The Ministry of Industry and Advanced Technology (MoIAT) has kick started Operation 300 billion, its ambitious strategy to expand the UAE’s industrial sector, with a series of meetings with local government entities in Sharjah and Ajman.

 

An MoIAT delegation led by Omar Ahmed Suwaina Al Suwaidi, Undersecretary of MoIAT, accompanied by Osama Amir Fadl, Assistant Undersecretary for the Industrial Accelerators Sector, visited the Sharjah Investment and Development Authority (Shurooq) and the Ajman Chamber of Commerce and Industry, a WAM report said.

 

During the visit, the delegation discussed 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 local government partners, with whom cooperation and integration will be key to achieving Operation 300 billion's objective of boosting the industrial sector’s GDP contribution to AED300 billion by 2031.

 

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 300 billion – to transform the UAE into a regional and global hub for future and advanced industries."

 

He stressed the importance of assisting manufacturers in penetrating their products into new regional and global markets and providing accurate data to investors to help them make well-informed decisions.

 

"Coordination with our partners in federal and local authorities will be key to the success of Operation 300 billion. 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," Al Suwaidi continued. "The next stage of the strategy will see local government working closely with private agencies nationwide to increase the competitiveness of our products and industry, while encouraging industrial businesses to participate in our in-country value programme."

 

"Businesses operating in priority sectors will also be able to access affordable financing options to facilitate their digital transformation, as well as standardised 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, utilising the facilities offered at the local and national levels," he added.

 

"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 metal, biochemical, food, medical and pharmaceutical products, rubber and plastics, electronics and others," he said in conclusion.

 

Marwan Al Sarkal, Executive Chairman of Shurooq, 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 that targets vital sectors 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," he added Al Serkal emphasised the important role of MoIAT's visits in coordinating all federal and local efforts to advance the industrial sector and expand its size and scope in accordance with Operation 300 billion, which will provide a conducive environment for local and international investors, and help strengthen the national economy.

 

The delegation also met with 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 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, Al Muwaiji affirmed that the UAE was able, under the guidance of its wise leadership and the efforts of its government entities, to adapt opportunities and create an enhanced climate for business continuity and growth, and to attract direct investments at a time when most of the world's economies are suffering due to the challenges and changes in the global economy.

 

He added that the speed of decision-making and launching national initiatives and projects to capture the opportunity for a thriving future economy based on knowledge, innovation and technology will play a major role in the growth of the local economy and the diversity of its opportunities.

 

He thanked MoIAT for its continuous coordination with the relevant authorities, especially the chambers of commerce and industry in the country, and its role in providing the opportunity to participate in updating the technical legislations and formulating decisions to meet the industrial sector's requirements.

 

"We affirm in the Ajman Chamber that we will continue our communication with the Ministry to serve the emirate and the country and increase the contribution of the industrial sector in Ajman as it is one of the most important economic sectors, as the sector contributed 32 percent of the GDP of the Emirate of Ajman in 2019," Al Muwaiji continued.

 

He also highlighted the Ajman Chamber’s commitment to support and direct Emirati entrepreneurs to engage in the industrial sector and leverage available investment opportunities.-- Tradearabia News Service