Arab Industrial Development Strategy approved

H.E. Jamal Nasser Lootah, the Assistant under Secretary for industrial Affairs at the Ministry of Finance and Industry, confirmed that Arab industry ministers have approved the Arab industrial development strategy for the next ten years. The draft of the strategy will be submitted to the Arab summit next March 2005 in Algeria. The strategy came as a result of long discussions by the participant delegations and is designed to face the challenges that the Arab industry faces.

"The draft strategy included five main points: technology development, human capital development, bridging the industrial gap between Arab countries and quality, in addition to enhancing the business environment through developing the small and medium industries, integrating Arab financial laws and improving the environmental conditions of Industry.

"The strategy comes as a result of the last Arab summit's resolution, which called for setting up an industrial development strategy, before the end of 2004 to enhance the competitiveness of the Arab industry," Lootah indicated.

The strategy aims at establishing economic environment, which focuses on the industrial sector, through speeding up the economic growth in Arab country, enhancing the Arab industrial contribution in the gross industrial domestic product, enhancing the trading volume in the operational industries and raise workers income levels.

The UAE delegation has presented a clear idea about Industry in the country and the development volume achieved in the last ten years, especially that UAE currently confers high importance to industrial development and offers all the necessary support to enhance the sector's growth.