UAE Minister of State for Financial and Industrial Affairs, Dr. Mohammed Khalfan bin Kharbash, said that the UAE is on its way to achieving a well-diversified and stable economy thanks to the government's proactive and flexible approach.
He added that the reforming of many laws and the introduction of business-friendly procedures will help boost foreign investments in the country's industrial sector. He also stressed the positive role that the bold industrialization drive has had amidst several multilateral trade agreements underway.
"The government is also encouraging investments in major industries through adhoc procedural support whenever needed," he said in a recently published interview, according to Khaleej Times.
"We are committed to encourage and collaborate with the industrial sector to drive it growth to reach new horizons on a continued basis, as the government want to see the UAE emerge as the region's most attractive centre for industrial investment," he added.
Kharbash stated that the visionary leadership of UAE leaders, which have invested its oil revenue in building a world class economic infrastructure, has enabled it to develop its non-oil economic activities to emerge as the region's leading trade, commercial and financial hub. He pointed out that industrial sector is the second largest contributor to the country's GDP at present.
"Having firmly established itself as the region's leading financial and commercial hub, the UAE is now committed to become a well diversified and stable economic power. Since industrial development forms one of the most essential components of any stable and vibrant economy, the UAE has set its vision firmly on to develop a strong industrial base in the country" he said.
"Our state-of-the-art communication and transportation infrastructure and logistics network has supported the industrial sector in the country to come up at a rapid pace, It facilitates the industrial sector to promptly respond to new developments and emerging opportunities not only in the region but anywhere else in the world," he said.