‘National industrial strategy reflects UAE’s vision of sustainable growth’

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The UAE has become a global model for economic development, built on competitive advantages and an advanced business ecosystem, said Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology…reports Asian Lite News

Dr Al Jaber also commended the UAE leadership’s wise vision and its direction to develop a sustainable and diversified economy for the next 50 years. He made the remarks as he delivered the inaugural address of the 4th Global Manufacturing and Industrialisation Summit (GMIS).

Al Jaber welcomed the audience and participants and then issued a call to fully leverage the potential of 4IR technologies, pointing to the initiatives launched by the UAE to accelerate their adoption across the industrial sector.

Sultan bin Ahmed Al Jaber

In his speech, Al Jaber also extended an open invitation to the world’s countries to collaborate with the UAE in its efforts to enhance international cooperation, invest in new opportunities and build a bright and prosperous global economy. He remarked that no economy exists in a vacuum, and that accelerating growth and progress requires synergies to create an effective and integrated industrial ecosystem.

Al Jaber highlighted the global industrial sector’s evolution, saying: “The first three industrial revolutions contributed to strengthening global GDP and raising it to historical levels. They also helped increase average life expectancy and multiplied average global income 15 times. We are currently witnessing the dawn of the Fourth Industrial Era, as 4IR technologies begin to advance the industrial sector and enhance its contribution to driving global growth and prosperity.”

Al Jaber explained that the UAE’s national industrial strategy focuses on sectors that contribute to producing high added value. It is also centers on diversifying the economy, achieving sustainable growth, and enhancing industrial competitiveness, particularly through the adoption of cutting-edge technology The strategy strives to achieve MoIAT’s goal of doubling the industrial sector’s contribution to national GDP in less than 10 years.

Regarding future plans, he clarified that MoIAT will focus on increasing the industrial sector’s contribution to building an economy that is the best and most dynamic in the world, in line with the Principles of the 50 adopted by the UAE’s wise leadership as a comprehensive development plan to advance growth and prosperity over the next 50 years.

Al Jaber emphasized that the UAE invites partners to participate in enhancing industrial growth based on smart partnerships to expand its industrial base while utilizing its current competitive advantages, including a world-class infrastructure, access to energy sources and raw materials, and diversity and cultural openness, which make the country a preferred destination for talents from more than 200 nationalities. He pointed out that UAE is seeking to enhance these advantages by refining regulatory frameworks, providing long-term residency visas for investors, entrepreneurs and highly skilled professionals, and facilitating access to finance in cooperation with the Emirates Development Bank.

Al Jaber also highlighted the Projects of the 50, which were launched by the UAE’s leadership to lay the foundation for growth for the next five decades. He noted the significant role played by industry and advanced technology in these projects. “As the UAE celebrates its 50th anniversary, our wise leadership has laid its vision for a prosperous future for the next 50 years. The role of industry is to contribute to building the best and most dynamic economy in the world.”

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During his participation in the first day of the summit, Al Jaber met with Bandar bin Ibrahim Al-Khorayef, Saudi Minister of Industry and Mineral Resources, and Lord Gerry Grimstone, Minister for Investment at Department for International Trade and Department for Business Energy and Industrial Strategy in the United Kingdom.

GMIS 2021 will welcome more than 250 speakers, including four heads of states, representatives of heads of states, two former prime ministers, four senior UN representatives, the US Special Presidential Envoy for Climate Change, and more than 25 ministers from the UAE and across the globe, in addition to a prominent Emirati presence in more than 70 sessions during the summit.