Category: Trading

HONG KONG: About 1.44 million travellers visited the Hong Kong Special Administrative Region during the eight-day Spring Festival holiday from 10th-17th Feb, with 1.26 million of them coming from the Chinese mainland, Chief Executive John Lee Ka-chiu said on Tuesday.

Speaking to the media for the first time in the Year of the Dragon, the chief executive expressed his optimism and said there had been positive signs at the beginning of the new year.

Lee, ahead of the weekly Executive Council meeting, stated that during the eight-day holiday, there was an average daily influx of 157,000 mainland visitors to Hong Kong. This marked an increase of 15 and 25 percent when compared to the visitor numbers during the National Day and Labour Day golden weeks in 2023 respectively, China Daily reported.

There were about 1,980 mainland tour groups coming to the city, with a daily average of 200 compared with 170 in 2019, he said.

According to the hotel sector’s data, the average hotel occupancy rate also peaked at 80 pe
rcent. Lee mentioned that during the initial days of the holiday, the occupancy rate even reached 90 percent, and certain hotels in remote locations were completely booked on the night of the Lunar New Year fireworks show.

Overnight visitors stayed in the HKSAR for an average of 3.6 days in 2023, compared with 3.1 days in the pre-pandemic period, registering a 16 percent rise, the Chief Executive added.

Lee also pointed out that it had been a normal trend for many years that the number of outbound travellers was higher than that of inbound visitors during the holiday, as residents enjoyed travelling outside Hong Kong, especially during the long holiday periods.

‘The average ratio of outbound and inbound travellers is about 1.5-2.5 to 1. The figure has been higher after the end of the pandemic last year, due to the pent-up demand for outbound travelling,’ the Chief Executive said.

Cross-boundary travels between the mainland and the SAR had also become a norm with the city’s integration with the Guangdong-H
ong Kong-Macao Greater Bay Area, he added.

Source: Emirates News Agency

ABU DHABI: The UAE’s Advanced Technology Research Council (ATRC), mandated to shape an advanced R and D ecosystem in Abu Dhabi, recently signed a Memorandum of Understanding with the Ministry of Digital Technologies of the Republic of Uzbekistan.

This synergy aims to leverage the technical expertise of ATRC and its subsidiaries for the seamless integration of Artificial Intelligence (AI) across Uzbekistan’s technological infrastructure and government services.

Under the terms of the agreement, Uzbekistan will explore and drive the adoption of Falcon LLMs and Falcon-powered solutions, as well as support the use of Falcon within its digital ecosystem across diverse use cases.

Furthermore, Uzbekistan will encourage organisations and entities to join the recently announced ‘Falcon Foundation’ and contribute to the advancement of open-source Falcon models. The partnership marks a significant stride in exporting Falcon’s capability at a state level beyond the Middle East, laying the groundwork for global collabo
rative initiatives that will define the future of technological innovation.

Expressing optimism about the alliance, Shahab Issa Abu Shahab, Director-General of ATRC, said, ‘”The signing of this agreement underscores ATRC’s steadfast dedication to forging global partnerships in the realm of AI. Collaborating closely with the government of Uzbekistan, we look forward to supporting the wider adoption of Falcon’s pioneering solutions across diverse organisations within the country.”

Sherzod Shermatov, Minister of Digital Technologies of Uzbekistan, said, ‘We are pleased to join forces with ATRC, in encouraging innovation as we integrate the state-of-the-art Falcon AI models into Uzbekistan’s technological infrastructure and government services. Our joint efforts are poised to fast-track innovation and help us overcome digital barriers to achieve our potential.’

Falcon LLM, a world-leading open-source AI model, is part of the Falcon series of powerful large language models developed by the Technology Innovation
Institute (TII), ATRC’s applied research arm.

ATRC and its commercialisation arm VentureOne launched a pioneering AI company AI71 in November 2023 to deliver specialised AI models for clients – both companies and countries, while giving them the option of decentralised data ownership. Both TII and AI71 offer vital channels for the deployment of the Falcon series of LLMs.

