The future will be focused on achieving comprehensive Emirati industrial activity, led by major national development sectors, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, said on Tuesday.
According to The National News, future plans will create an appropriate economic system and promote public-private partnerships that will boost the UAE’s stature as a global capital of future industries.
Dr Al Jaber made his comments during a session of the annual UAE government meetings, attended by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court.
The UAE has succeeded in strengthening its stature as a destination for pioneering industries and developing the industrial sector through the “Make it in the Emirates” initiative, said Dr Al Jaber.
Developing digital infrastructure, promoting the use of technologies of the Fourth Industrial Revolution, and boosting the capacities and competitive advantages that double the contribution of the national industrial sector and advanced technology will also build the country’s position.
“The UAE government is building a global economic base by developing local supply chains, manufacturing new products, and intensifying the efforts to support national industry and increase the competitiveness of national products,” Dr Al Jaber added.
The participants at the session discussed the importance of developing national industry and increasing local content by adopting ambitious policies and initiatives and enacting strategic industrial projects in priority sectors.
These measures are all designed to increase the contribution of the industrial sector to the gross domestic product.
They also discussed the main challenges facing the national industry and the opportunities for the sector through the launch of various incentives and programmes.
The key achievements of the National In-Country Value Programme were also covered.
The initiative was launched in 2018 and has increased demand for national products and expenditures on purchases and services in the local economy, valued at DhD45 billion by end of 2022 and projected to reach Dh65 billion by 2031.
It also aims to increase the number of participating suppliers to 7,300 companies, meaning that the average national added value will total 60 per cent. (NewsWire)