14-point agenda to battle global crisis

The Abu Dhabi Chamber of Commerce and Industry has submitted a 14-point economic programme to the Economic Affairs Unit of the Abu Dhabi Government to combat the current global economic problems.

The plan suggests, among other measures, that the UAE have a more active role in the IMF, the purchase of bad assets from banks, reduced interest rates and setting up of a new investment group for overseas investments in gold and metals.

The chamber has recommended the creation of a new investment body to direct UAE investments abroad. Speaking to Emirates Business, Dr Al Tijani A Badr, Economic Advisor to the Abu Dhabi Chamber of Commerce said the industry body has conducted a detailed study on the potential impact of the current global economic turmoil on the UAE and come out with this 14-point economic plan.

He said: "We have submitted the report to the Economic Affairs Unit with several recommendations. The most important of the 14-point suggestions include effective role in the International Monetary Fund and other multilateral developmental institutions, reducing the high interest rate from five per cent to two per cent and establishing a new investment organisation that can identify viable projects in emerging markets, especially India and China where the future growth rate will be high."