The UAE will streamline operations for businesses by providing digital services, simplifying procedures and reducing costs for investors and owners of industrial businesses, as part of a new partnership signed between the Ministry of Foreign Affairs and International Co-operation and the Ministry of Industry and Advanced Technology.
The partnership will focus on providing digitised authentication services for industrial businesses, serving as a boost to the overall investment climate in the country and attracting more and talent from around the world, MoFAIC said in a statement on Thursday.
MoFAIC will support the provision of authentication services to factories through the digital services platform of MoIAT, with fees for industrial investors to be further reviewed.
“MoFAIC is working to improve customer experience and facilitate business through a package of upgrades that include digital transformation in line with the directions of the UAE government,” Faisal Lutfi, assistant under-secretary for consular affairs at MoFAIC, said.
The collaboration between MoFAIC and MoIAT is part of the 'Projects of 50', a series of major projects aimed at boosting the UAE's economy.
The move supports the UAE's digital push — this week, the UAE Cabinet approved a strategy in which the digital economy will contribute 20 per cent to the gross non-oil national economy in the coming years.
The partnership will also help boost the UAE’s high ranking in business facilitation indicators, enhance the competitive environment and create opportunities to access global markets in order to attract more investment, Mr Lufti said.
The UAE was ranked first globally in the latest edition of the Global Entrepreneurship Index, outperforming major global economies such as the US, the UK, Japan, Canada, South Korea and some EU countries. That is up from the fourth place in 2021 on the index, which is compiled by London-based Global Entrepreneurship Monitor.
The partnership will also accelerate the authentication procedures for businesses in line with the new industrial services platform launched by MoIAT to support the performance of the industrial sector, said Osama Amir Fadhel, assistant under-secretary for industrial accelerators at the ministry.
The number of customs exemption transactions and invoices, and certificates of origin from factories that required authentication totalled 175,000 in the past year, he said.
“Simplifying procedures and facilitating invoice authentication services for manufacturers improves ease of doing business and enhances the investment climate in the country,” Mr Fadhel said.
“This, in turn, will support the National Strategy for Industry and Advanced Technology and ensure the growth and prosperity of the industrial sector, enhance its competitiveness and support digital transformation processes in government procedures and services.”
Customs exemptions are granted to encourage the establishment of new industrial projects and includes the import of industrial products such as machinery, equipment, spare parts, raw and intermediate materials and semi-manufactured goods for production purposes.