The United Arab Emirates Cabinet yesterday endorsed the launch of the National Industrial Coordination Council with the aim of boosting the industrial sector’s contribution to GDP.
The resolution, passed during a session attended by UAE Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, will see the council l asked with developing a national strategy for the sector including key performance indicators.
It will also corporate with federal and local government entities to develop legislation to support the sector.
“We aim to have a developed, and flexible industrial sector exceeding traditional models and having networking and investment meeting growing needs of the markets,” Sheikh Mohammed said.
UAE Minister of Economy Sultan bin Saeed Al Mansouri said the council would speed up the country’s transition into a knowledge-driven economy.
“This decision will speed up steps to increase proportion of contribution of the industrial sector to the UAE GDP by about 15 percent in 2021 from the current 9 percent, excluding the oil industries,” he said.