ABU DHABI, Abdulla bin Touq Al Marri, Minister of Economy, stressed that the UAE’s leadership prioritises the industrial and manufacturing sectors, given their vital role in establishing a strong sustainable and productive knowledge-based economy, to consolidate the country’s economic competitiveness and export capacities.
“The manufacturing and mining industries accounted for nearly 38 percent of the country’s real GDP in 2019, with a total value of AED569 billion. Manufacturing alone contributed some AED135 billion to GDP at current prices, achieving a compound annual growth rate of 4 percent and accounting for 9 percent of overall national GDP and 12 percent of non-oil GDP,” he said in a statement on the launch of the country’s industrial strategy “Operation 300bn” by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
These figures underscore the importance of the economic sector to the country’s development policies, he added, affirming that the launch of the Ministry of Industry and Advanced Technology was pivotal to the country’s efforts to achieve industrial development and will enhance the global leadership of the national industry.
He then pointed out that the strategy focusses on linking industrial development to advanced technologies and recent economic trends, which will strengthen the country’s position on the international industrial map.
Al Marri highlighted the keenness of the Ministry of Economy to encourage future cooperation and partnership with the Ministry of Industry and Advanced Technology, to support the strategy and achieve its objectives.
Source: Emirates News Agency