'UAE on cusp of greater changes'
Sheikh Mohammed opened the event earlier on Monday evening.
Abu Dhabi - First Manufacturing, industralisation summit opens in Abu Dhabi.
The four-day inaugural Global Manufacturing and Industrialisation Summit began at the Paris-Sorbonne University in the Capital on Monday evening.
The summit - world's first global gathering for the manufacturing community - is a joint initiative by the UAE Ministry of Economy and the United Nations Industrial Development Organisation (UNIDO), and co-hosted with the Abu Dhabi Department of Economic Development.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai opened the summit.
Minister of Economy Eng. Sultan bin Saeed Al Mansouri, in his speech, said the UAE is 'on the cusp of greater changes' and will make a significant impact.
"Today, the UAE might not be the first place that springs to mind when you think of manufacturing. But, as we stand on the cusp of a Fourth Industrial Revolution, it is nations like the UAE, which have the most to gain, and the most to offer, amid rapid changes in the manufacturing sector. We are a country which can raise our wealth through innovation. We will train our citizens to be proficient in right skilled jobs. We can build the most modern infrastructure. We have the vision to achieve this."
Al Mansouri pointed out how with innovative projects, both Dubai and Abu Dhabi, are showing the way forward.
"We seek to attract $70 billion in industrial investments by 2025," the minister added.
The summit is held under the patronage of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
"Sheikh Mohammed said last year that we should celebrate the UAE's last barrel of oil. His confidence in our bright economic future will be realized by the UAE becoming the global hub for the 'Fourth Industrial Revolution' - the technological movement that is transforming the way we live, the way we work, and the way we interact with one another," the minister added.
The summit is bringing together decision-making leaders from governments, businesses and civil society organisations to shape a vision for the sector's future.
UNIDO director general LI Yong during his address said the summit will lead to new ways of manufacturing.
"The vision will start from here for modern manufacturing," he said.