The Minister of Economy recently announced that the UAE would be increasing the contribution of the industrial sector in the GDP of the UAE from 14 per cent to 25 per cent in 15 years.
The announcement was made by Sultan bin Saeed Al Mansouri, Minister of Economy.
?The strategy developed by the state aims at strengthening the industry, based on improving the industrial environment and engaging on projects in specific industrial fields, such as petrochemical, food and value-added industries,? he said.
He added that the UAE?s industries have opened markets in Latin America, East Asia and Australia, that offset any shortage in demand from other areas.
Niju V, Deputy Director, Automation & Electronics Practice, South Asia and Middle East, Frost & Sullivan said the governmnet?s aim was ?highly appreciable.?
"This move to increase the focus on industrial activities is also aligned with other countries in the Gulf Cooperation Council (GCC) that have decided to expand their horizon beyond Oil and Gas based industries. Given the pace at which R&D is taking place in renewable energy sector elsewhere and other countries emerging as potential energy sources, UAE is looking at lowering the risk of dependence on Oil and Gas. Moreover, the overarching objective of providing gainful employment to local population is also a positive outcome through creation of new industries,? he added.
