Image used for illustrative purpose. Photo: File

The UAE’s Operation 300 billion, aimed at increasing the industrial sector’s contribution from Dh133 billion to Dh300 billion by 2031, is making significant strides, according to a senior official. “The Operation 300 billion initiative is pivotal in establishing a robust, diversified economy, attracting international investments, and fostering innovation through state-of-the-art technologies. We have already reached Dh205 billion out of the targeted Dh300 billion by 2031,” stated Osama Amir Mohamed Fadhel, Assistant Undersecretary for the Industrial Accelerator Sector at the Ministry of Industry and Advanced Technology (MoIAT).

During the second day of Abu Dhabi Business Week, Fadhel emphasized that the Operation 300 billion and ‘Make in the Emirates’ initiatives reflect the UAE’s vision to become a global industrial leader, characterized by sustainability, resilience, and forward-thinking policies. “As a nation, we must develop strong industrial standards that ensure safety and quality while facilitating the integration of advanced technologies. These standards are crucial for a reliable and innovative manufacturing sector,” he added.

The UAE has been actively promoting the growth of non-oil sectors to diversify its economy and reduce dependence on oil. Over the years, the country has successfully decreased its reliance on the hydrocarbon sector. Dr. Farah Al Zarooni, Assistant Undersecretary for Standards and Regulations at the Ministry of Industry and Advanced Technology, highlighted that the UAE’s ‘Make it in the Emirates’ initiative serves as a model for many nations.

Mohammed Kamali, Chief Trade and Industry Officer at the Abu Dhabi Investment Office, noted that Abu Dhabi is at a critical juncture in its industrial transformation. “With the industrial sector driving our economic journey, we are enhancing resilience, embracing technology, and building a future-ready economy. The launch of the Abu Dhabi Industrial Strategy in June 2022 set a bold goal to double the manufacturing sector’s contribution to our GDP. The results are already tangible, with the contribution rising from Dh83 billion in 2022 to Dh101 billion by the end of 2023,” he said during the conference’s opening remarks.

Source link:   https://www.khaleejtimes.com