UAE economic policy to eye industry - minister

ECONOMIC PLANS: The minister was speaking in Tashkent. (Getty Images)

To cope with global economic and financial transformations, the UAE economic strategy will seek to open up new markets for national products and industries at growing economies, according to a report on Friday.

UAE Minister of Economy Sultan Al Mansouri said: ''In view of the international financial crisis, its is important for the new UAE economic policy to help national products foray into viable emerging markets and expand the base of UAE exports," according to newswire WAM.

The minister was speaking in Tashkent, where he was with his Uzbek counterpart Khodjaev Botir Asadillayevich.

''The UAE economic policy will focus in the coming period on new vital sectors like industry and tourism by attracting and encouraging local and foreign industrial investment, operating new flight routes to major parts of the world and diversifying the base of economy so as to raise the share of non-oil economies in the GDP to over the current level of 62.1 per cent,''Mansouri added.

He stressed the importance of striking a balance in the balance of non-oil trade of the UAE with its trade partners by developing a vibrant industrial sector and opening up new foreign markets for UAE industrial exports, WAM said.

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