Abu Dhabi, 25th Nov. 2008 (WAM) -- Economic researcher, Department of Planning and Economy, Sabri Emara called today for the creation of a new investment map for the Emirate of Abu Dhabi.
''The process should involve formulation of the economic policies and legislation in a manner that would render them more flexible and attractive, in addtition to providing new incentives or improving the existing ones and conducting promotional programmes to acquaint potential investors with the Emirates attractive investment opportunities,'' he said in a lecture organized today by the Studies Division of the Department of Planning and Economy in Abu Dhabi. Emara defined an investment map as a tool used to provide accurate and updated data and information on a geographical region or an economic sector in order to stimulate investment, according to a specific vision based on competitive advantages, investment opportunities, economic resources, infrastructures, services and facilities, human resources, the legal environment and development indicators. The lecturer noted that the vision of the emirate of Abu Dhabi, which aims to attract foreign investments that support the transfer of technology and knowledge, should be reinforced through the integration of the emirate's economy into the global economy, by focusing on the creation of an open and effective business environment simplified company registration procedures, supporting investors and promoting investment, in addition to ensuring transparency, eliminating red tape, improving the legal environment, providing easy access to relevant data and information, implementing antitrust measures and modernizing management techniques. He pointed out that the investment environment in the Emirate of Abu Dhabi enjoys distinct advantages such as security, economic and political stability, availability of basic groundwork for economic growth along with a modern infrastructure and an open market that has access to an adequate supply of manpower from all over the world. He went on to add other attractive features and incentives, such as the absence of taxes and customs duties, the availability of competitively priced oil and natural gas, with guarantees for long-term supply of energy, abundance of primary materials for certain types of industries, the accelerated the pace of institutional development and restructuring, not to mention the Emirates financial huge surpluses. On the other hand the lecturer cited a host of challenges that Abu Dhabi would have to overcome in order to create an ideal investment map, such as closing the investment information gap, pursuit of continued improvement of the business environment, reducing the high cost of operation, providing land and real estate and facilities in regard to foreign ownership, simplifying complex administrative procedures, providing qualified and skilled manpower, fostering closer inter-sectoral links, in addition to working on ways tide over the global financial crisis. In discussing the performance of the UAEs business environment for 2009, the World Bank noted that the country had advanced 48 positions in the index from 116th to 68th. It also moved up 8 positions in the Composite Performance Index from 54th to 46th.Copyright Emirates News Agency (WAM) 2008.
