London, The Arab-British Chamber of Commerce held the 3rd Arab British Economic Summit 2023 in London on Monday, with participation from government officials, decision makers, and ambassadors.
The Summit, under the banner of 'Sustaining an Emerging Vision', will highlight the strategic UK-Arab partnership with an emphasis on the widening scope of cooperation within various sectors and industries.
The event will seek to identify practical initiatives that can strengthen transnational trade ties and bilateral investment flows in the post-pandemic, post-Brexit low-carbon economy.
Discussion will concentrate on sustainable tourism, e-commerce, franchising, as well as the banking and financial industry.
This high-level event will bring together government officials, senior executives, thought leaders and decision-makers and ambassadors from across the UK and the Arab world, among them Kuwait Ambassador to the UK Bader Al-Awadhi, to share their ideas and debate the diverse trade and investment opportunities that are emerging in the new technology-based industries.
The line-up of speakers includes Arab League Secretary General Ahmad Abul Gheit, UK Investment Minister Lord Dominic Johnson, the Baroness Symons of Vernham Dean, Chairwoman at ABCC, Lord (Tariq) Ahmad Minister of State for MENA, AfPak, India, UN and The Commonwealth at Foreign, Commonwealth and Development Office.
UK trade commissioner for the Middle East Oliver Christian.
The sessions will tackle first, securing the future of Water, Food and Health.
Countries across the MENA region are intensifying their efforts towards food security, improved management of scarce water resources and healthcare for their citizens, leading to increased innovation in these key sectors vital for human life, wellbeing, sustainability as well as economic development.
To mitigate disruptions to fragile global supply chains and learning the lessons of the pandemic and the impact of a protracted war in Europe, agricultural self-sufficiency, water security and people's health are increasingly adopted as strategic priorities.
Agri-tech, vertical farming, green energy, water use and reuse, healthcare and med tech finance and investment for future sustainability.
The second session will delve into the Evolution of Banking, Finance and Insurance.
As banks, non-bank financial institutions and the financial services industry continue to respond to rising consumer expectations and new technologies such as cloud and AI, banks are harnessing the potential of digital to improve service delivery and achieve competitive edge.
Evaluating the scope for greater Arab-British cooperation, speakers will consider the key trends that are transforming the industry and the evolving relationship of institutions with their customers including the rise of non-bank institutions as sources of credit, insurance products, the Fintech sector and investment firms.
The session will look at the regulatory frameworks, legal measures and best practice to ensure data protection and minimize risk.
Technology and banking, response of traditional banks - changing customer demand, Islamic finance, corporate social responsibility.
The third session will discuss growth of E-Commerce, AI and UK-GCC trade agreement.
The session will look at how the MENA countries and GCC in particular have become some of the most exciting e-commerce markets in the world.
The Gulf countries are global leaders in addressing the challenges posed by the rise of Artificial Intelligence and they are adopting key strategies to deal with the opportunities that AI presents with ambitions to adapt AI techniques and integrate them across economic sectors from health, education, transport, communications and energy.
E-commerce is growing in sophistication with the technology aware younger population driving forward demand for more innovative products.
The forthcoming UK-GCC free trade agreement should create much more potential for partnership across the AI and e-commerce space offering new opportunities for trailblazing British E-commerce innovators many of which are fast growing SMEs.
Why MENA is now one of the world's most exciting e-commerce markets, Opportunities for British innovation in E-commerce and AI, Growth of AI and future market trends, untapped potential for sharing expertise and partnership AI and the UK-GCC free trade agreement.
The fourth session will cover COP28 and Sustainable Development.
This session will examine how the Arab World today stands right at the center of global efforts to meet the goals of the 2015 Paris Agreement on climate change.
Following on from COP27 held in Sharm El Sheikh, Egypt, in 2022, COP28 is set to open in Expo City Dubai, on 30 November 2023, where bold, practical and ambitious solutions will be reviewed and agreed to reduce emissions, meet international obligations and secure sustainable development for the region and world.
Continued advances across the Arab countries are guided by a core vision of sustainable development opening up investment in ambitious new projects that offer new vital revenue streams and job creation in areas such as new technologies, transport, infrastructure, hospitality, leisure, education and training and environmental protection.
Speakers will address how the COP28 agenda and the sustainable economic development priorities go hand in hand.
VisitBritain will explore how tourism is an enabler of cultural and economic exchange, outlining its campaigns the Gulf to drive visitor growth and attracting visitors from across the region to Britain's economy while building a sustainable, innovative and accessible destination.
The fifth session will go over the Entrepreneurs of the Future.
This session will discuss how entrepreneurs contribute to national prosperity through cutting edge innovation.
Speakers will look at policy priorities of Arab countries to build a culture of entrepreneurship and the factors that shape success.
The session will also consider how closer partnership between education institutions and business can develop the skillsets required to achieve market success, how entrepreneurs inspire others, successful leadership, opportunities from franchising and the impact of digital technology.
Creating a seedbed for innovation - incubation and accelerating creative talent, incentives and financial support for start-ups, importance of mentoring.
Source: Kuwait News Agency