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Industrial Development in the UAE councilsupporting the country’s growth and competitiveness Industrial sectorcheer new Federal Decree No. 25 of 2022 The report on regulation and development of the industrial sector released by President Sheikh Mohamed last week.
The government said the law aims to support the organization and development of the country’s industrial sector by increasing the flexibility to adopt more supportive policies and provide incentives.
It aims to strengthen the UAE’s position as a major destination for industrial investment.
“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 agritech,” Dr. Sultan Al JaberThe Minister of Industry and Advanced Technology and Chairman of the Industrial Development Council said on Monday when chairing the third meeting of the council.
“The Act is also the backbone of the legislative system, supporting the growth of the country’s industrial sector and increasing its contribution to the country’s GDP [gross domestic product] Consistent with the National Industrial and Advanced Technology Strategy and the objectives of the Industrial Development Council. “
During the meeting, council members also reviewed recommendations from the previous meeting and discussed progress in implementing them, the Home Office said in a statement.
IDC also discussed projects to support the industrial business environment and the positive impact of Ras Al Khaimah and Fujairah’s participation in the National Domestic Value Program.
It supports the Cabinet’s decision to exempt certain imported goods from tariffs.
In 2021, the UAE announced the 300 billion action, a 10-year strategy to increase the industrial sector’s contribution to the country’s GDP to 300 billion dirhams ($81.7 billion) and strengthen the ” Made in the UAE” program.The goals of these two initiatives are to change country Become a manufacturing powerhouse.
“The new policy represents an advanced mechanism to enable factories in the country by exempting imported materials from the industrial sector. These exemptions encourage factories to use locally produced materials, in line with the Make it In The Emirates campaign , the campaign supports the purchase of local products and raw materials,” said Dr Al Jaber.
“The new policy will have 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 investment opportunities for new products.”
During the meeting, IDC members discussed a number of projects related to enabling the industrial sector. This includes strengthening the Council’s role in launching industrial sector initiatives and supporting efforts around the “Made in the UAE” initiative.
Other projects discussed include 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, the statement said. .
The committee aims to improve the performance, growth and competitiveness of the industrial sector by making it easier for entrepreneurs, SMEs, advanced technology companies and researchers to do business in the UAE by making the industrial licensing process more flexible, the statement said.
It is also committed to supporting integration efforts between national and local entities to create a suitable and attractive business environment for local and international investors in the industrial sector.
Updated: November 14, 2022 4:50pm
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