Breaking News

UAE’s new industrial regulation and development law paves way for future of industry: Industry Development Council

November 15, 2022
finance & economy

ABU DHABI, 14th November, 2022 (WAM) – Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Chairman of the Industry Development Council (IDC), led the third meeting of the IDC.

The IDC is the platform responsible for coordinating efforts and integration between federal and local industry stakeholders and the private sector. It aims to enhance the competitiveness of the industrial sector, the development of industrial capabilities, and the investment attractiveness of the sector.

The chairman and members of the council began the meeting by highlighting the decision by President His Highness Sheikh Mohamed bin Zayed Al Nahyan to issue Federal Decree-Law No. 25 of 2022, regarding the regulation and development of the industry. The Decree-Law would boost the industrial sector’s performance, empower and enhance integration, and partnerships in national industrial projects. The law will ultimately strengthen the UAE’s position as a leading global destination for industrial investments.

The council reviewed the previous meeting’s recommendations and achievements. In addition, members discussed projects that aim to support the industrial business environment and the positive impact resulting from the emirates of Ras Al Khaimah and Fujairah joining the National In-Country Value programme.

The council supports the cabinet’s decision to exempt certain imports from customs fees, which will positively impact the industrial sector by stimulating production growth, increasing industrial-added value, developing national supply chains, manufacturing new products, and integrating and unifying customs exemption services. The decision will benefit the industry at the federal level and local customs authorities. It will also contribute to updating and promoting factory data and products and enhancing local purchasing opportunities.

The meeting was attended by Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, Vice Chairman of the Industrial Development Council, and Chairman of the Executive Committee, Younis Haji Al Khoori, Under-Secretary of Ministry of Finance, Omar Al Suwaidi, Under-Secretary of the Ministry of Industry and Advanced Technology (MoIAT), Major General Suhail Saeed Al Khaili, Director-General of the Federal Authority for Identity, Citizenship, Customs and Ports Security, Major General Dr. Mubarak Saeed Ghafan Al Jabri, Assistant Under-Secretary for Support and Defence Industries in the Ministry of Defence, Hanan Ahli, Director of the Federal Competitiveness and Statistics Centre, Ahmed Mohamed Al Naqbi, CEO at the Emirates Development Bank, Osama Amir Fadhel, Assistant Under-Secretary of the Industrial Accelerators at MoIAT, and Rapporteur of the Industry Development Council.

The meeting was also attended by Hamid Mohammed bin Salem, Secretary-General of the Federation of Chambers, Noura Al Marzouqi, Assistant Under-Secretary for Policy and Strategy at the Ministry of Human Resources and Emiratisation, Dr. Abdul Rahman Al Shayeb Al Naqbi, Director-General of Department of Economic Development in Ras Al Khaimah, and Mohammed Obaid bin Majid Al Aleeli, Director-General of the Department of Industry and Economy in Fujairah.

Dr. Sultan Al Jaber said, “In line with the vision and directives of the leadership to focus on supporting the industrial sector and enhance its growth and competitiveness, the new Industry Regulation and Development Law enables more flexible mechanisms and boost the capabilities of the industrial sector.”

'The new law will help to attract local and foreign investments to the industrial sector, enhance priority sectors, enable the Make it in the Emirates initiative – especially in the F&B and pharmaceutical sectors – helping to achieve self-sufficiency, and support growth opportunities in future industries such as space, hydrogen and medical and agricultural technology. The law is also a mainstay in the legislative system, supporting the growth of the national industrial sector and increasing its contribution to national GDP in line with the objectives of the National Strategy for Industry and Advanced Technology and the Industrial Development Council.”

He added, “The decision by His Highness Sheikh Mohammed bin Rashid Al Maktoum,inputs from customs fees – a policy proposed by the Ministry of Industry and Advanced Technology – will support the country’s industry and stimulate the competitiveness of national products. This step supports the UAE’s national economic diversification strategy by increasing the contribution of the industrial sector to the national economy, enhancing the ease of doing business in the sector, stimulating production growth, increasing in-country value, developing local supply chains and manufacturing new products.

“The new policy represents an advanced mechanism to enable factories in the country by exempting imported materials entering the industrial sector from customs fees. These exemptions encourage factories to use locally produced materials, in line with the Make it in the Emirates campaign, an initiative that supports the purchase of local products and raw materials. The new policy will have an important economic impact by developing local industries and their exports, reducing unfair competition, supporting the legislative environment, stimulating doing business, supporting national markets, and creating investment opportunities for new products.”

Make it in the Emirates

During the meeting, the council discussed several projects related to empowering the industrial sector. This included enhancing the IDC’s role in launching initiatives in the industrial sector and supporting efforts around the Make it in the Emirates initiative. Other projects discussed included those designed to build capabilities, create an attractive environment for entrepreneurs and SMEs, open new markets for UAE products, and enhance efficiency, flexibility and quality to raise the global competitiveness of local products.

In-Country Value Programme
The council praised the Emirates of Ras Al Khaimah and Fujairah for joining the National ICV programme, which will support the integration of supply chains in the country and enhance the competitiveness of national industries, particularly within priority industries that contribute to achieving self-sufficiency. The council stressed how the National ICV programme could create robust opportunities to benefit from procurement contracts from the programme’s partners, including more than 45 federal government agencies and 19 major national companies. It indicated that joining the programme provides excellent opportunities to promote growth and industrial expansion in vital and priority sectors, and created highly skilled job opportunities. The council also discussed how the Industry 4.0 programme could promote growth and technical development among companies.

Flexible Procedure

The IDC seeks to enhance the industrial sector's performance, growth, and competitiveness. It aims to achieve this by increasing the flexibility of industrial licencing procedures and making it easier for entrepreneurs, SMEs, advanced technology companies and researchers to establish businesses in the UAE, and then benefit from national programmes such as National ICV, Industry 4.0, and the Technology Transformation Programme.

The IDC is supporting integration efforts between national and local entities to create a suitable and attractive business environment for local and international investors in the industrial sector. The council aims to enhance industrial competitiveness regionally and globally, build capabilities in the industrial sector, and review strategic initiatives that help attract local and foreign industrial investments.

The council supports integration between national and local entities to help create an attractive business environment for local and international investors in the industrial sector. Additionally, it enhances industrial competitiveness regionally and globally by providing mechanisms and enablers to build capabilities within the sector. The IDC also reviews strategic initiatives that support its efforts in a way that attracts local and foreign industrial investments.

wam

Top News



finance & economy

Chery Wins the Sixth Straight Championsh...
January 27, 2023
SAL Saudi Logistics Services and Menzies...
January 27, 2023
Toyota Tsusho, IIJ, NEC, and NTT Com Sig...
January 27, 2023