UAE aims to attract $75bln in manufacturing sector by 2025, economy minister says
Abu Dhabi: The UAE is aiming to attract $75 billion by 2025 into the country’s new industrial manufacturing sector, the UAE economy minister said in Abu Dhabi on Monday.
In his inaugural address at the world’s first Global Manufacturing and Industrialisation Summit, Sultan Bin Saeed Al Mansouri also said the manufacturing sector will contribute 25 per cent towards the country’s GDP by 2025.
“Manufacturing is central to growth and it creates jobs and it also has a great impact on the society. We have a vision and strategy to achieve this,” he said.
“The UAE is a de facto capital of new Silk Road with sea lanes, airports and logistical hub. We have an excellent geographic location between emerging markets like India and China and developed markets in Europe and North America.”
He said the new UAE investment law, which allows one hundred per cent ownership to foreigners, will boost the manufacturing sector.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai attended the opening ceremony along with Shaikh Hamdan Bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Shaikh Saif Bin Zayed Al Nahyan, Deputy Prime Minister and Interior Minister of the UAE.
Some ministers of the UAE cabinet including energy minister Suhail Al Mazroui were also present.
More than 1,200 businessmen and global leaders are attending the three-day Global Manufacturing and Industrialisation Summit being held under the patronage of His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The summit is being jointly organised by the UAE Ministry of Economy and the United Nations Industrial Development Organisation (Unido).
It is the first global gathering for the manufacturing community, bringing together leaders in business, government and civil society to shape a vision for the sector’s future.
A number of high profile ministers and industry leaders from the region as well from across the globe are attending the four day summit.
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