Al-Jaber stresses UAE’s importance in developing region
Dr. Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Board of Directors of the Emirates Development Bank, stressed the importance of the UAE in the region, saying that it is an important economic center in the region and provides an ideal environment for embracing various economic activities and doing business.
Dr. Sultan Al Jaber said in an interview according to the Emirates News Agency : The UAE’s industrial sector enjoys an exceptional support system thanks to several factors and advantages that enhance its attractiveness to attract the private sector. The most important of these factors are economic stability, strategic location, strong fiscal reserves, large sovereign wealth funds, and the size of government spending.
He added : The National Strategy for Industry and Advanced Technology was designed from a comprehensive and integrated perspective, with the aim of making the industrial sector a main lever that contributes to the growth of the national economy in the United Arab Emirates, a central pillar in the development process for the next 50 years, raising the level of industrial productivity and economic contribution and looking ahead to the future of the industrial sector in a central vision that seeks to enhance the economic attractiveness of the Emirates as a center for pioneering and innovative industries, and to create a competitive environment that nurtures future industries. The Strategy is preparing a national program to enhance the contribution of the industrial sector to sustainable economic growth, he said.
The UAE official said that as part of the leadership’s vision, and with the efforts to prepare for the UAE’s centenary of 2071, the ministry seeks to be a catalyst for the industrial sector’s growth and increase their contribution to economic growth. As we know, the world is currently going through exceptional circumstances. The COVID-19 pandemic has had repercussions on all countries and various sectors, the global economy has been affected, lifestyles, production, work and study have changed, and countries around the world have started to reprioritize their circumstances, needs and requirements. While these priorities vary from country to country, there is consensus on the importance of specific sectors such as health, medicine, food, sustainable products and high-technology and energy industries. For us in the Ministry of Industry and Advanced Technology, we have made sure that our strategy contributes to meeting national priorities and is a catalyst for economic growth.
He continued : In order to ensure that the ministry’s strategy is up to date and meets the ambitious goals of the future, we took into consideration the latest developments and global changes. In recognition of the importance of concerted efforts and cooperation with industry partners, the Ministry’s working group initiated a comprehensive study through which dialog, discussion and questionnaires were held with various stakeholders from the public and private sectors. There had been meetings with at least 200 interested parties and stakeholders, over 40 workshops had been organized and over 10 specialized questionnaires had been conducted, and the Action Team had also conducted a comparative study of the industrial sector with different models from States.
He explained : As a result of these efforts, we have reached an evaluation of the current situation. Accordingly, the ministry’s strategy was developed, which builds on what the industrial sector has achieved in the past period and seeks to enhance their ability to contribute to implementing the vision set out by our wise leadership for the future of the state for the next 50 years, with an emphasis on benefiting from advanced technology and the solutions of the fourth industrial revolution.
