After the launch of the National Strategy for Industry and Advanced Technology

Officials: "Project 300 billion" increases the competitiveness of the Emirati product globally

Officials affirmed that the launch of the National Strategy for Industry and Advanced Technology Operation 300bn, “the 300 billion project”, is a critical step for upgrading the country's industrial and manufacturing activities to new levels and global competition. The attractiveness of the state, and its ability to attract foreign direct investment.

Articulated station

The Minister of Economy, Abdullah bin Touq Al-Marri, said that the manufacturing and extractive industries accounted for 38% of the real GDP of the UAE during the year 2019, with a total value of 569 billion dirhams, and the manufacturing industries alone contributed to 135 billion dirhams of the GDP. The total at current prices, achieving a compound annual growth rate of 4%, and it accounted for 9% of the state’s GDP and 12% of the non-oil GDP, which is thus the third most important component of the state’s GDP.

He emphasized that the launch of the Ministry of Industry and Advanced Technology strategy is a critical milestone within the state’s efforts to achieve a qualitative transformation in the industrial development process and to strengthen the leadership of the national industrial sector globally, especially as this strategy focuses heavily on linking industrial development with advanced technology and modern economic trends, which strengthens the state’s position. On the global industry map, to become one of the countries based on modern industries.

Transformative Industries

In the same context, Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed bin Abdullah Hamid Belhoul Al Falasi, affirmed that the industry sector in the UAE succeeded during the last stage with the support and guidance of the leadership in playing a pivotal role in advancing economic growth, achieving diversity and competitiveness, and building The prestigious economic reputation of the UAE at the global level.

He stressed that launching the strategy is a very important step to upgrade the industrial and manufacturing activities in the country to new levels and to be globally competitive.

Al Falasi stressed that focusing the strategy on the role of advanced technology in achieving the desired industrial growth will encourage the participation of innovators, inventors and small and medium-sized companies, in supporting the trend towards developing advanced industries and building a knowledge-based economy based on innovation, intellectual property, research and development, which is an important step towards achieving the goals of the UAE Centennial. 2071).

Emirati product

In turn, Dr. Thani bin Ahmed Al-Zeyoudi, Minister of State for Foreign Trade, said that the strategy constitutes an integrated framework for ambitious action plans and programs to continue developing the industrial sector, enhance its contribution as a vital tributary to the national economy, and give a strong impetus to the advanced technology sector, which is one of the pillars of the future economy based on Knowledge and innovation.

He added that the new strategy will have a tangible effect in increasing the competitiveness and presence of the Emirati product in global markets, enhancing the country's attractiveness, and its ability to attract foreign direct investment in the sectors of industry and advanced technology, as well as consolidating its position as a destination for the best talents and competencies in various industrial fields, which will contribute to Strengthening the country's position on the global level is not only industrial, but also commercial and investment through the expected development in the industrial sector during the next stage.

Al-Zeyoudi stressed that the industrial sector is a fundamental engine for developing foreign trade, increasing the export capabilities of the UAE, and enhancing the competitiveness of its products in regional and global markets, especially since 40% of the total production value of the industrial sector in the country is exported abroad.

He continued, "The state exported more than 220 billion dirhams of goods related to manufacturing industries, that is, more than 85% of the total national non-oil exports during the year 2020."

Broader horizons

Minister of State for Entrepreneurship and Small and Medium Enterprises, Dr. Ahmed bin Abdullah Hamid Belhoul Al Falasi, said that “according to 2019 data, the UAE currently includes more than 32,000 establishments operating in various manufacturing industries, providing jobs and employment opportunities for more than 681,000 workers. The importance of the industrial sector is limited to its direct contribution to the economy only, but studies indicate that each dirham of sales from the industrial sector adds about 1.3 dirhams in other sectors, hence the launch of this strategy will open wider horizons for entrepreneurs and small and medium-sized companies in the country to go in a direction. Greater towards industrial and manufacturing activities, or building sustainable partnerships with this sector, which enhances the role of national entrepreneurship and increases its opportunities and contribution to playing a bigger role and establish a new stage in the future of the national industrial sector. ”

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