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22.03.24 09:05

UAE industry makes significant strides in development thanks to strategies of Ministry of Industry and Advanced Technology (MoIAT)

UAE Minister of Industry and Advanced Technology shares important news on the advancement of the national industrial sector

The Ministry of Industry and Advanced Technology (MOIAT) is successfully implementing strategic initiatives and programmes aimed at strengthening competitiveness and developing the sector.

In an interview with the Emirates News Agency (WAM), a partner of TV BRICS, Dr. Al Jaber highlighted MOIAT's active work to increase the value of production and value-added in materials processing, contributing to security of supply and increasing the competitiveness of domestic products.

He also noted that MOIAT's incentives and support measures play a key role in encouraging business development and reducing financial risks for industrial companies. The financing also encourages innovation, technological change and job creation in the private sector.

The establishment of MOIAT in 2020 has improved the business environment and operating costs, reducing various hurdles previously faced by the UAE's industrial sector. These improvements have enabled the UAE's industrial sector to increase its economic contribution by 49 per cent in 2023.

MOIAT has also promoted the adoption of advanced technologies and Industry concepts such as robotics, artificial intelligence, blockchain and others. The utilisation of these technologies has led to the growth of industrial exports and the entry of high-tech products into the market.

Photo: iStock

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