(MENAFN- Emirates News Agency (WAM)) ABU DHABI, 5th April, 2021 (WAM)-- Dr. Sultan bin Ahmed Al Jaber, Cabinet Member and Minister of Industry and Advanced Technology held a media briefing today after His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, earlier launched the Emirates Development Bank's (EDB) Strategy, and the "Operation 300bn", the country's new industrial strategy.
The briefing shed light on the key tenets of "Operation 300bn" and its central importance in driving the future of the UAE economy in line with the fundamental role played by the EDB, being a key engine of the national economy.
Under the strategy, the EDB allocated a portfolio of AED30 billion to support priority industrial sectors over a period of five years, which will contribute to financing more than 13,500 SMEs and creating 25,000 jobs.
Attending the media briefing, which was organised by the UAE Media Office, were Sarah bint Yousif Al Amiri, Minister of State for Advanced Sciences, and Omar Al Suwaidi, the Undersecretary of Ministry of Industry and Advanced Technology (MoIAT), as well as Khalfan Juma Belhoul, CEO of Dubai Future Foundation, member of the EDB.
In the beginning, Dr Al Jaber valued the visionary vision of the UAE leadership under President His Highness Sheikh Khalifa bin Zayed Al Nahyan, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and their determination to advance the industry and advanced technology sector due its pivotal role in ensuring sustainable development.
"H.H. Sheikh Mohammed bin Rashid's approval of the Emirates Development Bank's strategy is a significant support for economic development nationwide," Dr Sultan said, noting the tremendous achievements made by the UAE and the solid industrial base in the country.
He emphasised on the importance of ensuring integration between the MoIAT and the EDB, being an enabler and catalyst for an advanced sector.
He noted that the launch of the strategy outlines the targets of the national industry in line with the vision of the UAE's wise leadership for a knowledge-based, innovation-driven industrial future seeking to draw direct strategic investments.
He underlined also the importance of coordinating efforts and roles between the local and federal governments to benefit from the updated rules and regulations governing industrial affairs, provide energy at competitive prices, secure affordable financing and support entrepreneurs through the Emirates Development Bank.
He stressed that the UAE has proved, specially during the COVID-19 crisis, that it's all that it needs to be a reliable and credible regional logistic hub. "In addition, the UAE boasts resilient and flexible legislation that guarantee the rights of investors and protect their business, and a highly advanced digital environment as well as AI solutions that the UAE has taken the initiatives to adopt in the health, education and energy domains.
"Therefore, UAE has become a preferred destination to live, work and invest in," the minister said.
Dr Al Jaber noted the importance of maintaining cooperation between the Emirates Development Bank and all entities operating in the country to accelerate development efforts and maximise benefit from the existing potential and the unlimited support provided by the country's wise leadership to achieve the aspired goals of the industrial sector.
Highlighting the tremendous achievements made by the UAE and the solid industrial base of the country, Al Jaber said 2018 saw more than 33,000 businesses operating in the country, 94 % of which are small and medium enterprises. In the same year, 737,000 employees worked in the industrial sector and the UAE came 35th in the Manufacturing Competitiveness Index.
"Since the establishment of the Union, the industrial sector has been a key partner in the development drive, thanks to the natural advantages boasted by the country, including an attractive geographic location and rich natural resources. This industrial activity then developed in parallel with the development of a business-friendly, and conducive legal and legislative environment that paved the way for more development in the sectors of energy, petrochemicals, food, apparel, heavy and defence industry and other sectors."
"The 300bn Operation represents a paradigm shift in the industrial sector. In addition to raising the industrial sector's contribution to GDP to AED300 bn, the Operation is conductive to boosting production and creating job opportunities for UAE citizens, launching new sectors in the future industries, including space technology, medical technology, sustainable products and Fourth Revolution Applications," he added.
He added that the Strategy includes the application of the In-Country Value Programme nationwide to contribute to redirecting spending to the local economy, and tapping new opportunities for Emirati companies that will enjoy all support at all levels, primarily direct and indirect financial support through the Emirates Development Bank, in addition to consultative and training support, customs exemptions and other enablers for ensuring competitiveness at the local and foreign levels.
With regards to the priority industrial sectors at the local and international levels, which will be a main pillar of the new strategy, Dr Al Jaber said, "We have outlined 11 priority sectors due to either their current importance in the UAE national industries or their strategic importance for food and health security, or due to their relevance to with the future industries that we are planning to expand."
He explained that these priority sectors are: space industries, medical industries, clean, renewable energy (hydrogen production), machineries, equipment, rubber, plastics, chemical substances, minerals, advanced technology, electronics and electric appliances, medical industries and food & beverages.
More
MENAFN05042021000061011009ID1101865898
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.