Al Marri stressed that the industrial and manufacturing sector is a priority and a key pillar for strengthening the soft power of the national economy…reports Asian Lite News
Abdullah bin Touq Al Marri, Minister of Economy, said that the UAE aims to become a global model of green growth and the circular economy, contributing to sustainable economic growth through cooperation with partners, to open new markets for national exports, enhance the competitiveness of the national economy, and improve the business environment.
In his statement to the Emirates News Agency (WAM) during the “Make it in the Emirates Forum,” Al Marri stressed that the industrial and manufacturing sector is a priority and a key pillar for strengthening the soft power of the national economy and enhancing its competitiveness in international markets.
He also noted that the national industry is capable of competing in regional and global markets in various sectors, such as aviation, transportation, logistical services, renewable energy, mining, food, petrochemicals, pharmaceuticals and others.
The UAE aims to attract US$160 billion worth of investments in new economic sectors over the next three decades, he added, affirming that the growth potential of the global economy is linked to creating more investment opportunities in new economic sectors, including the space industry, food, agriculture, healthcare, transportation, renewable energy, circular economy models and advanced technology, as well as investing in digital infrastructure development and employing artificial intelligence and virtual reality technologies, to enhance their contribution to economic growth.
Regarding the ministry’s efforts to launch projects with strategic economic impact, Al Marri stated that the ministry is working in collaboration with its strategic partners on several initiatives and policies to create investment opportunities in new economies while continuing efforts to create an appropriate environment for start-ups and family businesses.
He also explained that the UAE achieved record growth in 2022, with a GDP growth rate of 7.6 percent, one of the highest economic growth rates in the world. Projections for 2023 indicate that the national economy will continue to grow at 3.9 percent, with non-oil output growth at 4.2 percent, according to estimates by the Central Bank of the UAE.
The percentages are expected to increase in 2024, reaching 4.3 percent for GDP and 4.6 percent for non-oil output, he said in conclusion.