The UAE's Industry Development Council, which supports the growth of the country's industrial sector, has proposed new initiatives to further boost the business environment in the Emirates.
The fifth meeting of the council tabled a motion to link the data of the economic registry of companies and institutions at the federal and local government levels within the industrial census, the ministry said on Wednesday.
The census, launched in January this year, aims to establish an integrated database that enhances economic resilience and supports decision-making.
The proposal aims to enhance the continuity of periodically obtaining integrated data for the industrial sector, improve the flexibility of investment processes, reduce the investor journey and promote one-time information requests, the ministry said.
This, in turn, would boost investment opportunities, and analysing data can be used to chart a road map for industrial development, it said.
The IDC also aims to boost the circular economy by discussing how to integrate waste management systems and make them more efficient.
A circular economy is a system that focuses on reducing the extraction of natural resources, minimising waste and regenerating natural systems. In it, raw materials, components and products keep their value for as long as possible, while renewable energy sources are used to fuel economic activity.
“We are working to accelerate empowerment, integration and partnership tools in national projects between the public and private sectors,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and chairman of the IDC.
“This aims to enhance the competitive business environment for both local and international investors in the industrial sector and reaffirm the UAE's global position as a leader in future industries.”
The UAE is boosting the local industrial sector as part of plans to diversify its economy. The country has launched several initiatives to support this agenda.
One of the landmark programmes is the Operation 300bn strategy launched in 2021, which aims to increase the industrial sector's contribution to the country's gross domestic product to Dh300 billion ($81.6 billion) from Dh133 billion in 2021.
“The UAE continues to develop the industrial sector to increase its contribution to GDP by enhancing the attractiveness of the business ecosystem for local and international investors,” said Dr Thani Al Zeyoudi, Minister of State for Foreign Trade and deputy chairman of the IDC.