The UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC) and the UAE Ministry of Industry and Advanced Technology (MoIAT) have revealed a new era of cooperation to provide supportive digital services, simplify business procedures, reduce costs for investors and owners of industrial businesses, and enhance the investment climate.
As part of the new partnership, the Ministry of Foreign Affairs and International Cooperation will support the digitisation of authentication services for factories through the digital services platform of the Ministry of Industry and Advanced Technology. Authentication fees for industrial investors will also be reviewed.
Dr Osama Amir Fadhel, the assistant undersecretary for Industrial Accelerators at the Ministry of Industry and Advanced Technology, added that the number of customs exemption transactions, invoices, and certificates of origin from factories that required authentication totaled 175,000 in the past year.
Simplifying procedures and facilitating invoice authentication services for manufacturers improves ease of doing business and enhances the investment climate in the country.
Bilateral cooperation includes the sharing of information on the customs exemption service on imported goods for manufacturers, updates on the flow and continuity of the electronic authentication mechanism, and the provision of training, support and assistance to the main customers of the service.
Customs exemptions are granted to encourage the establishment of new industrial projects, and includes the import of industrial products such as machinery, equipment, spare parts, raw and intermediate materials and semi-manufactured goods for production purposes.
The next phase will witness the ease of digital authentication services for customers.
This intends to strategically benefit the UAE economy by improving the facilities offered to entrepreneurs in particular.
Also, the digital transformation of services will attract business owners, investors, and talents from around the world.
The assistant undersecretary for Consular Affairs at the Ministry of Foreign Affairs and International Cooperation, Faisal Issa Lutfi, stressed that the MoFAIC is keen on integration and cooperation with various government agencies to improve performance and levels of services provided.
He added that the ministry is working to improve customer experience and facilitate business through a package of upgrades that include digital transformation in line with the directions of the UAE government.
The collaboration is in line with the goals of the “Projects of 50” to build the best and most active economy in the world, and to consolidate the global reputation of the UAE, the state-run news agency, Wam, reported.
The partnership is based on the principles of integration, bilateral cooperation, and the deployment of Emirati diplomatic capabilities to promote a positive investment environment.
The cooperation between the UAE Ministries is also in line with the nation’s strategic directives to boost its ranking in business facilitation indicators, enhance the nation’s competitive environment, and create opportunities to access global markets.
The UAE ranked first globally in the Global Entrepreneurship Index 2022 as the best destination in the world to establish and start businesses, and the most supportive environment for entrepreneurship according to the report issued by the Global Entrepreneurship Monitor (GEM).
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