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- The law is a key pillar in improving industry performance and enhancing and strengthening national industrial project integration and partnerships
- Council supports Make it in the Emirates initiative and its goal of achieving self-sufficiency in priority and future industries
- The law strengthens the UAE’s position as a global industrial hub that attracts quality investments through incentives and enablers, including the National Domestic Value Initiative (ICV), Industry 4.0 and Technology Transformation Initiatives.
- Enablers and incentives support an attractive business environment in the industrial sector, stimulating innovation and the adoption of advanced technologies.
- The UAE Cabinet has approved a new policy to grant exclusive customs exemptions for imported materials that cannot be sourced locally to increase industrial added value and develop national supply chains.
Abu Dhabi, UAE: – His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Industrial Development Council (IDC), led the third meeting of IDC, a platform for coordinating efforts and integrating federal and local industry stakeholders and the private sector. It aims to enhance the competitiveness of the industrial sector, the development of industrial capabilities and the investment attractiveness of the sector.
The President and members of the Council started the meeting underscoring that the decision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to issue Federal Decree No. 25 of 2022 on Industrial Regulation and Development will enhance the industrial sector performance, and to enhance and strengthen the integration and partnership of national industrial projects. The law will ultimately strengthen the UAE’s position as a leading global industrial investment destination.
The Council reviewed the recommendations and outcomes of the previous session. In addition, members discussed projects aimed at supporting the industrial business environment and the positive impact of the participation of Ras Al Khaimah and Fujairah in the national domestic value scheme.
The Council supports the Cabinet’s decision to exempt certain imported goods from tariffs, which will have a positive impact on the industrial sector by stimulating production growth, increasing industrial value added, developing the national supply chain, manufacturing new products, and integrating and unifying customs duty-free services. The decision will benefit industry at the federal level, in addition to local customs authorities. It will also help update and promote factory data and products and increase local sourcing opportunities.
The meeting was attended by His Excellency Dr. Thani bin Ahmed Al Zeyudi, Minister of State for Foreign Trade, Vice-Chairman of the Industrial Development Council and Chairman of the Executive Committee, and His Excellency Younis Haji Alkori, Deputy Minister of Finance, The Honourable Omar Al Suwaidi, Deputy Minister of MoIAT, His Excellency Major General Suhail Saeed Al Khaili, Director General of the Federal Authority for Identity, Citizenship, Customs and Port Security, His Excellency Dr. Mubarak Saeed Ghafan Al Jabri, Assistant Deputy Minister for Support and Support Defence Industry within the Ministry of Defence, Federal Competitiveness HE Hanan Ahli, Director of the Centre for and Statistics, HE Ahmed Mohamed Al Naqbi, Chief Executive Officer, UAE Development Bank, HE Osama Amir Fadhel, Assistant Deputy Minister, MoIAT Industrial Accelerator, and Rapporteur of the Industrial Development Board.
Also present at the meeting were His Excellency Hamid Mohammed bin Salem, Secretary General of the Federation of Chambers of Commerce, His Excellency Noura Al Marzouqi, Assistant Under-Secretary for Policy and Strategy, Ministry of Human Resources and Emiratisation, His Excellency Dr Abdul Rahman Al Shayeb Al, His Excellency Ras Al Khaimah Economic Development Authority Director Naqbi and His Excellency Mohammed Obaid bin Majid Al Aleeli, Director General of the Fujairah Department of Industry and Economics.
His Excellency Dr. Sultan Al Jaber said: “In line with the leadership’s vision and directives to focus on supporting the industrial sector and enhancing its growth and competitiveness, the new Industrial Regulation and Development Act enables more flexible mechanisms and improves the industrial sector’s Capability. Industrial sector.”
“The new law will help attract local and foreign investment in the industrial sector, strengthen priority sectors, enable the ‘Made in the UAE’ initiative – especially in the catering and pharmaceutical sectors – to contribute to self-sufficiency and support in the UAE growth opportunities. Future industries such as space, hydrogen, medical and agri-tech. The law is also the backbone of the legislative system to support the growth of the country’s industrial sector and increase its contribution to the country’s GDP and advanced technologies in line with the goals of the National Industrial Strategy and the Industrial Development Council.”
His Excellency added: “His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President, Prime Minister and Ruler of Dubai, has decided to approve a national policy to waive customs fees for certain industry inputs – an industry and a policy proposed by the Ministry of Advanced Technology – will support the country’s industry and stimulate the competitiveness of the country’s products. This step by increasing the contribution of the industrial sector to the national economy, improving the ease of doing business in this sector, stimulating production growth, Adding domestic value, developing local supply chains and manufacturing new products to support the UAE’s national economic diversification strategy.
“The new policy represents an advanced mechanism to enable factories in the country to enter factories by waiving customs fees for imported materials entering the industrial sector. These waivers encourage factories to use locally produced materials, in line with the “Made in the UAE” campaign, The initiative aims to support the purchase of local products and raw materials. The new policy will create a significant economic impact by developing local industries and their exports, reducing unfair competition, supporting the legislative environment, stimulating business, supporting national markets and creating opportunities for new investment products. .”
Success in the UAE
During the meeting, the Council discussed a number of projects related to enabling the industrial sector. This includes strengthening the role of the Industrial Development Council in launching industrial sector initiatives and supporting efforts around the “Made in the UAE” initiative. Other projects discussed included those aimed at building capacity, creating an attractive environment for entrepreneurs and SMEs, opening new markets for Emirati products, and improving efficiency, flexibility and quality to increase the global competitiveness of local products.
domestic value plan
The Council commended Ras Al Khaimah and the Emirate of Fujairah for joining the national ICV scheme, which will support the integration of the country’s supply chain and enhance the competitiveness of national industries, especially in priority industries that contribute to self-sufficiency. The committee highlighted how the national ICV program creates a powerful opportunity to benefit from procurement contracts from the program’s partners, which include more than 45 federal government agencies and 19 major national companies. It shows that, in addition to the creation of high-skilled jobs, joining the scheme offers enormous opportunities to foster growth and industrial expansion in important and priority sectors. The committee also discussed how Industry 4.0 initiatives can foster growth and technological development among companies.
flexible program
The Industrial Development Council aims to improve the performance, growth and competitiveness of the industrial sector. It aims to facilitate the establishment of business in the UAE by increasing the flexibility of the industrial licensing process and making it easier for entrepreneurs, SMEs, advanced technology companies and researchers to do business in the UAE, followed by the National ICV, Industry 4.0 and Technological Transformation Programme.
The Industrial Development Council is working to support integration efforts between national and local entities to create a suitable and attractive business environment for local and international investors in the industrial sector. The committee aims to enhance regional and global industrial competitiveness, build capacity in the industrial sector, and review strategic initiatives that can help attract local and foreign industrial investment.
The committee supports integration between national and local entities to help create an attractive business environment for local and international investors in the industrial sector. Furthermore, it also enhances regional and global industrial competitiveness by providing mechanisms and facilitators to build capacity within the industry. IDC also reviews strategic initiatives to support its efforts in ways that attract local and foreign industrial investment.
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