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Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, revealed that large national companies in the UAE have identified more than 300 products in 11 industries for local production and have pledged to allocate nearly AED 110 billion ($30 billion) to local manufacturers ) potential purchase agreement.
He told the UAE Forum in Abu Dhabi that the UAE’s leadership supports the transformation of the industrial sector into a global manufacturing hub.
He stressed that the vision and directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, form the basis of the National Industrial Strategy. The strategy aims to contribute to a diversified and sustainable economy and leverage the UAE’s value proposition and competitive advantages to build a strong industrial sector, enhance self-sufficiency and localize supply chains.
Make it in the Emirates Forum brings together leading national companies, manufacturers, local and international industrial investors and financial institutions.
He said: “The coronavirus pandemic and recent geopolitical challenges have disrupted our supply chains and impacted the global economy; we have learned many lessons. One of the most important lessons we have learned is that no matter what the state of the global economy is, , enhancing the adequacy and resilience of vital sectors such as self-food, healthcare, and sectors that are critical to ensuring business continuity and economic growth.”
Noting that the ministry was guided by instructions from His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, he said: “The UAE, with its strong will, resources, capabilities and Effective policies with the ability to build the foundations of the global economy. By achieving self-sufficiency in a number of vital industries, we will strengthen the resilience of our economy to the global crisis and protect the UAE from global economic challenges.”
UAE is a destination for future industries
Dr Al Jaber continued: “Based on the vision of our leadership, we are committed to developing and launching a national industrial strategy in consultation with all stakeholders in the industrial sector, including government and private sector companies, investors and financial institutions. Transparent dialogue and various workshops, studies and international and regional benchmarks.
“Our industrial strategy aims to create an attractive business environment for local and international industry investors, support the development of national industries, enhance their competitiveness, and foster the adoption of innovation and advanced technologies. It also aims to strengthen the UAE’s role as a Status as a global destination for the industry of the future, the Ministry encourages financial institutions to provide competitive financing and administrative services based on quality, efficiency and transparency, and helps to support the development of laws and legislation that help support and protect our country product,” he said.
“Our goal is to safeguard our national progress, leveraging the legislative system to attract investment in our industrial sector, support local manufacturing and create growth opportunities, with the ultimate goal of strengthening our national economy and bringing the industrial sector to our domestic production The gross contribution is raised to more than AED300 billion by 2031.”
A key enabler of this work is research and identification of priority sectors to achieve national goals, which include: food and agriculture, pharmaceuticals, petrochemicals, heavy industries such as aluminum and iron, defense, electrical equipment and appliances, and the future of space and Hydrogen and other clean energy industries.
He continued: “We are working closely with the UAE Development Bank to provide competitive financing solutions to support the growth of industrial companies. The bank has so far provided Dh2 billion to finance priority industries. The ministry looks forward to Roll out more competitive financing schemes through various financial institutions and authorities in the country.”
The National Domestic Value (ICV) program aims to redirect the value of substantial procurement by large corporations and government agencies to the local economy by providing local companies with a competitive advantage in the government procurement process and access to capital and smart financing solutions. This will help develop local industries, strengthen supply chains, replace imports and create jobs, Dr Al Jaber said.
“Currently, 45 government entities, 6 leading state-owned enterprises and 5,500 local industrial companies are participating in the programme. In its first year, the National ICV programme has successfully redirected more than AED40 billion back into the national economy.”
“We worked with relevant government agencies, large state-owned enterprises, investors, manufacturers and various stakeholders to prepare for this forum, and today’s forum offers you the opportunity to come from a group of leading national companies with significant purchasing power. They include: Adnoc, ADQ Holding, Emirates Global Aluminium, TAQA, Etisalat, Etihad Airways, Edge, Mubadala, Emirates Steel, Pure Health, Strata, Aldar, Emirates Nuclear Energy Corporation, Etihad Rail and Masdar, among others.
“Today, these companies offer more than 300 products and materials that can be produced locally at competitive prices, quality standards and approved schedules, providing existing and new investors with additional manufacturing opportunities. “
“Working with all parties provides clear information on future product demand. This data will help manufacturers increase local production to meet the needs of large state-owned enterprises, whether by relying on their existing capabilities or by building partnerships and attracting outside investors.”
He said: “I am delighted to announce that these large state-owned enterprises have committed nearly AED110 billion in potential purchase agreements to local manufacturers. Details of these product and industry investment opportunities will be available during the Forum’s conferences and exhibitions. “This unprecedented move will help create opportunities for the growth of the country’s industrial sector, adding at least AED6 billion to GDP annually.”
Competitive advantage
Highlighting the UAE’s strong value proposition, Dr Al Jaber said: “The UAE enjoys many competitive advantages, not the least of which is a wise and supportive leadership who always looks to the future with a positive outlook, delivering and focusing on ensuring stability. , and have directives to provide a flexible and encouraging environment to achieve our goals.”
“We also enjoy a highly skilled workforce, energy, raw materials, strategic locations, advanced infrastructure, transparent regulations and laws, reliability and credibility, competitive financing, in a diverse, tolerant and safe society Enjoy an excellent quality of life, strategic partnership agreements with countries around the world, and cooperation and trade agreements. All of these allow us to develop our national industry, attract investment, form partnerships and enter new markets.”
He highlighted: “We are currently working with the relevant authorities to develop additional enablers and features to improve ease of doing business and reduce costs. We will be hearing from some of our partners today and in the coming weeks about some of these plan information.”
Closing his keynote with a call to action, he invited all attendees to take advantage of the forum.
“Our aim at this forum is to develop the industrial sector by strengthening cooperation between: large national companies that will benefit from the supply of local products; manufacturing companies that will benefit from developing and expanding their businesses; and those that will benefit from participating in UAE industry sector growth and earning meaningful economic returns,” he said. –arab trade news agency
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