AIM Congress 2024 launches in Abu Dhabi

ABU DHABI, 7th May, 2024 (WAM) — The 13th edition of the AIM Congress kicked off today in the capital of the UAE, Abu Dhabi, under the theme “Adapting to A Shifting Investment Landscape: Harnessing New Potentials for Global Economic Development”. The event, which spans over 3 days until May 9, 2024, is being held at the Abu Dhabi National Exhibition Centre.

AIM Congress, an initiative of AIM Congress 2024, supported by the UAE Ministry of Industry and Advanced Technology and the Abu Dhabi Department of Economic Development as the lead partner, witnessed significant attendance on its first day.

Notable attendees included ministers, government officials, and decision-makers from various countries around the world, in addition to elite investors, major corporations, startups, small and medium-sized enterprises, international organizations, and a large number of 12,000 visitors from over 175 countries worldwide.

The AIM Global Foundation aims to formulate investment strategies and policies, promote investment and economic opportunities, enhance international economic relations, and devise innovative solutions to address current and future global challenges and changes, ultimately striving towards a prosperous and sustainable global economy.

The opening ceremony included keynote speeches and live panel discussions involving senior policymakers and top business leaders, aimed at exchanging knowledge, experiences, and insights with participants on how to adapt to global investment landscape transformations and find solutions to address challenges.

In a compelling address Andry Rajoelina, President of Madagascar, outlined his nation’s strategic vision for sustainable economic growth and development. Emphasizing the importance of strategic partnerships and investment, President Rajoelina underscored Madagascar’s rich potential as an emerging market and its pivotal role in regional trade dynamics.

“To achieve our emergence, we seek the support of potential partners and friendly countries to accompany the long-awaited development desired by the Malagasy people. Madagascar’s geostrategic position and its central place on the world map at the crossroads of maritime routes reveal our crucial role in regional trade and exchanges,” said Andry Rajoelina.

He continued: “With our 5,000 km of coastline, our country stands as a strategic bridge between Africa, Asia, the Middle East, and the entire Indian Ocean region. Our Great Island alone concentrates 5% of the world’s biodiversity. It is rich in natural resources and offers countless economic and touristic opportunities.

“Madagascar thus offers an ecosystem conducive to investment in various key sectors.”

To strengthen our commitment to a solid regulatory framework and encourage responsible investments, we have adopted a new mining code with incentive measures. In this regard, we are proud to announce our collaboration with the United Arab Emirates for the upcoming opening of Madagascar’s first gold refinery, a major step in the development of our mining industry.”

Andry Rajoelina concluded: “Our goal is to double or even triple our energy production capacity. The energy transition focuses on renewable energies such as solar, wind, and hydroelectric power.”

Addressing the participants at the opening ceremony of AIM Congress, Ahmed Aboul Gheit, Secretary General of the League of Arab States, praised AIM Congress for building strong partnerships and benefitting from the diversity of the participants, under the UAE’s strong leadership.

Ahmed Aboul Gheit was also keen to point out the importance of AI for the future of the region. ” Big companies have heavily invested in AI due to its lucrative revenues. Arab countries must allocate resources to research and development, thoroughly study the risks and threats posed by AI, and formulate legislation to regulate the industry. By fostering collaboration and working in harmony, comprehensive growth can be achieved, leading to a better future.

The speeches were preceded by a fireside chat with Mr Kiho Park, the President and CEO of LB Investments.

He said: “The UAE is a pioneering hub for AI in the Middle East through substantial capital investment in infrastructure. I recommend that the UAE government commence by establishing AI innovations. This would enable various companies and startups to research and develop in this technology and simplify regulations.

Kiho Park concluded: “I want to meet startup founders from the UAE, explore business opportunities, and establish partnerships between these startups and South Korea’s manufacturing sector.”

Meanwhile, the Global Leaders’ Debate saw high-level speakers offering perspectives on economic development, technology, investment, and regional growth.

Ismail Ersahin, Executive Director & CEO – World Association of Investment Promotion Agencies (WAIPA) said: Investment Promotion Agencies (IPAs) play a pivotal role in economic development. Their ability to streamline licensing procedures and leverage technology to attract investments is paramount. The importance of technological advancements in simplifying processes and facilitating investor engagement is undeniable.

H.E. Claver Gatete, Undersecretary General – United Nations, & Executive Secretary – Economic Commission for Africa said: “Africa holds a lot of importance in global economic development, particularly in supplying essential raw materials for technological advancements. Africa needs to transition from raw material supplier to an industrial hub.” He emphasized the potential of industrial parks and special economic zones to drive economic growth.

Jamal Al-Jarwan, Secretary-General – UAE International Investors Council, highlighted the impact of the COVID-19 pandemic on businesses, emphasizing the need for adaptation and increased reliance on technology. He praised the UAE’s economic diversification efforts and transformation into a dynamic hub, attracting significant investor interest across various sectors.

Sameer Abdullaah Nass, President – Union of Arab Chambers and Chairman of Bahrain Chamber of Commerce and Industry discussed the challenges and opportunities associated with adapting to new technologies for economic growth. He emphasized the importance of skill-based education and collaboration between sectors to address employment shifts. Nass also provided insights into Bahrain’s economic resilience and its vision for future growth and collaboration.

Meanwhile, Jung Sook Park emphasized the importance of smart city development in addressing contemporary challenges such as climate change and natural disasters. They highlighted the shift from traditional e-government initiatives to a broader societal focus, recognizing the onset of the Fourth Industrial Revolution. Park stressed the need for digital inclusion and government support to facilitate smart city development, ensuring that it addresses environmental, social, and governance concerns while bridging economic disparities. They outlined a commitment to pursuing new initiatives for smart city projects, seeking successful case studies to inform strategies and allocate resources effectively. Park encouraged participation in smart city projects and invited collaboration to address shared challenges in this endeavour.

The 2024 AIM Congress, with support from of the UAE Ministry of Industry and Advanced Technology and with the Abu Dhabi Department of Economic Development as lead partner, is hosting 150+ high-level dignitaries, 1,000+ speakers, 450 dialogue sessions, and 50+ unicorns. The event will also host 27 joint events organized in cooperation with 330+ international and global partners.

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