Tuesday, Nov 15, 2022 | Rabi Al Thani 20, 1444
Published: Sun 16 Oct 2022, 3:32 PM
The Abu Dhabi Department of Economic Development (ADDED) has reaffirmed its support of manufacturing sector to play a major role in increasing the emirate’s non-oil exports from Dh73.5 billion in 2021 to Dh178.8bn by 2031.
It will be achieved through providing a conducive ecosystem to achieve this 143 per cent increase in a decade. This was revealed during the ‘CEOs Forum for Exporting Manufacturers’ forum.
Improving Abu Dhabi’s trade with global markets in the industrial sector is a key objective of the Abu Dhabi Industrial Strategy (ADIS).
The strategy is aiming to strengthen the emirate’s position as the region’s most competitive industrial hub by investing Dh10 billion across six transformational programmes to more than double the size of Abu Dhabi’s manufacturing sector from Dh83.5 billion in 2021 to Dh172 billion by 2031.
Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “This forum is part of our efforts to achieve the ambitious goals of Abu Dhabi Industrial Strategy by working closely with manufacturers, contributing positively to increasing non-oil exports”.
“Despite challenges in global economy, Abu Dhabi non-oil trade during the first half of 2002 grew 12 percent to Dh124 billion, and exports rose 26 per cent to Dh49.5 billion. Also, the industrial sector performance was impressive, 136 new industrial licenses had been issued, and our total number of active in-production factories now stands at 866. While these facts paint a bright picture of our economy, we need to work more closely with major players in manufacturing sector and ensure they are well- supported to thrive and play a greater role in achieving strategic objectives”.
To increase bilateral trade and establish itself as a “gateway to the world”, UAE has signed Comprehensive Economic Partnership Agreements (CEPAs) with India, Indonesia, Israel, and plans to sign more eight (8) agreements with strategic partners in the near future to increase bilateral trade by Dh40 billion annually.
CEPAs will further enhance economic cooperation between UAE and strategic partners, widen access to markets, and enhance mutual investment opportunities as these agreements stimulate flows and eliminate custom tariffs and other trade and investment barriers.
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