Talk Business interactive meeting brings Dubai Executive Council officials face to face with the private sector
H.E. Abdullah Al Shaibani, Secretary General, Dubai Executive Council, stated that the launch of the Dubai Industrial Strategy under the vision of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, aims to make Dubai a homeland for innovators, an economic hub, and a preferred manufacturing centre for leading international companies.
Speaking to Dubai businessmen and representatives from the private sector at the Chamber premises, H.E. Al Shaibani shed light on the aims, objectives and future course of the Dubai Industrial Strategy and its relevance and benefits to the business community.
H.E. Al Shaibani said: “The Dubai Industrial Strategy 2030 is one of the most important mechanisms for achieving the objectives of the Dubai Plan 2021, a strategic plan which will help the emirate solidify its position as a global business hub and attractive investment destination. The strategy has been carefully crafted under the wise leadership of H.H. Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice-President and Prime Minister and Ruler of Dubai, and we are confident that it will bring about incredible growth and help the emirate further diversify its economy.
“Also, the industrial strategy’s main aim is to make Dubai the preferred choice of global manufacturing businesses and to turn the emirate into a major player in the global economy and number one in the world,” said H.E. Al Shaibani.
He added: “The Dubai Industrial Strategy 2030 is focusing on elevating the emirate into a global platform for knowledge-based, sustainable and innovative economy while creating a strong investment environment especially in the industrial sector with friendly legislative frameworks to support the development of the post-oil economy.”
H.E. Al Shaibani also lauded the diligent role played by the Chamber as a strategic partner in connecting with Dubai’s business community while familiarising them with the important aspects of the Dubai Industrial Strategy and its projects as well as highlighting the various government initiatives and strategies offered to investors as well as future projects aimed at making Dubai one of the best investment destinations in the region.
In his welcoming remarks, H.E. Hamad Buamim, President and CEO, Dubai Chamber emphasised on the strong bonds enjoyed by the public and private sectors as the two-way communication between the two sectors is behind the success of the economic growth of the emirate, he said.
He further stated that the industrial strategy with its six priority sub-sectors is closely linked to the emirate’s knowledge and innovation strategy and its aim is to make Dubai an international hub for knowledge-based, innovative and sustainable industrial centre.
The President and CEO of Dubai Chamber also stressed on the Chamber’s main priorities in promoting the Dubai Industrial Strategy which he said are to represent the private sector by voicing their challenges arising in the industrial sector while putting across their recommendations to the public sector, adding that the private public sector partnership is the real strength of Dubai and the Chamber will continue playing this important role in the long run.
H.E. Buamim informed that following extensive dialogue with the private sector, the Chamber identified some of the main obstacles within the industrial sector including a lack of unified customs policies and procedures throughout the UAE, the high cost of labour and training, and shortage of skills needed to keep the sector competitive.
He added that the feedback suggested that a lack of skilled labour could stand to hinder growth if this gap is not filled and also emphasised on the need to implement standardised procedures to stimulate investment in the sector.
The President and CEO of Dubai Chamber informed that the private sector also believes that lack of skilled labour in the industrial sector hinders the smooth growth of the sector and emphasises on the need to train and develop a skilled workforce to fill in the gap.
He also highlighted a clear need to boost Emiratisation in Dubai’s industrial sector through universities and entrepreneurial projects, stating that the Chamber through its Tejar Dubai entrepreneurship development programme is looking for opportunities for young entrepreneurs to invest in the industrial sector.
H.E. Buamim added that the open door meetings with the private sector have put forth a number of recommendations which have already been shared with the public sector. “These include signing of FTAs with different countries to enhance trade with promising markets of the world, unification of policies across regional Free Zones, simplifying the export, re-export procedures and adoption of smart energy options as practised in the West as well as the need to invest in vocational training to enhance labour skills,” he said.
One of the most important recommendations coming from the private sector is the promotion of research and development by creating a collaborative platform between universities to work together in the area of R&D which they said is vital to the advancement of the industrial sector and its important role as a pillar of Dubai economy.
“Also, the issue of providing finance and credit as well as stimulating banks to support manufacturing companies, especially SMEs is another important recommendation from the private sector,” said H.E. Buamim.
He added that the Chamber is committed to attracting foreign investments in the six priority sub-sectors of the industrial strategy through its international offices, outbound trade missions which average 60 annually, and the major global events it organises with its international partners. The Chamber currently has 3,223 manufacturing firms among its members and is aiming to attract more from the sector in the coming years, he said.
“We will also continue our advocacy efforts in the form of suggesting laws and policies that facilitate growth and investment within the industrial sector as we are also working on an R&D-focused initiative for this sector specifically, which will be announced very soon,” said H.E. Buamim.
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