On the sidelines of the Global Business Forum for G20 (B20 Summit), the UAE recently hosted the UAE-Global Business Forum, which was organized by the UAE Ministry of Economy in collaboration with the UAE Embassy and Consulate in Brazil.
Attended by key business representatives from the G20 nations and guest nations participating in the B20 Summit, the forum aimed to build productive relations between the UAE and leading multinational companies. The UAE-Global Business Forum also sought to underline the UAE’s role as a global trade and investment hub that can provide a gateway to markets across the globe.
Participants from G20 states held several discussions on potential areas of collaboration to expand trade and investment opportunities with the UAE, including renewable energy, technology, and food security. Representatives of UAE companies also held meetings with their G20 counterparts where they explored new trade avenues and investment opportunities that align with the UAE’s long-term goals for sustainable development.
The UAE held the forum as its trade with G20 countries exceeded $196.1 billion in the first half of 2024, an increase of 4.1 percent from the previous year, representing over half of the UAE’s total non-oil trade. The UAE’s total non-oil trade with the G20 surpassed $393.2 billion in 2023, a 15.3 percent increase compared to 2022.
B20 Summit
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, led the UAE delegation to the B20 Summit, a gathering of approximately 1,000 high-level business representatives from the G20 member nations, in Sao Paulo, Brazil. The summit took place on October 24-25 under the theme “Inclusive Growth for a Sustainable Future”.
The UAE delegation to both the B20 Summit and the UAE-Global Business Forum included representatives from diverse sectors including education and research, innovation and technology, health services, trade and investment, energy, agriculture and food security, tourism, industry, ports and logistics, aviation, finance, defense and sports.
The summit provided a platform for the private sector to engage in discussions on sustainable business practices, the efficiency of global trade, and the importance of inclusivity, particularly for women-owned businesses. Participants at the B20 Summit will present their recommendations to G20 leaders during their summit in Rio de Janeiro in November.
Read: UAE-Brazil Business Council launches in Sao Paulo to boost growing trade, investment ties
Enabling stronger public-private partnerships
The UAE participated in the B20 Summit as a guest of Brazil during its presidency of the G20, which is a reflection of the UAE’s growing influence in global trade and investment. Al Zeyoudi, who addressed the meeting, highlighted how the private sector, through their innovation and energy, can drive a new future for global trade, particularly through the development of new technologies that can deliver greater efficiency and transparency.
“The B20 Summit is a vital platform to strengthen collaboration between the public and private sectors. It is important that policymakers listen to the expertise and insights from those who utilize global supply chains day in, day out to ensure they remain the enablers of growth and not barriers to it,” Al Zeyoudi stated.
As a consistent advocate for the benefits of open, rules-based trade, Al Zeyoudi reiterated the UAE’s commitment to contributing to a trading system that is more efficient, accessible and resilient.
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