Category: Trading

HANOI: Comprehensive plans are in place to rejuvenate and advance Vietnam’s information and communications infrastructure, reported the state news agency (VNA).

The Ministry of Information and Communications of Vietnam has announced details of the information and communications infrastructure planning project for 2021-2030, with a visionary outlook extending to 2050.

This planning project outlines Vietnam’s objectives to establish the groundwork for a digital government, foster a thriving digital economy and cultivate a connected digital society.

The envisioned information and communications infrastructure encompasses a cohesive framework that integrates various components, including the postal network, digital infrastructure, information technology industrial infrastructure, national digital transformation platforms and security assurance systems. This interconnected network is pivotal for ensuring the integrity and security of all information within the system.

The plan aims for significant advancements
in digital infrastructure by 2025. It envisions ubiquitous access to fiber optic cable for households, ensuring that 100% have access when needed.

It sets goals for smartphone ownership among the adult population, access to high-speed Internet for technological hubs and government agencies, integration of IoT in essential infrastructure and the adoption of cloud computing services by Vietnamese businesses.

Simultaneously, the plan entails deploying and investing in two to four additional international telecommunications cable lines. It also outlines the establishment and deployment of national data centres, including at least three national multi-purpose data centre clusters, regional multi-purpose data centre clusters, and one or two regional data centres catering to the needs of financial centres in Vietnam, the region, and internationally.

Looking ahead to 2030, the focus shifts towards substantial improvements in fixed broadband access network infrastructure. Additionally, the plan aims to extend the c
overage of 5G mobile broadband networks to 99% of the population, emphasising advancing next-generation mobile networks.

Furthermore, the target is set for 100% of state agencies, state-owned enterprises, and over 50% of the population to utilise cloud computing services provided by domestic enterprises.

By 2030, the completion and seamless operation of national-scale digital platforms will be prioritised to meet the demands of the digital government, digital economy, and digital society. The objective is to ensure universal access to and utilisation of advanced digital services of high quality at reasonable prices for all individuals.

By 2030, Vietnam seeks to emerge as a prominent hub in Asia for ensuring network information security and network security. The goal is to shape a market renowned for its competitiveness and influence across the region and beyond. Vietnamese digital technology enterprises are encouraged to leverage open-source technologies to attain technological autonomy, thereby mastering
the Vietnamese network information security and network security market.

The planning scheme also recommends prioritising the development of the 5th generation (5G) mobile information network starting from 2025, allocating telecommunications resources based on market mechanisms to ensure service quality on par with global standards.

Source: Emirates News Agency

SEOUL: The South Korean Ministry of Science and ICT said Monday it will invest 121.9 billion won (US$91.5 million) to bolster the local cloud computing industry this year

Yonhap News Agency quoted the ministry as saying that the budget marked a 17.2 billion won increase from the previous year’s allocation.

The ministry said cloud technology plays a key role in advancing artificial intelligence (AI) as it provides high-performance computing capacity and massive data storage capabilities.

In detail, the ministry plans to inject 24 billion won into the development and commercialisation of innovative cloud services, 7 billion won into cloud-based software as a service (SaaS), and 8 billion won into the transformation of software to SaaS. Around 20 billion won is set aside to create an innovation fund for SaaS.

Source: Emirates News Agency

ABU DHABI: Emirates Development Bank (EDB), the key financial engine of economic development and industrial advancement in the UAE, has unveiled its 2023 results, showcasing an extraordinary year of achievements and strategic milestones. The Bank revealed a significant 80 percent surge in its contribution to the UAE’s industrial GDP, which has grown from AED2.4 billion in 2022 to AED4.3 billion in 2023, as well as its contribution to the creation of 17,219 jobs, illustrating its commitment to fostering economic growth and development.

The annual results underscore EDB’s substantial impact on the nation’s priority economic sectors, reflecting its pivotal role in the UAE’s vision for industrial diversification and sustainable growth.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of Emirates Development Bank, commented, ‘In line with the UAE leadership’s vision for Emirates Development Bank to be a key financial enabler of the UAE’s Industrial Strategy, and play an ef
fective role in supporting sustainable economic and social development, the Bank continues its significant achievements which reinforce the nation’s economic resilience and advancement.’

He added, ‘EDB’s dynamic strategy which offers innovative financing solutions has played a pivotal role in reshaping the UAE’s industrial sector which led to a remarkable increase in the industrial GDP impact in 2023, bringing the total of net financing approvals since the launch of EDB’s strategy in 2021 to AED8.7 billion.

‘These unparalleled results showcase the Banks’ commitment to making progress towards its goals, building a diversified economy, and contributing to the resilience and competitiveness of the national economy.’

The Bank’s flexible financing solutions and patient debt approach have significantly bolstered industrial growth, SME support, and technological advancements, aligning with the UAE government’s strategic goals.

Ahmed Mohamed Al Naqbi, CEO of Emirates Development Bank, added, ‘The year 2023 has be
en a milestone for EDB in reinforcing its role as a key enabler of the UAE’s economic growth and industrial advancement. Our strategic emphasis on sectors crucial to the UAE’s future development has led to the deployment of innovative and sustainable financing solutions. This resulted in a significant 72 percent increase in SME financing approvals, totalling AED3.3 billion, which underlines our commitment to nurturing the backbone of our economy, as well as AED1.3 billion in financing approvals under the Credit Guarantee Scheme with partner banks, enhancing access to capital for SMEs.

“We have set a clear goal to elevate EDB’s contribution to the UAE’s GDP to AED10 billion by 2026, focusing on empowering the private sector to drive the nation’s economic growth. Our efforts and achievements have been instrumental in positioning EDB as a catalyst for the economic growth of the UAE.’

