ABU DHABI, The Economic Integration Committee has held its sixth meeting virtually, chaired by Abdullah bin Touq Al Marri, Minister of Economy.
The meeting was attended by Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and SMEs, Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and representatives of economic development departments from all emirates.
The meeting saw the approval of a new policy to invest in industrial waste recycling and reduce the production costs of local establishments. The committee also decided to form an action team to conduct a study on ways to enhance trade with Gulf Cooperation Council (GCC) countries, as well as an action team, led by the Ministry of Economy to draft a policy and plans aimed at driving growth across all sectors.
The committee also adopted a series of procedures aimed at promoting joint action and partnerships between federal, public and private entities.
Al Marri stressed that the committee is exerting significant efforts to drive the economic development in various sectors, in line with the vision and directives of the UAE leadership.
He also pointed out that the UAE’s distinctive economic action model is based on forward-looking strategies, and serves as a key pillar of the UAE’s excellence and leadership, especially in economic fields.
The action team in charge of enhancing trade with GCC countries will draft a plan to coordinate the efforts of federal and local authorities towards facilitating transport, tourism, investment and business activities and overcoming all related challenges to support economic recovery.
Meanwhile, the action team led by the Ministry of Economy aims to raise productivity levels for private sector establishments and increase their contributions to the national GDP, as well as encourage investors and companies to invest in economic activities based on innovation.
The new investment policy on industrial waste recycling stipulates that the Ministry of Economy will collaborate with local authorities to develop appropriate mechanisms, in line with the best international practices, to ensure that the recycled products top quality and invite investors to contribute to advancing the sector.
The committee also discussed developments related to the agendas of its action teams and sub-committees, as well as developments related to implementing the committee’s recommendations.
Source: Emirates News Agency