ACCI highlights importance of industrial sector for economy

The Ajman Chamber of Commerce and Industry (ACCI) organised a panel discussion under the title “Manufacturing and Mining Industry” within a series of panels organised by the Chamber to enhance the employees’ knowledge, exchange experiences, and come up with constructive recommendations and proposals that improve the work environment and develop services directed to members of the Ajman Chamber.

Held virtually, the panel discussion was chaired by Abdullah Al Muwaiji, Chairman of the Ajman Chamber of Commerce and Industry, while joined by Salem Al Suwaidi, Director General, executive directors and all the Chamber’s employees.

Commencing the session, Al Muwaiji stressed the importance of the panel discussion’s topic, especially since the Emirate of Ajman owns a leading industrial sector that represents one of the main pillars of its economy.

The number of factories in Ajman reached 1,056 during 2019, Al Muwaiji said, praising the efforts of the government in providing distinct economic components that enhance the growth and sustainability of the industrial sector in particular.

The panel defined manufacturing as industries that depend on converting raw materials resulting from extractive industries from one form to another by manufacturers such as “food, clothing, textiles, paper, wood, plastics, electrical appliances, etc. As for the mining, it is the process of extraction of minerals with the aim of using them in multiple industries, including “aluminium, oil, ammonia, steel, chromite and others.

The manufacturing industries contributed to the UAE’s GDP during 2019 by 8.7 per cent, representing a major engine in the national economy.

The most important industries in the country are the gas industry, the oil refining industry, iron industry, and aluminium industry, which is the third largest export in the UAE after oil and gas. The UAE is the fifth largest aluminium producer in the world.

The participants were also briefed about the industrial sector in the Emirate of Ajman and its most important products it exports. The manufacturing sector contributed to the GDP of the Emirate of Ajman by 32 per cent for the year 2019.

The panel discussion further stressed the importance of adopting a work methodology that goes hand in hand with the field of social responsibility in factories. This help reduce pollution caused by factories and preserve the environment, which is one of the challenges facing the industrial sector.

At the end the session, the attendees praised the importance of the panel discussion and its role in highlighting the industrial sector and providing a channel for the exchange of innovative ideas and proposals in a way that serves the work environment and services directed to members of the Ajman Chamber.

Earlier as part of the series of panel discussions organised by the Ajman Chamber of Commerce and Industry (ACCI), it recently organised a virtual panel entitled “Interest Rate and its Impact on Unemployment and Inflation”.

The session was chaired by Abdullah Al Muwaiji, Chairman of the ACCI, while joined by Salem Al Suwaidi, the Director General, executive directors and all Chamber’s employees.

Commencing the session, Al Muwaiji stressed the role of those seminars in proposing economic issues that enhance the employees’ knowledge and experiences.

In addition, they help exchange information and come up with recommendations that contribute to the quality of the work environment and services provided for the business community in the emirate, he added, noting that the Ajman Chamber attaches special importance to the development of its human cadres and developing their job skills.

The panel discussion defined the bank interest rate as a proportion that banks obtain from clients against providing a loan for them or a proportion that banks pay to clients against depositing their money in them.

The attendees were also briefed about the monetary policies that the central bank undertakes to address economic issues such as unemployment, inflation and others by reducing or raising the interest rate.

The expansionary monetary policy adopted by central banks aims to reduce the interest rate on loans financed by commercial banks.

The Ajman Chamber of Commerce and Industry (ACCI) has renewed the call to its members from companies and factories to participate in the Ajman Chamber Business Award, which will be organised under the patronage of Sheikh Humaid Bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman. The Award features six categories namely “CSR, commercial sector, industrial sector, SMEs, Emiratisation and Innovation”.