The United Arab Emirates (UAE) launched Monday its national strategy for industry and advanced technology.
Dubbed “Operation 300bn,” the strategy seeks to raise industrial sector’s contribution to the gross domestic product to AED300 billion ($81.6 billion) from AED133 billion ($36.2 billion) by the year 2031.
It was launched by Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President and Ruler of Dubai, and focuses mainly on the future industries that implement advanced technology and the Fourth Industrial Revolution (4IR) solutions and applications.
The UAE Ministry of Industry and Advanced Technology, which leads the strategy, will roll out programs and initiatives to support 13,500 industrial small, and medium enterprises (SMEs) and develop the UAE’s industrial infrastructure.
The initiative seeks to attain self-sufficiency in many vital industries and boost the national added industrial value by improving the quality standards of UAE-made goods and promoting them at the local and international levels.
In addition, it aims to create an attractive business environment that encourages local and foreign investments.
“The industrial strategy will attain a giant leap in the UAE’s industrial sector to become the main driving force of the national economy and lead the development journey through the next 50 years with greater confidence and speed,” Sheikh Mohammed said.
“The industrial sector is the backbone of large economies, and the UAE has effective resources, policies, and leadership to build a global economic base.”
“Developing the industrial sector and achieving self-sufficiency in some vital sectors safeguards our economy against emerging global crises,” he continued.
Sheikh Mohammed further pointed out that the industrial sector in the country has made many strides.
“With competitive national products we take pride in, our mission is to double our success, bolster the local industrial value and build an export system that would enhance the global competitiveness of our products.”
Developing the industrial sector comes in line with achieving economic stability and enhancing the global status and the future of the next generations, he affirmed.
