UAE to increase its manufacturing sector

UAE is aiming to increase the contribution of the manufacturing sector to overall GDP from 11 per cent to 25 per cent by 2025, said the country’s Economy Minister Sultan Bin Saeed Al Mansouri.

He added that the UAE’s Vision 2021 National Agenda focuses on creating national policies that achieve sustainable growth. “Manufacturing and the knowledge-based and innovative industrial sector currently account for around 11 per cent of total UAE GDP with the aim of growing this to 20 per cent in 2020, and 25 per cent in 2025,” said Al Mansouri while speaking at an event to announce the details of Global Manufacturing and Industrialization Summit in Abu Dhabi. He said the new UAE investment law, which allows one hundred per cent ownership to foreigners, will boost to the manufacturing sector.

“This would help and aid the manufacturing sector and will set better agenda for the growth of economy,” he said. “We commissioned the investment law with the possibility of creating flexibility. There could be changes in laws and regulations.”The investment law, which is in the final phase of being drafted, is likely to be issued this year.

Meanwhile, the UAE on Tuesday announced plans to host the world’s first Global Manufacturing and Industrialisation Summit in Abu Dhabi next year to boost to the manufacturing sector and help develop local Small and Medium Enterprises.

More than 1,000 government and industry leaders are expected to attend the event that is being hosted by UAE’s Ministry of Economy in collaboration with the United Nations Industrial Development Organisation (Unido) and the World Economic Forum’s Global Agenda Council for the Future of Manufacturing.

This will be another major industry event to be held in the UAE after Dubai won the rights to host the World Expo in 2020.

source:http://gulfnews.com

Img source:http://arabiangazette.com/wp-content/uploads/2013/08/UAE-Manufacturing.jpg