ABU DHABI, 31st May, 2023 (WAM) — UAE exporters have access to over 2.2 billion consumers today thanks to new trade agreements with some of the world’s fastest growing economies, said Thani bin Ahmed, Minister of Foreign Affairs Dr. Al Zeyoudi Trade said.
Speaking at the Make it in the Emirates forum, Dr Zeyoudi said that the Comprehensive Economic Partnership Agreement (CEPA) with India, Israel, Indonesia and Turkey has increased the number of manufacturers by 1.6 billion. This is set to grow further as Emirates prepares to sign a series of new deals this year.
“We’re looking at countries that are projected to have huge growth and huge demand for the products we produce,” he said during a panel session titled “Value Proposition.” “We will have four to six agreements by the end of the year, which will create huge opportunities for our manufacturers and factories.”
“The UAE offers a wide range of incentives and enablers to attract foreign direct investment and creates an ecosystem that supports business establishment and expansion,” he added.
He noted how the UAE’s manufacturers now reach 134 countries around the world through the country’s ports, adding that the UAE’s CEPA could contribute more than 2.6 percent of the country’s GDP by 2031, helping to Increased exports by more than 120 billion US dollars in 10 years.
Ahmed Jassem Al Zaabi, chairman of the Abu Dhabi Department of Economic Development (ADDED), added that the emirate plans to “double down on efforts” to expand economic growth through the AED10 billion Abu Dhabi Industrial Strategy. Launched in 2022, it aims to more than double the size of the industrial sector to AED172 billion by 2031, create more than 13,000 new jobs and contribute to increasing Abu Dhabi’s non-oil exports to about AED179 billion. million dirhams to contribute.
“Abu Dhabi’s economy is growing and diversifying based on partnerships, sustainable growth and fiscal policies,” said Al Zaabi, adding, “Abu Dhabi will continue to redouble its efforts to expand its competitive industrial sector .”
He pointed out that Abu Dhabi is attracting more and more foreign direct investment and stimulating local industrial investment through its flexible policies and regulations, supporting the country’s economic diversification.
Omar Al Suwaidi, Undersecretary at the Ministry of Industry and Advanced Technology (MoIAT), added that the Ministry’s Make it in the Emirates program complements the country’s innovation ecosystem and export growth by strengthening its ability to connect global supply and demand.
“The National In-Country Value Program has grown rapidly and it has become a key value creation lever of the strategy,” explains Al Zaabi. “Today’s announcement is a testament to how the local industry is evolving, advancing and growing.”
Al Suwaidi also acknowledged that AED31 billion of the offtake agreement worth AED110 billion since first announced at the UAE forum in 2022 is being executed.
The trio spoke at the second ‘Make it in the Emirates’ forum organized by MoIAT in partnership with ADDED and ADNOC.