Fri 24-06-2022 10:07 AM
ABU DHABI, 24th June, 2022 (WAM) -- The Ministry of Industry and Advanced Technology has achieved a series of successes, through organising the ''Make it in the Emirates Forum'', under the theme of "Invest, Partner, Grow", in cooperation with the Abu Dhabi Department of Economic Development (ADDED), and the Abu Dhabi National Oil Company (ADNOC).
The two-day event and its accompanying exhibition, hosted by Abu Dhabi, highlight the country’s capacity to ensure the growth of national industry and identify a number of products the country will depend on in the coming years.
Advanced legislative environment
The UAE possesses a legislative environment that offers potential for growth and competitiveness in terms of industry, transparency, rule of law, and the ability of the economy to achieve growth and business prosperity, in light of the country’s security, safety and stability. It allows full ownership of companies by foreign investors in all sectors, most notably the industrial sector.
Since the announcement of the strategy of the Ministry of Industry and Advanced Technology (MoIAT) also known as "Operation 300bn", the ministry has established a range of strategic goals based on the country’s capacities to support the industrial sector, leading to the country being ranked first in the Middle East in the Global Entrepreneurship Index 2020, and the first regionally in terms of industrial competitiveness.
The ministry also aims to motivate industry and adopt advanced technologies in the areas of industrial systems and solutions and has adopted a strategy as part of three major pillars aimed at enhancing productivity in priority sectors, achieving food and pharmaceutical security, and promoting existing industrial sectors, such as petrochemicals, metals like iron and aluminium, as well as motivating future industries, such as the hydrogen and space industries.
The ''Make it in the Emirates Forum'' focuses on these three sectors and offers its participants relevant facilities and incentives. A total of 300 relevant products were also adopted, as well as the National Strategy for Industry and Advanced Technology while 32 Memoranda of Understanding and cooperation agreements were signed between government agencies and leading industrial companies.
These agreements included the signing of agreements between ADNOC and several local and international companies worth AED21 billion covering locally-made products and materials.
Pure Health, Etihad Airways, Emirates Global Aluminium, the Edge Group, Baker Hughes, the Abu Dhabi Fund for Development and "TA'ZIZ" have taken advantage of available industrial growth opportunities, capabilities and incentives, in addition to many vital announcements and incentives for manufacturers, which include reduced industrial fees and service tariffs, facilitating the entry of Emirati products to new markets with reduced customs tariffs, as well as providing financing through seven national and foreign financing institutions.
Many of the event’s participating entities announced several incentives and factors aimed at empowering the national industrial sector, as part of the efforts to support industry in the country.
The incentives include incentive programmes to reduce fees for electricity provided by the Department of Economic Development in Abu Dhabi, and a 25 percent discount on land and office rents provided by the Khalifa Industrial City (Kizad) with a grace period of up to 18 months on land rents during the phase of establishing a factory in Tawazun City, as well as many other advantages, such as infrastructure and logistics, and the ability to reach new markets through new and expanded trade agreements.