Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, affirmed that, since its establishment, the Ministry of Industry and Advanced Technology (MoIAT) launched numerous strategic initiatives and programmes to empower the national industrial sector as well as enhance the business environment and industrial competitiveness.
Dr. Al Jaber highlighted MoIAT's focus on boosting in-country value in the national industrial sector while also enhancing the value add of manufacturing, in an effort to boost supply chain security as well as economic competitiveness in a way that supports national products.
“This has contributed to greater national industrial security and self-sufficiency, resulting in AED9.3 billion worth of import substitution projects,”
the UAE Minister of Industry and Advanced Technology explained.
He highlighted that MoIAT-launched enablers and incentives were among the most important tools for supporting sustainable business growth, and reducing financial barriers and risks for industrial companies, nothing that
“financing not only supports innovation and technological transformation but can also enhance business growth and help create more high-tech job opportunities in the private sector”.
Before the establishment of the Ministry of Industry and Advanced Technology (MoIAT) in 2020, the UAE's industrial sector faced regulatory disparities hindering growth. MoIAT's initiatives, including the National Strategy for Industry and Advanced Technology, boosted the sector's GDP contribution by 49%.
The National In-Country Value Programme redirected over AED237 billion into the UAE's economy, while initiatives in pharmaceuticals and medical supplies enhanced industrial security and self-sufficiency. MoIAT also promoted advanced technologies, resulting in increased high-tech exports and improved global rankings. Financial support and incentives facilitated technology adoption and attracted investments, with AED5.3 billion provided in financing solutions.
Dr. Al Jaber highlighted the transformative impact of Federal Decree-Law No. 25 of 2022, strengthening the UAE's industrial landscape with streamlined regulations, supporting self-sufficiency, and fostering a conducive environment for SMEs and innovation.
The Make it in the Emirates Forum, a catalyst for industrial growth, showcased local manufacturing opportunities worth AED120 billion, with significant uptake. Emphasizing sustainability post-COP28, the forum aligns with Sheikh Mohamed bin Zayed Al Nahyan's extended Year of Sustainability. MoIAT's Technology Transformation Programme drives innovation, with 153 roadmaps developed, attracting AED600 million investments and creating 360 high-tech jobs. Incentives promote AI and Industry 4.0 adoption, advancing national productivity and global competitiveness.
News Source: Emirates News Agency
