Mon 22-03-2021 18:22 PM
By Mohammed Jalal Al Rayssi, Director-General of Emirates News Agency (WAM) ABU DHABI, 22nd March, 2021 (WAM) -- The launch of the country’s industrial strategy "Operation 300bn," by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, is a strong boost for the national industrial sector, as it is based on a comprehensive vision supported by the trust of the country’s leadership.
The 10-year comprehensive strategy aims to empower and expand the industrial sector to become the driving force of a sustainable national economy, increasing its contribution to the GDP from the current AED133 billion to AED300 billion by 2031, driven by a Unified Industrial Brand Identity under the theme ‘Make it in the Emirates’ . Leading the strategy, the Ministry of Industry and Advanced Technology (MoIAT) will roll out programmes and initiatives to support 13,500 industrial small and medium enterprises (SMEs).
The ministry’s new approach was inspired by three relevant directives from the previous UAE Cabinet reshuffle, which are achieving industrial security, enhancing added value, and increasing the competitiveness of the national industry.
Towards that end, the MoIAT has adopted a flexible vision reinforced with new tools suitable for the post-COVID-19 economy, as His Highness Sheikh Mohammed bin Rashid stressed that the post-COVID- 19 economy requires a national industrial security that needs flexible thinking and new tools.
The new strategy is proactively responding to the new reality caused by the COVID-19 pandemic, through a comprehensive vision aimed at supporting the country’s industrial security and enlarging its size and scope to make it a key catalyst for the national economy, as well as creating a convenient business environment, and increasing spending on research and development to AED57 billion by 2031, equivalent to two percent of GDP.
In parallel with these efforts, the Unified Industrial Brand Identity adopted by the ministry aims to attract investors and capital, under the theme, 'Make it in the Emirates’ .
In order to achieve this, the strategy will ensure that local products made around the country are subject to the same production standards and specifications that are in line with the highest levels of quality and excellence.
Moreover, the Fourth Industrial Revolution and knowledge-based economic solutions are prioritised by the strategy. Therefore, the ministry aims to establish new industrial sectors that will create a new pioneering industrial ideology.
Small and medium-sized enterprises (SME) are also integrated within the strategy, given their active and effective role in the Emiratisation of industry and increasing added value. The ministry aims to establish 13,500 SMEs.
'Operation 300bn', which is the core of the strategy, aims to make the UAE an international industrial centre and a global destination that will lead future industries.
The "National Industry Programme" is based on a comprehensive national vision that aims to achieve the country’s sustainable economic growth, upgrade related mechanisms and tools and establish a logistical and legal framework that will make the industrial sector more flexible.