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The industrial sector in the UAE is projected to have contributed over Dh180 billion to the national economy in 2022, with exports accounting for Dh174 billion, underscoring the ability of the booming sector to compete on the global stage.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said the MoIAT has made impressive achievements that support the UAE’s industrial growth through its several programs and strategies in 2022.
Going forward, the government is working to position the UAE as a global 4IR hub, while building a competitive national economy based on knowledge, innovation, and future technologies. It also focuses on growing the rate of advanced technology adoption among national industries from 5.0 to 7.0 per cent in 2023, MoIAT said in a statement.
Al Jaber noted that the industrial sector’s enhanced efficiency and competitiveness had increased its investment attractiveness and supported the growth of national GDP. “According to the United Nations Industrial Development Organization, the UAE’s industrial exports reached Dh174 billion, which underlines the ability of our national industries to compete on the global stage. The industrial sector is projected to have contributed over Dh180 billion.”
"MoIAT issued 263 new industrial production licences in 2022 – a 20 per cent increase over 2021, while the national In-Country Value (ICV) program succeeded in redirecting Dh53 billion into the economy – a 25 per cent increase.”
To keep the growth momentum of the industrial sector, the ministry is set to announce more initiatives, plans, incentives and enablers in the coming months as “we look forward to achieving a quantum leap in the industrial sector in support of the UAE's vision for national development over the next 50 years,” the minister said.
In its annual achievements report issued on Wednesday, MoIAT outlined its key outcomes and milestones in 2022 in regard to developing the industrial sector, increasing its contribution to national GDP, creating an attractive business environment for local and foreign industrial investments, and stimulating innovation and the adoption of advanced technology in industrial solutions.
The report showcases the progress of the national strategy for industry and advanced technology, Operation 300bn, which was launched in 2021 and aims to transform the UAE into a global manufacturing hub.
Al Jaber noted that MoIAT has established several international industrial partnerships that demonstrate the UAE’s collaborative approach to drive progress across the board.
He emphasised MoIAT's efforts to help Emirati products enter new markets by working alongside other ministries to secure reduced customs tariffs in parallel with comprehensive economic partnership agreements (CEPAs). The Ministry is also providing financial incentives through seven local and international financial institutions, and has reduced 14 service fees to cut the cost of doing business.
Sarah bint Yousef Al Amiri, Minister of State for Public Education and Advanced Technology, said MoIAT has helped to accelerate technology adoption in 2022, enhancing efficiency, competitiveness and investment attractiveness in the industrial sector.
“MoIAT also facilitated financing for industrial companies to obtain advanced technology solutions with a total of Dh699 million."
"Our achievements indicate that the UAE's industrial sector is making remarkable progress in adopting advanced technology and stimulating innovation in its operations. The launch of the Technology Transformation Program, which aims to establish 1,000 technology projects by 2031, is a significant milestone that contributes to the UAE’s sustainability agenda,” said Al Amiri.
The Technology Transformation Program aims to launch more than 1,000 technological projects by 2031, raise advanced technology exports to Dh15 billion, and increase the GDP of advanced technology to Dh110 billion.
“Partnerships are at the core of the program, as we collaborate with the government, the private sector and academia to achieve its objectives. Through our partnership with the private sector, we helped develop sustainability roadmaps for our largest 50 factories to contribute to the UAE’s climate neutrality efforts,” said the minister.
In 2022, industrial companies signed 19 letters of intent to invest Dh3.1 billion in products targeted for local manufacturing. Last year also saw the introduction of new financing solutions worth Dh3.14 billion from the Emirates Development Bank and Dh1.3 billion from Etihad Credit Insurance to empower industrial companies and enhance the sector’s export potential.
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