The United Arab Emirates (UAE) announced a new industrial strategy to increase the contribution of the industrial sector to the country’s overall economic output to Dh300 billion by 2031.
In a live interview with CNBC Arabia, Anshu Vats noted that the UAE has seen steady economic growth in the past few years. He added that the country has been consistently providing great value on a global scale and that the three factors unique to the UAE include its strategic location as a logistics hub, ease of access to different manufacturing destinations, and flexible legislative and regulative systems.
In relation to trade, Anshu noted that local production should focus on future industries and transportation, whereas other products that have for long been imported should continue as the nation has formed strong foundations for them.
He also observed that the new strategy would solve many barriers, open up more opportunities for employment, and will allow the country to continue to add to the global economic landscape.