In order to promote the industrial sector in the country, the UAE’s Cabinet has endorsed the launch of the Industrial Coordination Council.
The council will be tasked with developing a national strategy to boost the sector by setting key performance indicators and proposing initiatives to boost cooperation and share experiences among government entities, as well as with the private sector, the state news agency WAM reports.
It will also cooperate with various federal and local government entities and industrial unions to develop relevant legislations supporting the sector.
“The industrial sector in the UAE plays an indispensable role in development, being a cornerstone of the UAE’s economy,” said His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, while stressing the importance of having a vision and a unified national industrial strategy that would meet local and global markets and of coping with global challenges facing the sector.
As part of efforts to diversify the UAE’s economy and reduce reliance on hydrocarbon revenues, the country has projected that the industrial sector’s contribution to gross domestic product (GDP) will reach 25 per cent by 2025.
“We aim to have a developed and flexible industrial sector exceeding traditional models and having networking and investment meeting growing needs of the markets,” HH Sheikh Mohammed added.
The cabinet also approved initiatives in other sectors including health, education and employment. It also endorsed unifying the rules of acquisition in financial markets in Gulf Cooperation Council countries to ensure inter-market integration and regulations.
On an international level, the UAE cabinet approved the inauguration of two embassies of the country in Denmark and Seychelles to boost cooperation and foreign relations.
It also ratified agreements with a number of countries to boost economic and technical cooperation, covering mutual protection of investments, tax avoidance and tax evasion, and promoting investments and aviation services.