Industrial Coordination Council holds 1st meeting at Ministry of Economy headquarter
The Industrial Coordination Council just recently held its very first conference at the Ministry of Economy's headquarters in Dubai headed by H.E. Eng. Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Board. In attendance were Council members representing the Ministry of Climate Change and Environment; the Industry Development Office in Abu Dhabi; the Departments of Economic Development of Dubai, Sharjah, Ajman, Umm Al Quwain and Ras Al Khaimah; the Fujairah Department of Industry and Economy; the Federal Competitiveness and Statistics Authority; the Emirates Authority For Standardization and Metrology; the Federal Customs Authority; the Federation of UAE Chambers of Commerce and Industry; and the Industrialist Union Society.
H.E. Abdullah Bin Ahmed Al Saleh, Undersecretary of the Ministry of Economy for Foreign Trade and Industry Affairs, and H.E. Abdullah Sultan Art Shamsi, Assistant Undersecretary for Industrial Affairs at the Ministry, were likewise present.
The conference discussed chances and obstacles in developing the UAE's industrial sector. It likewise touched on how to best translate the great significance put on market by the directives of the smart leadership into practice and useful plans that match the quality and level of industrialization in the nation. The recommended methods aim to enhance the sector's competitiveness at the local and worldwide levels, highlight the necessary role industry plays in supporting national advancement, and establish its rightful place within the nationwide economy.
H.E. Eng. Al Mansouri highlighted that the Council would consider the best systems for establishing suitable solutions for the advancement of the industry beginning at the grassroots level, with the focus to be on the role of local government in establishing the suitable policies for managing the affairs of the sector. He included that the Council will also properly handle activities at the federal level to accomplish harmony with all policies.
The Minister even more pointed out the importance of private sector members of the Council representing the Federation of Chambers of Commerce and Industry and the Federation of Industrialists. He discussed that industrial policy solution need to be performed in collaboration with rather than in isolation from the economic sector to make sure that the resulting policies are practical and efficient.
H.E. added that the Council will focus on consolidating the role of innovation in supporting and establishing the production areas due to its importance in supplying included value to the UAE in addition to activating the substantial usage of modern and innovative technologies in order to help drive the nation's shift to a diversified knowledge-based economy.
The conference evaluated the Industrial Coordination Council's vision of establishing a leading national market that relies on development and its mission of increasing production capabilities with due focus on small and medium-sized commercial enterprises,green industry policies, energy efficiency, higher capital investments at reduced labor costs, and stronger local, regional and global industrial partnerships
Individuals likewise determined the four strategic objectives embraced by the Council: increase the production sector's GDP contribution to 20 percent by 2021; encourage and support sectors that add to achieving the goals of UAE Vision 2021; concentrate on sectors that target Emiratization; and prioritize sectors drawing in industrial investments in areas that promote energy savings and contamination control.
The program also consisted of an overview of the UAE's current industrial situation. Among the significant obstacles discussed was how to raise production's GDP share from 14 percent in 2014 to 20 percent in 2021 and increasing manufacturing capability by improving the country's ranking in the industry financial integration indices.
Participants discussed as well the strong competitive advantages enjoyed by UAE industry in several sectors, including base metals such as gold; chemical industries such as polymers; food and beverages; aircraft; motor vehicles and trailer equipment; various metals and machinery; rubber and plastics; metallic and non-metallic mineral products such as cement, glass and ceramics; and paper products, furniture, wood products and cork.
At the end of the meeting, the Council agreed to set up four working groups spanning the task of each of them for two months from the date of their formation. They will be entrusted with the implementation of the tasks and functions of the Council at the federal and local levels. The groups will conduct research on viable solutions and undertake the necessary studies and work to overcome obstacles to the ongoing development of the industrial sector.