Source: Emirates News Agency

ABU DHABI: Indonesia urges the World Trade Organisation’s (WTO) 13th Ministerial Conference (MC13) in Abu Dhabi next week to address the longstanding food security issues, according to Djatmiko Bris Witjaksono, the Director-General of International Trade Negotiations at Indonesia’s Ministry of Trade.

‘We need to seize the momentum of MC13 by offering concrete solutions to break the impasse of agriculture negotiation and address the ever-growing food security crisis. In doing so, we need to correct the imbalances and asymmetry of the global agriculture trading system,’ he said in an email interview with the Emirates News Agency (WAM) from Jakarta.

MC 13 should be able to address the longstanding food security issues that are more relevant in today’s situation as the world is vulnerable to food insecurity caused by multidimensional crisis, Witjaksono stressed.

UAE’s efforts, hospitality

The UAE is set to host the WTO Ministerial Conference from 26th to 29th February 2024 in Abu Dhabi, after successfully org
anising COP28, the UN Climate Conference in Dubai in December 2023.

MC13 will convene representatives of 164 nations and trading blocs.

The Indonesian official appreciated the UAE’s outstanding efforts and hospitality for the WTO Ministerial Conference.

He stressed that Indonesia fully supports the UAE’s chairmanship of MC13 and the endeavours to empower the multilateral trading system.

Witjaksono said Indonesia would work together with the UAE to build positive and constructive engagement of all members, by accommodating everybody’s interests and concerns.

Crucial global meet

MC13 aims for pivotal reforms into the global trading system, spanning from expanding WTO membership to strengthening dispute resolution mechanisms and adopting digital trade frameworks.

The WTO ministerial meeting also aims to address challenges such as supply-chain disruption, inflation, protectionism, and climate change. In addition, MC13 will explore ways to boost investments in trade technologies for sustainable and resilien
t supply chains.

Indonesia’s other priorities

The Indonesian official said his country supports the mandate of WTO’s previous conference (MC12) to achieve a comprehensive agreement on fisheries subsidies at MC13.

He said Indonesia supports the mandates set out in MC12, which aim to establish a fully functional and accessible dispute settlement system for all members by 2024.

About the measures to address climate change, Witjaksono suggested that such efforts should not hinder the social and economic development of developing countries and the least developed countries (LDCs). Climate measures must pay more attention to the impacts on vulnerable groups, he added.

Environmental and climate change issues should not be used as protectionist measures that are contrary to the provisions of WTO agreements, potentially harming the interests of developing countries and LDCs, the official asserted.

About the moratorium on customs duties on electronic transmissions, Indonesia believes that the moratorium should no
t be kept permanently, Witjaksono said.

The decision on this issue has to be based on a clear definition and scope of electronic transmissions that are multilaterally agreed upon, he added.

UAE’s support to global trade

Given its rising role as a global logistics hub, the UAE has taken the initiative to host MC13, a prominent global meeting. The Emirates, a champion for greater engagement of the Global South, advocates for a more inclusive global trading system.

In 2021, the UAE started forging the Comprehensive Economic Partnership Agreement (CEPA) with major partners worldwide. The CEPAs aim to establish more open, sustainable and mutually beneficial trading relations by removing barriers to trade in goods and services, simplifying customs procedures and streamlining supply chains.

UAE has concluded CEPA with 11 countries such as India, Indonesia, Israel, Trkiye, Cambodia, South Korea, Colombia, Georgia, Mauritius, Congo-Brazzaville and Costa Rica. The first five agreements have already come into effec
t.

Source: Emirates News Agency

DUBAI: Valerie Brown, Regional Agricultural Counsellor for the US Department of Agriculture (USDA) at the US Consulate Dubai, revealed that nearly 170 American companies are participating in Gulfood 2024 in Dubai, noting that the first participation of the U.S. pavilion at the exhibition dates back to about 3 decades.

Brown said in statements to Emirates News Agency (WAM) that the sales of 158 American companies at Gulfood in its 2023 session reached US$18 million, stressing that her country’s companies are keen to participate in Gulfood, the world’s leading exhibition in the food and beverage sector.

She noted the distinguished relations between the USA and the United Arab Emirates and expressed her hope for further efforts to build new partnerships for American national companies during the event and to showcase sustainable products and foods, in addition to unveiling an experimental kitchen for national cuisines that includes the most famous American chefs.

