The recent significant step taken to waive customs duties on industrial inputs imported to the Emirate of Abu Dhabi effective January 15th, 2019, is yet a new testament to the concerted action taken across the country in unison with the UAE's game-changing economic reforms - on top of which comes Abu Dhabi Government Accelerators Programme "Ghadan 21"- to spur growth in an emirate progressively seeking to wean its economy off oil.
Abu Dhabi Department of Economic Development (ADDED) and the General Administration of Customs have recently announced the tax waiver as part of a stimulus to the industry sector in implementation of the UAE's leadership directives to stimulate the private sector and augment its contribution to the domestic economy.
The main objective is to boost the competitiveness of the emirate - a target that lies at the heart of the AED50 billion three-year development programme approved recently by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, to enhance the economic outlook of Abu Dhabi by stimulating investment, creating jobs, encouraging innovation and improving the overall quality of life in the country.
The opportune launch of the initiative by the ADDED and Abu Dhabi Customs sends a crystal clear message to investors all over the world, purporting that the emirate in particular, and the UAE in general, is determined to engage the private sector as an efficient partner in the consistently ongoing diversification efforts in line with the UAE Vision 2021 and Abu Dhabi Economic Vision 2030.
Therefore the decision to waive the customs duties has been well received by the investment community as a translation of the tirelessly ongoing efforts by the Emirate to consolidate its legislative infrastructure and expand incentives and partnerships in a way that secures a competitive edge for the emirate and the entire country, regionally and globally.
The fresh initiative augurs well for 2019 - a year during which no efforts will be spared to help the capital transition into a knowledge-based and highly economic hub attracting significant FDI inflows over the coming three years as envisaged by the development plan's 50 initiatives that reflect the priorities of citizens, residents and investors.
By Abdullah Abdulkareem
© Copyright 2019 Emirates News Agency (WAM)