The Ministry of Investment joins the World Association of Investment Promotion Agencies "WAIPA"
Abu Dhabi, March 14/ WAM/ The Ministry of Investment announced that it would join the World Investment Promotion Agencies “WAIPA”, an international organization based in Geneva, in Switzerland, which is concerned with exchanging knowledge, capacity building, and policy support to enhance foreign direct investment flows around the world.
The joining protocol, His Excellency Mohamed Abdel -Rahman Al -Hawi, Undersecretary of the Ministry of Investment, and Ismail Archihin, CEO and CEO of the World Association of Investment Promoting Agencies “WAIPA”, was signed, where the membership was officially confirmed on March 13.
His Excellency Mohamed Hassan Al -Suwaidi, Minister of Investment, said that the Ministry of Investment joining the World Association of Investment Promotion Agencies (WAIPA) is an important station in its career to enhance strategic partnerships and open new horizons for mutual investments with international partners.
He added that this step contributes to achieving the goals of the national investment strategy 2031, looking forward to exchanging knowledge and cooperation with international government agencies on investment strategies and best practices and sectors of common concern.
The World Association of Investment Promotion Agencies was established in 1995 at the initiative of the United Nations Trade and Development Conference (UNCTAD), and it includes prominent parties such as the Ministry of Foreign Trade in the United Kingdom, the Ministry of Trade and Industry and Investment Promotion in the Sultanate of Oman, and the Chinese Investment Promotion Agency of the Chinese Ministry of Trade. Among the Emirati members in the Association are the Abu Dhabi Investment Office, the Dubai Investment Development Corporation, and the Sharjah Foreign Investment Office “Invest in Sharjah”, while the Ministry of Investment is the first federal to join the League.
It is worth noting that the national investment strategy aims to raise the balance of foreign direct investment to 1.3 trillion dirhams, and increase the cumulative balance of foreign investment to 2.2 trillion dirhams by 2031.
The UAE ranked second globally in the number of new foreign direct investment projects for 2023, as it recorded 1323 projects, an increase of 33% compared to the year 2022, according to the Global Investment Report 2024 issued by the United Nations Conference on Trade and Development (UNCTAD).
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