Brown discussed the book “My Food Story”, whic
h explores the cultures and traditions of various peoples worldwide. The book features dialogues with renowned chefs sharing their personal experiences, impressions, and unique flavours. It will be distributed to all American embassies globally as part of a “World Tour.”

The US official expressed her pride in this achievement, which records and documents American, Arab, European and Gulf cuisines in an attempt to integrate the world around one table and includes many secrets, stories and experiences of the most famous chefs from 105 countries around the world.

Source: Emirates News Agency

ABU DHABI: The Abu Dhabi Department of Economic Development (ADDED) and Hub71, the Abu Dhabi’s global tech ecosystem, have joined forces to enhance the Emirate’s innovation ecosystem by further developing the regulatory environment for innovative products and services.

This strategic alliance will design and launch the Abu Dhabi regulatory sandbox programme, a collaborative platform that brings together companies in priority clusters such as Health Tech, Mobility, and AgriTech with regulatory authorities and policymakers.

The programme aims to foster a regulatory environment that accommodates emerging technologies and supports regulatory innovation by encouraging innovation, cooperation, and regulatory experimentation among participants.

Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, attended the announcement of the new partnership between the Competitiveness Office of Abu Dhabi (COAD), ADDED’s arm to increase the Emirate’s competitiveness, and Hub71 to support companies with untested innovations w
hich are close to market entry stage, attract companies to Abu Dhabi, guide companies to appropriate regulators, and provide them with the support needed to grow.

The regulatory framework for innovation sandbox provides space for innovative local and international companies within the priority clusters to test their innovations in a real environment. Such testing will further help these companies prepare for potential future launches within the Emirate.

To further enable innovators and entrepreneurs to turn their ideas into services and products, COAD will increase its level of efficiency and quality of service, which includes reducing the time taken to launch innovative solutions, from development stages to licencing. COAD will also implement a coordination programme in cooperation with various regulatory authorities to facilitate the product launch process.

The regulatory framework is an important step in strengthening Abu Dhabi’s position as a leading destination for innovation, supporting investment ac
tivities and fostering economic growth. In 2022, COAD launched ‘Abu Dhabi Innovates’, a general framework to enhance innovation in the Emirate.

The framework aimed to encourage and incentivise innovation and innovators; analyse and suggest pillars of innovation within the ecosystem in line with ADDED’s efforts to provide regulatory and institutional frameworks to support innovation and research and development (R and D) in vital economic sectors.

Hala Al Ameri, Executive Director of COAD, said, ‘Our partnership with Hub71 will boost efforts and initiatives serving the Abu Dhabi Regulatory Sandbox Programme, which provides the opportunity for innovative entrepreneurs to develop value-added solutions that will increase Abu Dhabi’s competitiveness. Leveraging Hub71’s global tech expertise will help in streamlining coordination among various stakeholders in the Emirate and simplifying the product launch process.’

‘Within an experimental environment, companies can test their products and services in an organise
d and controlled manner for a specific period. When the testing is successful, those companies are allowed to introduce their solutions to the market in accordance with the controls enacted by the regulatory authorities,’ Al Ameri added.

The launch of the Regulatory Sandbox Programme aims to motivate individuals to transform innovative ideas into tangible services and products, fostering a culture of innovation and entrepreneurship within Abu Dhabi. COAD’s Takamul Programme, having evaluated over 1,100 patent support applications, reflects the commitment to supporting inventors and consolidating a culture of innovation in the UAE.

Ahmad Ali Alwan, CEO of Hub71, said, ‘A progressive regulatory environment is essential for innovation to thrive. Through this partnership, Hub71 will work closely with COAD to enable startups to validate their solutions and establish product-market-fit. Abu Dhabi promotes founders to conduct business by leveraging the capital’s position as a leading global hub for tech and innova
tion. We look forward to collaborating with COAD and are confident that this partnership will positively impact the technology and innovation landscape.’

The signing of the MoU represents a significant milestone for Abu Dhabi, positioning itself as a hub for innovation and providing a supportive ecosystem for businesses to thrive and innovate.

Source: Emirates News Agency