UAE aims to step up competitiveness
Dubai, August 9, 2007
The UAE's Ministry of Economy has announced its strategic framework for 2008-2010, targeting to increase the competitiveness of the economy.
The framework aims to achieve balanced development by diversifying sources of income, and leveraging existing economic strengths to build future capabilities.
One of the key objectives of the ministry is to create more opportunities for the UAE nationals to increase their role in the private sector.
"The ministry's strategy includes many initiatives aimed at enhancing capabilities of various economic sectors. The ministry will also focus on increasing the UAE nationals' involvement in the private sector," Minister for Economy Sheikha Lubna Al Qasimi was quoted as saying by UAE media.
She said the ministry was keen on translating the strategy's recommendations to a series of initiatives.
"We are looking forward to closer co-operation with other federal ministries and local government departments to achieve the objectives spelt out in the strategy," she added.
The ministry's key strategic objectives include updating and developing the legal economic frameworks, sealing partnerships with the local authorities and the private sector and enhancing UAE Nationals' contribution to economic growth. Protection of consumers and combating illegal trade activities in addition to achieving better coordination with local economic departments are also high on the ministry's agenda.
Promoting entrepreneurship among the UAE Nationals and offering necessary support to local entrepreneurs are other important areas covered by the ministry's strategy.
Adopting new regulations to promote corporate governance and setting up a competitiveness board in association with concerned authorities are also among the initiatives proposed by the strategic framework.