The Industry Development Council discussed vital projects related to empowering the industrial sector

Al-Jaber: The policy of exempting industry inputs limits unfair competition

Al-Jaber chaired the third meeting of the Industry Development Council.

From the source

The Minister of Industry and Advanced Technology, Chairman of the Industry Development Council, Dr. Sultan bin Ahmed Al Jaber, chaired the third meeting of the Council, stressing that the policy of exempting industry inputs from customs duties in the country is an advanced mechanism that will limit unfair competition.

The Council highly appreciated the issuance of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, of Federal Decree Law No. 25 of 2022 regarding the organization and development of the industrial sector in the UAE.

He also appreciated the Council of Ministers' adoption of the policy of exempting industry inputs from customs duties in the country, which will have significant positive effects on the industrial sector, such as stimulating the growth of industrial production, developing national supply chains and manufacturing new products, and integrating and unifying customs exemption services federally.

The Council discussed a number of vital projects related to the empowerment of the industrial sector, and praised the completion of the procedures for the accession of the Emirates of Ras Al Khaimah and Fujairah to the National Added Value Program.

Al-Jaber said that, in line with the leadership's vision and directives that focus on supporting the industrial sector and enhancing its growth and competitiveness, the new Industry Regulation and Development Law provides more flexible mechanisms by achieving national integration in industrial procedures and enablers.

He stressed that the adoption of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, of the policy of exempting industry inputs from customs duties in the country constitutes a quantum leap in efforts to support the national industry and stimulate the competitiveness of the national product.

He added: «The new policy represents a sophisticated and advanced mechanism to enable factories in the country by exempting imported materials entering the industrial sector, and the exemption will be limited to materials that are not in the local markets, which encourages factories to use locally produced materials, in line with the initiative (Make in the Emirates). Supportive to stimulate the purchase of local products and raw materials ».

Al-Jaber stressed that the new policy will achieve an important economic impact by developing local industries and their exports, reducing unfair competition, supporting the legislative environment, stimulating competitiveness for doing business in the country, supporting national markets, and providing investment opportunities for new products.

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