The UAE's Industry Development Council discussed incentives for industrial companies to stimulate investment and support sustainable development, as the country seeks to boost the competitiveness of local products.
The IDC also announced the Ministry of Finance and Tawazun Council as its latest members, the Ministry of Industry and Advanced Technology said on Tuesday after its fourth meeting.
The council supports the growth of the country's industrial sector for investors.
The Ministry of Finance will create the incentives required to bring a “paradigm shift” and boost sustainable development, said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of the IDC.
Meanwhile, the Tawazun Council will play an important role through the Offset Programme, which supports quality industrial and technological partnerships, helping to create investment and industrial opportunities that will support UAE industry.
“The IDC will expand the tools for enablement, integration and partnership in major national projects between the government and private sectors with the aim of creating an attractive business environment for local and international investors in the industrial sector and strengthening the country’s position as a global destination for leading future industries,” said Dr Al Jaber, who is also President-designate of Cop28 and UAE special envoy for climate change.
“In line with the country's preparations for hosting Cop28, the council also discussed the key enablers and incentives that support sustainable and efficient industrial development.”
UAE leaders announce plans to boost local manufacturing
In 2021, the UAE launched Operation 300bn to position the country as an industrial hub by 2031. The 10-year plan focuses on increasing the industrial sector's contribution to the country's gross domestic product to Dh300 billion ($81.68 billion) in 2031 from Dh133 billion in 2021.
The strategy focuses on boosting production in 11 priority sectors, supporting the growth of national industries, attracting foreign investment and ensuring the availability of financing for local industrial companies.
The 'Make it in the Emirates' campaign has also been rolled out as part of the strategy.
Emirates Development Bank will provide debt and equity funding to support companies operating in the sector.
The virtual meeting also discussed measures to stimulate the industrial sector and examined the progress of important projects such as updates to legislation and regulation, the progress on the industrial census and required policies in allowing factories to generate electricity from renewable sources.
The council also discussed the UAE cabinet decision to increase import duties on particular steel products from 5 per cent to 10 per cent for three years with the aim of protecting national industries and encouraging local production, in line with the UAE’s international agreements and obligations to the World Trade Organisation.
The second edition of the Make it in the Emirates forum will be held at the end of May in Abu Dhabi.
Dr Al Jaber urged industrial companies to participate in the Make it in the Emirates awards, which take place alongside the forum.
“The forum's first edition firmly established the key factors underpinning the UAE’s industrial sector. In the next edition, we look forward to further significant outcomes to boost industrial development in the UAE,” he said.
An Industrial Technology Transformation Index task force will be formed to assess smart industry readiness among UAE factories, he said.
It will help manufacturers implement advanced technology and improve industrial competitiveness.
The council is currently finishing the final draft of the Industry Regulation and Development Law's Executive Regulations, said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade, vice chairman of the IDC and chairman of the council's executive committee.
It is being developed by the Policy and Legislation Taskforce and has been circulated among the emirates as part of the feedback process, he added.
The council also urged industrial enterprises in the UAE to register with the Industrial Census, which aims to establish an integrated database that enhances economic resilience and supports decision-making.
