Industrial Partnerships: An Investment in the Future
In response to the COVID-19 pandemic, which disrupted global supply chains, countries around the world have taken exceptional measures to enhance domestic production capabilities and strengthen local supply chains. The UAE, which implemented particularly robust mitigating measures during the pandemic, adopted a clear strategy for developing flexible solutions to address supply chain challenges. The chief program behind these efforts is the National Strategy for Industry and Advanced Technology - Operation 300bn - which was launched as the country's integrated industrial strategy that formed a 'national investment approach to the future'.
Two years ago, when the UAE's Ministry of Industry and Advanced Technology was established, it prioritized ways of accelerating industrial growth to boost self-sufficiency in critical areas. Since then, we have worked on building an attractive ecosystem for local and foreign industrial investors while removing regulatory obstacles to support growth and self-sufficiency in areas such as food and medicine.
The Industrial Accelerators Sector's Department of Partnerships and Investment, which comes under Operation 300bn, is one of the key tools for achieving our strategic goals, which include stimulating foreign and local investments, enhancing the investment attractiveness of the industrial sector, and coordinating empowerment mechanisms between the government, private sector, and investors. These goals also include developing relationships between domestic and foreign industrial communities, especially in terms of enhancing the industrial competitiveness of the UAE. To that end, over the past two years, we have already signed agreements with countries on four continents, including North America, Europe, Asia and Africa.
Investing in the future is the ultimate investment a country can make. Through our investments, we have sought to build capabilities, empower the industrial sector with incentives and enablers, and pave the way for strategic industries, all the while focusing on advanced technology and 4IR solutions as well as priority sectors. This approach is designed to enhance the competitiveness of the national industrial sector and simultaneously boost exports and local supply chains.
Through Partnership and Investment Department that manages an integrated database of information of stakeholders including government and private sector partners and international stakeholders, we contribute to an attractive environment for investors. We are developing effective communication and cooperation platforms to enhance stakeholder engagement, stimulate business growth and provide incentives that are vital to the success of industrial projects. The department also manages the ministry's national, regional and international agreements including memoranda of understanding.
The Department of Partnerships and Investment also supports bilateral and multilateral negotiations and the signing of agreements between governments relating to 4IR applications and technology transformations. Additionally, it coordinates with investment funds, local entities, and foreign companies to enhance opportunities for expansion and growth. It aims to achieve harmony between investment and financing plans and national priorities in the industrial and advanced technology sectors, in addition to representing the UAE in regional and international exhibitions and conferences.
Providing easier access to investors, entrepreneurs, SME owners and talents from all over the world, the Industrial Accelerators Sector's Department of Partnerships and Investment has developed the Industrial Investor Guide, which introduces investors to the UAE's competitive advantages, investment incentives and industrial opportunities. Interested investors can visit the Make it in the Emirates page on the ministry's website, www.moiat.gov.ae, where a copy of the guide can be downloaded.
The COVID-19 pandemic has accelerated the pace at which innovate solutions are being developed. The world is racing to build more resilient supply chains, encourage free movement of goods and products and remove the restrictions that exacerbated logistical bottlenecks during the pandemic. The past two years have raised serious questions about the future stability of global supply chains and prompted the global community to further empower the industrial sector and increase its investment readiness for the future. The UAE aims to be at the forefront of this movement and invites industrial leaders to join us in our work.
December 06, 2022