Industrial Co-ordination Council looks at ways to attract technology investment

The UAE's industrial output increased 2.1 per cent last year, according to World Bank data

The Industrial Co-ordination Council meeting discussed ways of improving the UAE's position in the United Nations Industrial Development Organisation's industrial competitiveness rankings. Courtesy ofShow more

The UAE’s Industrial Co-ordination Council has held a meeting to discuss ways of bringing in technological investments that will help to improve the competitiveness of the sector and support the transformation of the wider economy.

An online meeting of the council, which was formed in 2016 to boost co-operation and develop a national strategy for industry, also discussed efforts made to strengthen the sector and and reviewed efforts to improve its ranking in global indexes.

“Applying the technologies of the Fourth Industrial Revolution will be core to achieving our objectives for the UAE’s industrial sector,” said Dr Sultan Al Jaber, the UAE’s Minister of Industry and Advanced Technology, who chaired the meeting.

“While we have already taken great strides in creating an advanced industrial infrastructure, by leveraging technology we will be able to further develop the sector, create greater opportunities for economic diversification and contribute to the achievement of a knowledge economy,” he added.

The UAE’s industrial output increased by 2.1 per cent last year, accounting for 46.2 per cent of gross domestic product, according to World Bank data.

“The current pandemic has pushed key industries to adopt the latest technologies in order to continue operating efficiently, which is increasing our economy’s readiness to adopt pivotal Industry 4.0 technologies,” Sarah Al Amiri, Minister of State for Advanced Technology, said.

She emphasised the importance of co-operation, the setting up of specialist working groups and optimal use of technology in strengthening the sector.

The meeting discussed how to improve the UAE’s position in the United Nations Industrial Development Organisation rankings, as well as how to adopt lessons learned from best practice in other countries. It stressed the importance of maintaining a dialogue with the private sector and supporting the development of SMEs.

The UAE’s industry ministry is working alongside the council on a framework for new laws, initiatives and policies to encourage the growth of the sector and create more in-country value.