Opening Remarks for 2020 China-UAE Innovation Investment Conference by Richard Teng

Opening Remarks for 2020 China UAE Innovation Investment Conference by Richard Teng

Good morning distinguished guests, ladies and gentlemen.  Thank you for joining us in this very meaningful and important China-UAE Innovation Investment Conference.

Innovation, the digital economy and Fintech will be the key drivers of global growth going forward.   Indeed, the digital only format such as e-commerce, e-learning, e-sports, e-entertainment and e-finance will be the norm for the future.  Big data, Blockchain, Artificial Intelligence will form the foundation of future finance.   The much anticipated listing of Ant Financial demonstrate the growth of this new economy, with a premium being placed on disruptors that are growing at a much faster pace than the incumbents.

This conference will explore each of these exciting area in detail.

We are delighted to hold this event that focus on innovation and Investment opportunities in China and the UAE.   China is our strategic partner and leaders of our two countries, President Xi Jin Ping and His Highness Sheikh Mohammed bin Zayed Al Nayhan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of UAE Armed Forces, have elevated cooperation to one of strategic partnership on all fronts. 

The strong foundation for cooperation started much earlier.  In 2015, our sovereign wealth Fund, Mubadala launched a joint US$10billion UAE-China Joint Investment Fund with China Development Bank and SAFE.  The UAE-China have also jointed launched an Industrial Cooperation Demonstration Zone in Abu Dhabi as well and many new initiatives.

In view of the deep level of cooperation, ADGM decided to establish its first international presence in China three years back.  Since then, under the leadership of Calvin Fu, our Chief Representative, we has been working tirelessly to promote bilateral ties, trade and investment.  We have established great relationship across the board.  From regulatory agencies such as the PBOC, CBIRC and CSRC to state entities as the National Development Reform Commission, to Provincial Government in Jiangsu, Shanghai, Hainan, Shenzhen, Chongqing, of course Beijing that huge support us and leaders across a spectrum of industry such as Shanghai Stock Exchange, China Everbright and China Nuclear Cooperation. We are very grateful that many including the Beijing Municipal Government, Financial Street Forum, Boao have given us strong support through the years.  

We are looking further to cementing our close ties and cooperation even further.  In this regard, I will like to applaud  China’s efforts in upholding the importance of international trade, investment and cooperation that is  critical for future prosperity of the world. 

The global economy, including those of developed markets, will only grow with continued trade, investment and cooperation.  In the past 3 decades, emerging market account for roughly two-thirds of global growth, about one-third contributed by China and another one-third by other emerging economies.  Without the investments, corporation and trade, global growth will be slower and everyone worst off. 

Looking ahead, the Middle East and Africa region is too important to ignore.  China realizes this and launches the Belt & Road initiative that aims to invest and support the growth of the Belt & Road economies that will benefit everyone.  In Middle East and Africa, which has a young demographic, the number of young adults joining the workforce in the next few decades will exceed the number of young adults joining the China workforce.  Hence, it is too big a market potential to ignore.  Investing in MENA is investing in the future prosperity of the world.

Abu Dhabi Global Market is the gateway to a fast growing MENA market. Since going operational 5 years ago, we have transformed financial services section in this region. We are now the fastest growing asset management hub, the largest REIT hub and the top Fintech hub in Middle East and Africa.    From ground zero, we have developed into an exciting jurisdiction, offering the widest range of digital licences available – from digital banking, digital payment providers, digital asset exchanges and digital securities offering.  We are embracing the digital economy to anchor the region’s growth for the future.  Our upcoming Fintech Abu Dhabi Festival is into its 4th edition and it promises to be the biggest year.  Last year, we have more than 5,000 participants from 74 countries attending, making it the largest Fintech gathering in the region.  This year we are going to have much more exciting things, including fintech 100, go around the world sourcing for the top 100 companies, fintech companies around the world. We have a government fintech forum, we have talked with leaders, leaders of regulatory agencies come together to advance the fintech agenda. We have FinTech innovation and challenge,  where we bring together financial institutions, and fintech forum to demonstrate the solutions to adjust problems to the region. So I welcome you to that very exciting trade event running from 24th to 26th Nov. Conferences such as this are very important to support bilateral trade and cooperation. Thank you for your time and I wish you every success.

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The Global Financial Centres Index 31 (GFCI 31)

The data on which GFCI 31 is based relate to the period up to the end of 2021. Overall the average rating was stable, less than one point lower than GFCI 30, following three consecutive drops in the average rating.