Ministry of Economy seeks to increase UAE's competitiveness

One of the key objectives of the ministry is to create more opportunities for the UAE Nationals to increase their role in the private sector.

Unveiling details of the strategic framework, H.E. Sheikha Lubna Al Qasimi, Minister for Economy, said: "The ministry's strategy includes many initiatives aimed at enhancing capabilities of various economic sectors. The ministry will also focus on increasing the UAE Nationals' involvement in the private sector."

Referring to the UAE Government Strategy, H.E. Sheikha Lubna said the ministry was keen on translating the strategy's recommendations to a series of initiatives.

"We are looking forward to closer cooperation with other federal ministries and local government departments to achieve the objectives spelt out in the strategy," she added.

Announced earlier this year, the UAE Government Strategy has outlined key objectives which include achieving sustainable development and maintaining a high standard of living.

The ministry's key strategic objectives include updating and developing the legal economic frameworks, sealing partnerships with the local authorities and the private sector and enhancing UAE Nationals' contribution to economic growth.

Protection of consumers and combating illegal trade activities in addition to achieving better coordination with local economic departments are also high on the ministry's agenda.

Promoting entrepreneurship among the UAE Nationals and offering necessary support to local entrepreneurs are other important areas covered by the ministry's strategy.

Adopting new regulations to promote corporate governance and setting up a competitiveness board in association with concerned authorities are also among the initiatives proposed by the strategic framework.

On international relations, the ministry intends to enhance the role of its representative office at the World Trade Organisation (WTO). A national board to supervise international trade negotiations has also been proposed.

The Ministry of Economy's strategy also focuses on enhancing the country's attractive investment environment and setting the scene for encouraging and attracting more local and foreign investments.

The Arab Competitiveness Report, issued during the recent World Economic Forum meetings, has ranked the UAE as the most competitive economy in the Arab World.

The report, which covered 13 Arab countries, also ranked the UAE 29th among the 40 most advanced economies in the world. The country's sound economic management which has resulted in a stable macroeconomic environment has been cited as the reason for this achievement.

The Ministry of Economy's strategic framework covers a total of 49 key recommendations of the UAE Government Strategy including steps to combine the efforts of federal and local government departments to achieve the best results.