Business News
Shaikh Mohammed approves action plan for the Ministry of Industry and Advanced Technology
Dubai: His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, approved the action plan for the Ministry of Industry and Advanced Technology, the UAE’s most recently formed ministry.
During a meeting held today and chaired by Sheikh Mohammed, the ministry’s team outlined the general strategy and goals of the newly formed ministry before Sheikh Mohammed, who affirmed that the UAE has three national priorities in the industry sector.
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These include achieving industrial security, enhancing the added value locally, and raising the efficiency and the competitive edge of the country’s industries.
“The Ministry of Industry and Advanced Technology will play a pivotal role in the future of our national economy. We look forward to achieving rapid results in the coming period,” Sheikh Mohammad said, adding “We have proven that our actions and achievements live up to our dreams and aspirations. We need to dream bigger and achieve more”.
“The post-Covid-19 economy requires national industrial security and we need flexible thinking and new tools,” the Prime Minister said.
Future strategy
During the meeting, Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, and Sarah bint Yousif Al Amiri, Minister of State for Advanced Technology, gave a comprehensive presentation on the future strategy of the ministry.
Al Jaber outlined the ministry’s functions, which include implementing the vision of the UAE’s leadership, enhancing the contribution of advanced technology to the sustainability of economic growth, raising the efficiency and competitiveness of the industrial sector in the country and supporting strategic industries that contribute to advancing the national economy and boosting the gross domestic product.
He said that the ministry will work to develop policies, laws and programmes to provide a stimulating legislative system that supports the growth of the sector and all emerging industrial businesses and companies that rely on advanced technology.
He added that the ministry will spare no effort to enhance local added value, stimulate the establishment and development of industrial clusters, support the construction sector, encourage industrial exports, and foster local competencies in advanced technology.
Al Amiri said that the ministry’s strategy will focus on national priorities to bolster the contribution of the industrial sector to diversifying the economy, raising efficiency and creating new sectors, attracting foreign direct investments and high-tech industries.
“In the coming period, the ministry will develop a general strategy and operational plans to achieve its objectives by increasing the flexibility of the industrial and advanced technology sector and enhancing its contribution to the sustainability of economic growth for the post-Covid-19 phase,” the ministry’s team said.The meeting was attended by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.