Moreover, EDB has approved a total of AED1.3 billion in financing under the Credit Guarantee Scheme with partner banks in the UA
E, which marks a 64 percent increase compared to the previous year and reflects the Bank’s commitment to enhancing the financial inclusion of SMEs.

EDB launched five new programmes with a total value of more than AED500 million in financing, including two first-of-a-kind programmes dedicated to financing agritech and solar energy projects. This reaffirms the Bank’s alignment with the UAE’s climate goals and net-zero ambitions as well as its comprehensive approach to economic development.

The Bank has a mandate to approve AED30 billion in financing support to 13,500 companies within five sectors – manufacturing, food security, healthcare, technology, and renewables – by 2026.

Source: Emirates News Agency

ABU DHABI: China is willing to work with all parties to achieve more pragmatic results at the 13th Ministerial Conference of the World Trade Organisation (WTO) held in Abu Dhabi, said Chinese Commerce Minister Wang Wentao on Sunday.

During his meeting with Ngozi Okonjo-Iweala, Director-General of the WTO in Abu Dhabi, Wentao said that China supports several key initiatives that include the restoration of the normal functioning of the WTO’s dispute settlement mechanism.

Also, discussions focused on the formulation of a work plan for agricultural negotiations, addressing the concerns of the least developed countries and net food-importing developing countries regarding food security, and promoting the conclusion of the second phase of the agreement on fisheries subsidies.

Wang said that China supports the inclusion of the agreement on investment facilitation for development into the WTO’s legal framework, maintaining the moratorium on customs duties on electronic transmissions, concluding e-commerce negotiat
ions as soon as possible and advancing multilateral trade rules to keep pace with the times.

During the meeting, Okonjo-Iweala expressed her expectation that China will continue to play a leading role in negotiations on issues such as reforming the WTO’s dispute settlement mechanism and the second phase of fisheries subsidies, as well as make further contributions to the success of the MC13.

This four-day event brings together ministers and senior officials to discuss international trade rules and regulations.

Source: Emirates News Agency

ABU DHABI: In the presence of Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), today honoured the first 30 graduates of the Global Future Trade Leaders Programme – a course designed to develop the Emirati trade negotiators of the future.

The three-month training course, which was launched by the Ministry of Economy in conjunction with Abu Dhabi Department of Economic Development (ADDED) last November, has been designed to equip participants with the skills necessary to drive forward the nation’s foreign trade agenda.

The Graduation ceremony was also attended by Ngozi Okonjo-Iweala, Director General of the World Trade Organisation, and Rashid Al Balushi, Under-Secretary of the Department of Economic Development – Abu Dhabi.

The graduation comes on the eve of the 13th Ministerial Conference (MC13), the World Trade Organisation’s topmost decision-making body that is taking place in Abu Dhabi between
26th-29th February. Preparations for the event, which gathers global ministers and government officials from 164 Member States to review, refine and update the rules governing global trade, was part of the Global Future Trade Leaders Programme’s curriculum.

During the graduation ceremony, Dr. Al Zeyoudi, who is also MC13 Chair, highlighted the central role of foreign trade in the UAE’s national vision, which seeks to develop an agile, adaptable and diversified economy built on knowledge and innovation. Additionally, he emphasised the importance of the nation’s next generation in expanding the UAE’s status as a trade hub and champion of open, rules-based trade as a driver of long-term growth and development.

He said, ‘The UAE is a compelling example of trade’s power to elevate economies and provide a pathway to long-term, sustainable prosperity. In a rapidly evolving world, the ability of the global trading system to keep delivering growth and opportunity will depend on the next generation of trade professio
nals. Their talent, leadership and commitment to open, rules-based trade will ensure every nation around the world will continue to benefit from the free flow of goods, services and ideas.’

‘The Global Future Trade Leaders Programme is designed to equip our young trade strategists with the skills and knowledge necessary to cultivate a modern, inclusive and sustainable global trading system, offering them hands-on, real-world experience of global trade issues. I offer my utmost congratulations on their successful completion of the programme and look forward to their continued contribution to our national vision.’

The Chairman of ADDED said, ‘The graduation of the 1st cohort of the Global Future Trade Leaders Programme is a milestone in our journey to equip our talents with the skills to enhance UAE’s status as a leading trade hub, and accelerate our transition to a smart, diversified, and sustainable economy.’

‘Trade is an integral part of UAE’s development. The free flow of goods, services, and people has
shaped our history and continues to drive our progress as we are forging ahead with efforts to cement the UAE’s position as a leading global hub for trade, business, and investments,’ Al Zaabi added. ‘To this end, we believe the right talents and skills are paramount. The graduates of this programme will enable UAE representatives to reach innovative solutions to global trade challenges at the upcoming WTO Ministerial Conference in Abu Dhabi.’

Supported by the Anwar Gargash Diplomatic Academy (AGDA), the UAE’s official Education Partner as host of MC13, the Global Future Trade Leaders Programme saw candidates participate in a series of masterclass sessions led by experts from international and national entities including the WTO, World Economic Forum, UNCTAD, OECD and AGDA. Subjects covered a range of trade-related topics from trade policy and financing to digital and sustainable trade.

The launch of the programme aligns with the increasing importance of foreign trade in the UAE’s strategic agenda, serving
as a key contributor to doubling the national economy and achieving objectives linked to economic diversification, accelerating GDP growth, stimulating non-oil exports, supporting innovation, and preparing the next generation of talents, competencies, and creative ideas.

Source: Emirates News Agency