfils both of these objectives," he explained.
The first day featured several keynote speeches and panel discussions. Prof. Cesar Hidalgo from Toulouse School of Economics delivered a keynote on economic diversification and complexity. A panel titled ‘Economic Diversification Pathways in the Gulf Region’ followed, discussing strategies for reducing fossil fuel dependence.
The panel included Tariq Rashid Al Suwaidi from the UAE Ministry of Economy and Dr. Al Moatasim Al Yaaqubi from Oman’s National Programme for Economic Diversification (Tanweea). Dr. Jarmo Kotilaine from Bahrain EDB and Dr. Vito Intini from UNDP also participated, with Dr. Khalid Al Wazani moderating.
Global Perspectives on Challenges
A session titled ‘Global Reflections on the Challenges of Economic Diversification’ explored global perspectives amid changing landscapes. Moderated by Dr. Nasser Saidi, it featured experts like Dr. Jihad Azour from IMF and Dr. Mahmoud Mohieldin from UN 2030 Agenda.
Dr. Clovis Freire Jr., Chief at UNCTAD, and Dr. Youness Abouyoub from UN ESCWA also contributed insights into economic diversification challenges globally.
Research Sessions and Policy Discussions
The agenda included research paper sessions covering topics like AI's role in economic diversification and legalising informal sectors for growth. Other discussions focused on institutional quality, commodity dependence, and decarbonisation in oil-producing nations.
A Closed Policy Council addressed data-driven policy advancements in measuring global economic diversification, involving policymakers and academics discussing practical measures and challenges.
The conference continues with more closed panel discussions on its second day, further exploring these crucial themes with global experts.
With inputs from WAM
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