Wednesday 27 January 2021

UAE unveils strategy to boost industrial sector growth

ABU DHABI, November 29, 2018

The UAE Government has launched the Industrial Development Strategy 2030, with a view to develop and build the capacities of the UAE industrial sector, said a report.

The strategy includes developing a road map to achieve a number of objectives within a specific time frame, establish a set of enablers that would increase the contribution of the industrial sector to the GDP, create job opportunities, attract and encourage national and foreign investments, empower small and medium sized enterprises, SMEs, and address the current challenges, reported state news agency Wam.

The announcement came during the meeting of the Industrial Sector Working Group as part of the Second UAE Government Annual Meetings, held in Abu Dhabi.

The government also adopted an initiative to launch the UAE Industry Platform, a federal e-platform designed to align the industrial registration procedures in force at the various federal and local entities and linking these procedures to their websites.

The platform is expected to facilitate access to the industrial sector and familiarise investors with the current industrial activities and the potential opportunities. It will also provide access to the manufacturers databases to act as an integrated reference for the stakeholders, stated the report.

The initiatives are aimed at supporting the UAE’s goal to increase Value Added Tax (VAT) annual growth rate of the industrial sector to 7 percent, by promoting innovation, research and development, and industrial know-how; supporting national competencies and attracting foreign investments, it added.

This would increase the industrial productivity and competitiveness, diversify income sources and create new job opportunities, remarked Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Industry.

The minister pointed out that the second UAE Government Annual Meetings are the most prominent event at the federal and local government levels. They serve to enhance joint government action and achieve future government goals and projects, and pave the way for implementing the UAE 2021 Vision through the various initiatives adopted in several vital sectors.

"The Ministry aims to develop a joint action plan and boost cooperation with the local sectors to follow up on its implementation through a number of enablers, initiatives and joint projects," remarked Al Mazrouei.

"These aim at promoting the industrial sector capabilities to further contribute to the national economy and attract new industrial investments, based on modern technologies that comply with the aspirations of the UAE," he noted.
"The Ministry is also keen to ensure the alignment of the industry strategy with the sustainable development goals, SDGs, and the strategies adopted in the UAE, most important of which is the UAE Energy Strategy 2050," he added.

The Working Group examined the different aspects of the industrial sector in the UAE, as well as the current and future plans to develop the industrial sector and increase its contribution to the national economy.

It further tackled boosting the industrial capacity based on commodities and services know-how to increase the sector’s competitiveness, in addition to the means of supporting small and medium-sized enterprises and shifting to green manufacturing, in a bid to achieve the sustainable development goals, said the Wam report.

Participants also reviewed the future industrial trends worldwide, stressing the importance of providing industrial statistics and data, electronic linkage between government entities, and facilitating access to industrial licenses.

They further stressed the need to develop a guide listing the various factories around the UAE and their related activities, it added.

Tags: UAE | SMEs | Industrial Sector |

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