Abu Dhabi, UAE: The Ministry of Industry and Advanced Technology (MoIAT) has kick started Operation 300bn – its ambitious strategy to expand the UAE’s industrial sector – with a series of meetings with local government entities in Sharjah and Ajman.
A MoIAT delegation led by His Excellency Omar Ahmed Suwaina Al Suwaidi, Undersecretary of MoIAT, accompanied by His Excellency Osama Amir Fadl, Assistant Undersecretary for the Industrial Accelerators Sector, and other senior officials from MoIAT, visited the Sharjah Investment and Development Authority and the Ajman Chamber of Commerce and Industry.
During the visit, His Excellency Al Suwaidi and His Excellency Fadl discussed identifying opportunities to stimulate foreign direct investment (FDI) in key industrial sectors and coordinating efforts to develop new legislation that supports the growth of industry.
The visits also served to build direct lines of contact between MoIAT and its partners in local government entities, whom cooperation and integration with will be key to achieving the objective of Operation 300bn to boost the industrial sector’s GDP contribution to AED300 billion by 2031.
An Environment Ripe for Investment
Speaking on the visits, His Excellency Omar Al Suwaidi said: “The aim of these visits is to explore ways to enhance our industrial business environment to attract further local and international investment, in line with the overarching objective of Operation 300bn – to transform the UAE into a regional and global hub for future and advanced industries.”
He added: “We agreed to assist manufacturers in penetrating their products into new regional and global markets, while providing accurate data to investors, helping them make well-informed decisions.”
His Excellency Omar Al Suwaidi continued: “Coordination with our partners in federal and local authorities will be key to the success of Operation 300bn. The efforts of federal and local entities, and stakeholders must be aligned; procedures and policies coordinated; and the industrial sector agenda must align with, and support, the growth of the private sector. We are already in the process of implementing a number of initiatives to support the UAE industrial sector to attract foreign investments. This too will require close collaboration with our partners.”
He added: “The next stage of the strategy will see local government entities working closely with the private sector to increase the competitiveness of our products and industry, while encouraging industrial businesses to participate in our in-country value program.”
“Businesses operating in priority sectors will also gain access to affordable financing options to facilitate their digital transformation, as well as standardized and simplified registration, licensing and fees procedures at local and federal levels. As well as attracting foreign direct investment, we hope these efforts will encourage industrial enterprises to open regional offices throughout the UAE, utilizing the facilities offered at the local and national levels.”
“Ultimately, we hope to see our industrial sector increasingly transition towards the industries of the future, such as those related to artificial intelligence, HealthTech, and clean and renewable energy, as well as more current industries such as heavy industries, biochemical, food, medical and pharmaceutical products, rubber and plastics, electronics and others.”
Significant Investment Opportunities
The Ministry visited Sharjah in which the delegation met with His Excellency Marwan Al Serkal, Executive Chairman of the Sharjah Investment and Development Authority, Mohamed Juma Al Musharrkh, CEO of Invest in Sharjah, and Marwan Alichla, Head of Investment Promotion at Invest in Sharjah.
Commenting on the meeting with MoIAT, His Excellency Marwan Al Serkal, said: “The Ministry of Industry and Advanced Technology delegation’s visit to the authority shed light on the most important investment opportunities that Sharjah provides in the industrial sector.”
“We are confident that this strategy targets vital sectors and will keep pace with regional and global shifts to meet the needs of investors around the world. The industrial sector is a critical engine for the growth of the emirate’s economy.”
Al Serkal emphasized that the significance of the visits carried out by MoIAT comes from its key role in coordinating all federal and local efforts to advance the industrial sector and expand its size and scope in accordance with Operation 300bn, which will provide a supportive environment for local and international investors, and contributes to strengthening the national economy.
Standardization of Specifications to Enhance Quality
The Ministry also visited Ajman in which the delegation met with His Excellency Abdullah Al Muwaiji, Chairman of the Board of Directors of the Ajman Chamber, in the presence of Sheikh Abdullah bin Nasser Al Nuaimi, Director of the Planning and Business Development Department at the Department of Economic Development in Ajman, and Sheikh Abdulaziz bin Hamdan Al Nuaimi, Director of Economic Licenses in the Department, and His Excellency Mohammed Al-Janahi, Acting General Manager, Nasser Al-Dhafri, Executive Director of the Communication and Member Support, and Marwan Hareb Al-Aryani, Director of the Promotion and International Relations Department, to discuss ways of cooperation, industrial and commercial integration, and the ministry’s role in cooperating with the chambers of commerce across the country.
Commenting on the meeting with MoIAT, His Excellency Abdullah Al Muwaijaffirmed that the UAE was able, under the guidance of its wise leadership and the efforts of its government entities, to create opportunities and an enhanced climate for business continuity and growth. In line with the directives, the UAE attracted direct investments at a time when most of the world’s economies are suffering due to the challenges and shifts in the global economy.
He added that the swift of decision-making and launching national initiatives and projects to capture the opportunity for a thriving future economy based on knowledge, innovation, technology, and artificial intelligence (AI) will play a major role in the growth of the local economy and the diversity of its opportunities. Cooperation between key economic stakeholders in the country is the basis for providing leading services that enable enterprises to achieve growth and sustainability, he said.
He thanked MoIAT for its continuous coordination with the relevant authorities, especially the chambers of commerce and industry in the country. He expressed his gratitude for being given the opportunity to participate in updating the legislations, and commended MoIAT’s role in coordinating joint recommendations and decisions that meet the requirements of the industrial sector.
His Excellency Abdullah Al Muwaiji said: “We are committed to continue coordinating with the Ministry to serve Ajman and the wider UAE and increase the contribution of the industrial sector in Ajman as it is a key economic sector that contributed 32 percent to Ajman’s GDP in 2019.”
He also confirmed Ajman Chamber’s efforts to support and guide Emirati entrepreneurs to enter the industrial sector and benefit from the available investment opportunities.
About the Ministry of Industry and Advanced Technology:
The UAE Ministry of Industry and Advanced Technology, established in July 2020, is mandated with strengthening the UAE’s industrial sector, specifically by drawing on the advanced technology and tools of the Fourth Industrial Revolution.
The Ministry has three overarching goals: Strengthening the UAE’s industrial base, ensuring in country value, and raising the competitiveness of local industries. By enhancing the contribution of advanced technology, the Ministry will support the country’s sustainable economic growth, and ensure GDP contribution from the industry sector.
The Ministry will draft policies, laws and programmes to create a world-class industrial development framework for the nation that will help attract foreign direct investment, boost In-Country Value creation, support national entrepreneurship, drive job creation, and boost exports of ‘Made in UAE’ products.
From encouraging the establishment of industrial complexes to raising local capacity in advanced technology, the Ministry will accelerate industrial development in a bid to drive economic growth, diversification, value retention and national self-reliance.