Over the next decade, the UAE plans to increase manufacturing’s contribution to the country’s economic output to $81.6 billion as part of a national initiative to improve local production and develop world-beating light and heavy industries.
Vice President and Ruler of Dubai Sheikh Mohammed bin Rashid and Crown Prince of Abu Dhabi Sheikh Mohamed bin Zayed, Deputy Supreme Commander of the Armed Forces, announced the launch of “Operation 300bn.”
Sheikh Mohamed bin Zayed pointed out that “the UAE’s Industrial Strategy brings together the private and public sectors to re-imagine the future of industries. It is a determination to build our nation’s knowledge and expertise and forge our path towards long-term sustainable growth that benefits people and planet.”
The Ministry of Industry and Advanced Technology is leading the initiative and aims to increase the manufacturing sector’s contribution from its current level of $36.2 billion. It has a goal of establishing 13,500 industrial companies.
A marketing campaign called “Making it in the Emirates” would highlight the advantages of becoming a manufacturer in the country while also developing a reputation for quality. The announcement included a rise in Research and Development (R&D) investment in the industrial sector to $15.5 billion from $5.7 billion in the coming years.
Sheikh Mohammed bin Rashid remarked that ‘Make It In The Emirates’ is the UAE’s “industrial identity to support domestic products and promote the sector globally, aiming to strengthen the country’s industrial competitiveness.”
The Make it in the Emirates and Operation 300bn initiatives are part of a shake-up of the industrial ecosystem that will involve reforming laws and reducing red tape.
The overall goal would be to increase domestic production to generate employment, stimulate R&D, improve competitiveness, and eventually develop resilience. The COVID-19 pandemic and the resulting travel and work restrictions have highlighted the value of self-sufficiency, including food and medicine production.
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