By Staff writer
Economy Minister says UAE plans to increase contribution of its industrial sector to 20% of GDP by 2021
The UAE is working on new laws and regulation to boost industrial production as it aims to reduce oil’s contribution to its gross domestic product (GDP) from 30 percent to 20 percent by 2021, country’s Economy Minister has said.
Speaking at the UAE Third Economy Planning Forum in Umm Al Quwain, Sultan Al Mansouri said the UAE plans to increase contribution of its industrial sector to 20 percent of GDP by 2021 from 16 per cent in 2015.
“The ministry is currently closely working with its strategic partners on a slew of laws and regulations (anti-dumping and foreign investments) that will develop the sector and bolster its attractiveness,” The National reported Al Mansouri as saying.
He said global economic growth remains slow and quite uneven at international levels, citing International Monetary Fund forecast of pickup in global activity remaining gradual in emerging markets and developing economies.
“The total GDP of the UAE hit $323 billion (AED1.185 trillion) in 2015, securing a growth of 3.8 per cent despite the global economic slowdown affected by the falling commodity and oil prices, global demand in addition to the investment and spending decline and consumer confidence,” he added.
The minister said the UAE’s sound and strategic plans on economic diversification base have contributed to the development of various sectors and enhanced the attractiveness of business environment to record levels.
“Our strategy at the moment is to build a knowledge-based economy driven by knowledge-based multi-sector industrial sectors such as transportation, renewable energy, as well as space and information technology,” he said.