Council discusses efforts to boost industrial sector’s competitiveness
- 08 Nov 2023
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, chaired the fifth meeting of the Industry Development Council (IDC). The council coordinates integrated efforts to enhance the performance and competitiveness of the national industrial sector, providing enablers, incentives and policies to stimulate investment and contribute to national priorities such as sustainable social and economic development. IDC’s objectives align with the with the National Strategy for Industry and Advanced Technology and Make it in the Emirates initiative.
The council discussed topics of relevance to vital industries, including key incentives, enablers, and factors that enhance the competitiveness of local industrial products to promote sector development. IDC reviewed the results of several priority projects, such as the Industrial Census and the federal law regulating the linkage of distributed renewable energy units to the UAE’s electrical grid, in line with renewable energy, decarbonization and climate neutrality targets.
The Industrial Census: During the meeting, the council proposed linking data with the economic registry of companies and institutions at the federal and local government levels within The Industrial Census. This aims to enhance the continuity of obtaining integrated data for the industrial sector periodically, improve the flexibility of investment processes, reduce the investor’s journey, and promote one-time information requests. The mechanisms for expediting the Industrial Census at the national level were discussed, with the goal of enhancing investment opportunities, as well as analyzing data and using it to chart a roadmap for industrial development.
The circular economy As part of the meeting agenda, IDC discussed the policy for valorizing industrial waste, an initiative to support enhancing the sector’s contribution to achieving the UAE’s goals in implementing circular economy standards across all sectors. The policy’s contribution mechanism was examined in relation to enhancing the competitiveness of national products, reducing production costs, increasing in-country value, boosting the production capacities of industrial facilities, reducing susceptibility to price fluctuations, and enhancing integrated waste management systems across transformative industries.
Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Industry Development Council, stated: “In line with the vision and directives of our leadership, the UAE’s goals, and the National Strategy for Industry and Advanced Technology to enhance the growth and competitiveness of the national industrial sector and increase its contribution to the GDP in support of economic diversification and the achievement of sustainable economic development, we are working to accelerate empowerment, integration, and partnership tools in national projects between the public and private sectors. This aims to enhance the competitive business environment for both local and international investors in the industrial sector and reaffirm the UAE’s global position as a leader in future industries.”
He emphasised the importance of the topics addressed, including the policy framework for implementing circular economy standards, promoting renewable energy usage, enhancing the competitiveness of national products, and reducing production costs. These factors directly contribute to achieving the forward-looking vision of the wise leadership and the country’s direction towards ensuring a sustainable, prosperous future, as well as enhancing efforts to achieve climate neutrality by 2050.
Al Jaber urged council members to intensify their efforts towards implementing projects, in line with the National Strategy for Industry and Advanced Technology and Make it in the Emirates initiative.
Dr Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade and Deputy Chairman of the IDC, said: “In line with our leadership’s forward-looking vision, the UAE continues to develop the industrial sector to increase its contribution to GDP by enhancing the attractiveness of the business ecosystem for both local and international investors. This supports the growth of national industries by enhancing their global competitiveness. It also fosters innovation, attracts skilled global talent, accelerates the adoption of advanced technologies, and draws investment and companies in knowledge- and innovation-based future economy sectors. These efforts contribute to establishing the UAE as hub for future industries.”
He added: “The fifth meeting of the Industry Development Council addressed several key initiatives aimed at achieving national goals to advance the UAE’s industrial sector and enhance its global competitiveness. Among these initiatives is the national Industrial Census project and federal law regulating the linkage of distributed renewable energy units to the UAE’s electrical grid, which aligns with the country’s focus on increasing renewable energy usage, lowering emissions, and achieving climate neutrality.”
