The UAE industrial sector’s contribution to gross domestic product reached about Dh197 billion ($53.64 billion) last year, with the country achieving 30 per cent of Operation 300bn’s target since its 2021 launch, officials said on Wednesday.
The Emirates’ industrial exports increased by 17 per cent, recording 7 per cent growth in productivity since the launch of the programme and reaching Dh187 billion in 2023, the Ministry of Industry and Advanced Technology said.
“We aim to achieve sustainable economic development by amplifying efforts and building a robust industrial sector, supported by an integrated legislative and regulatory system,” said Dr Sultan Al Jaber, Minister of Industry and Advanced Technology.
The UAE launched its industrial strategy, Operation 300bn, to position the country as an industrial centre by 2031. The 10-year strategy focuses on increasing the industrial sector’s contribution to GDP to Dh300bn by 2031, from Dh133 billion in 2021.
MoIAT, which is overseeing the strategy, was created in 2020 to increase the competitiveness of products made in the UAE and the industrial sector’s contribution to the economy.
As part of Operation 300bn, the UAE also launched the National In-Country Value programme, which aims to boost the private sector’s participation in the economy, diversify output and localise critical parts of the supply chain.
“Supporting the localisation of supply chains, the National ICV programme achieved 17 per cent growth in local expenditure year-on-year, reaching Dh61 billion,” Dr Al Jaber said.
“Additionally, 28 per cent of the total value of the local procurement deals announced in the Make it in the Emirates Forum have been secured, which amounts to Dh31 billion.”
The Make it in the Emirates campaign encourages local and international investors to manufacture and export products from the UAE.
Source: thenationalnews
