UAE lays out future direction of sustainable economic growth

Business Bureau, Gulf Today

Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, chaired a virtual meeting of the Industrial Coordination Council on Tuesday with the participation of Sarah Bint Yousif Al Amiri, Minister of State for Advanced Technology, and members of the Council.

The mandate of the Industrial Coordination Council, established in 2016, includes developing a national strategy to boost the UAE’s industrial sector; setting key performance indicators and following up on implementation; proposing initiatives to boost cooperation; and sharing best practice among government entities as well as the private sector. The Council will collaborate with various federal and local government entities and the Industrialist Union Society to update legislation for the sector.

The meeting included discussions on how to empower the industrial sector, strengthen the UAE’s competitive position globally and reviewed efforts to increase its global ranking in different indices.

The Council meeting also included a briefing on how the Ministry, working alongside the relevant authorities and stakeholders, will attract investments to drive the Fourth Industrial Revolution in the UAE and accelerate the national development of an advanced industrial sector.

Alongside the Council, the Ministry is working on a framework for legislative measures, initiatives and policies to encourage sustainable growth and enhance in country value.

Dr Sultan Al Jaber highlighted that the Ministry is actively putting in place all the critical enablers to achieve the vision of the leadership and to lay the foundations of a modern infrastructure for advanced industry and the economy of the future. He explained that the Ministry is committed to fostering entrepreneurship and creating an eco-system to support SMEs – vital components for stimulating economic growth.

Dr Al Jaber said: “Applying the technologies of the Fourth Industrial Revolution will be core to achieving our objectives for the UAE’s industrial sector. While we have already taken great strides in creating an advanced industrial infrastructure, by leveraging technology we will be able to further develop the sector, create greater opportunities for economic diversification and contribute to the achievement of a knowledge economy”.

Sarah Al Amiri emphasised the importance of cooperation, the establishment of specialized working groups, and the optimal use of technology.

She said: “The current pandemic has pushed key industries to adopt the latest technologies in order to continue operating efficiently, which is increasing our economy’s readiness to adopt pivotal Industry 4.0 technologies. Deploying key technologies in existing industries will provide the UAE’s economy with a competitive edge.”

During the meeting, members of the ICC also discussed how to improve the UAE’s position in the United Nations Industrial Development Organization (UNIDO) global ranking of industrial competitiveness by streamlining government processes and increasing local content.

They also discussed lessons learned from the implementation of industrial strategies by other countries, agreeing on the importance of continuous dialogue with the private sector and on supporting the growth of industrial SMEs.