[ad_1]
ABU DHABI, 9th November, 2022 (WAM) — His Highness President Sheikh Mohamed bin Zayed Al Nahyan has issued Federal Decree No. 25 of 2022 on Industrial Regulation and Development.
The new law was introduced to support the organization and development of the country’s industrial sector by increasing the flexibility to adopt more supportive policies and provide incentives. The law aims to be a key enabler of the industrial sector in coordination with federal and local authorities, increasing its investment attractiveness and encouraging local and foreign investment in industrial activity.
The new law will come into force in January 2023 and will apply to all industrial activities in the country, including free zones, economic zones and professional zones.
The law allows for a package of incentives and promotions for the industrial sector to support the national strategic objective of increasing industrial competitiveness. This includes the establishment of a national industrial registry containing a comprehensive database of industrial projects detailing their contribution to the national economy. The database also supports manufacturers in conducting feasibility studies and evaluating potential investment opportunities.
The decree strengthens the role of the Ministry of Industry and Advanced Technology (MoIAT) in promoting investment in the UAE and the adoption of advanced technologies and solutions for the Fourth Industrial Revolution. MoIAT will play a greater role in developing future industries and stimulating innovation and R&D under the National Domestic Values Plan.
The law also supports the objectives of international agreements in which the UAE is a party, such as those of the World Trade Organization.
This decree will replace Federal Law No. 1 of 1979 on industry regulation. It will strengthen the integration between the Ministry of Transport, local economic departments and licensing agencies in free trade zones, economic zones and professional zones by standardizing the process of issuing industrial licenses.
The decree promotes the industrial business environment in the UAE and promotes the role of legislation as a mechanism to promote the growth and competitiveness of the industry. Other tools include world-class logistics infrastructure and technology adoption.
MoIAT will work with partners from the Industrial Development Council to complete the implementation of the regulation and organize information workshops for manufacturers on the law.
Through industrial registration, the law will support multiple sectors including pharmaceuticals, food, medical and agricultural technology. It will also strengthen some of the country’s most competitive industrial sectors, such as petrochemicals, iron, aluminium and plastics, while stimulating future industries, especially hydrogen and aerospace.
The decree also supports the “Made in UAE” initiative launched by MoIAT to enhance the role of the private sector and attract industrial investors through various incentives and competitive advantages, such as legislative and regulatory frameworks, logistics capabilities, financing solutions, export opportunities , comprehensive economic partnership agreements, bilateral trade agreements and the adoption of advanced technologies.
The decree is combined with a package of projects adopted by MoIAT to support the growth and global competitiveness of priority industries and to strengthen the UAE’s position as a global hub for future industries.
The decree creates a national industrial registry, which includes a database detailing how much each industrial project contributes to the national economy. The data also helps companies and investors evaluate potential investment opportunities. Information in the registry is protected and the circulation of information is prohibited except in accordance with the conditions laid down by the relevant authorities. The registry also outlines a series of obligations to support the performance of industrial facilities and strengthens the industrial licensing process, permits and exemptions.
The registry will also facilitate the development of incentives to support the adoption of advanced technologies and 4IR solutions in the industrial sector, in line with the recently announced Technology Transformation Plan. It also highlighted the ministry’s role in overseeing all licensed industrial activities in the country.
The decree outlines the obligations of industrial facilities when obtaining an industrial license. It also prescribes mandatory controls, norms and standards issued by the Ministry in accordance with the procedures and controls set out in the Law Enforcement Regulations.
The Ministry of Industry and Advanced Technology, in coordination with relevant government entities, aims to promote a sustainable economy in the fields of raw materials, circular economy and waste recycling.
MoIAT supports the goals of the “Made in the Emirates” movement through several programmes such as the Domestic Value Programme, which successfully redirected over AED42 billion into the national economy, the Industry 4.0 programme and the “Make it in the Emirates” forum, where major national companies have A potential purchase agreement of AED 110 billion was announced during the forum.
The forum also identified 11 priority industries that contribute AED6 billion to the country’s GDP annually. In terms of infrastructure quality, the UAE ranks first in the Middle East and North Africa and 11th globally in the Sustainable Development Quality Infrastructure Index published by the United Nations Industrial Development Organization (UNIDO) and the International Quality Infrastructure Network.
The UAE’s industrial exports reached AED116 billion last year. The country has also strengthened its quality infrastructure system, which includes standard specifications, metrology, certification and conformity assessment, to support the performance of the UAE industrial sector.
[ad_2]
Source link
