ADDED Reaffirms Support for Manufacturing to Increase Non-Oil Exports
The Abu Dhabi Department of Economic Development (ADDED), in cooperation with the Emirates Development Bank (EDB), the Abu Dhabi Export Office (ADEX), and Etihad Credit Insurance (ECI), organised the ‘CEOs Forum for Exporting Manufacturers’ to discuss issues and solutions to increase manufacturers’ exports.
ADDED reaffirmed its support of manufacturing sector to play a major role in increasing the Emirate’s non-oil exports from $20 billion in 2021 to $50 billion by 2031 through providing a conducive ecosystem to achieve this 143% increase in a decade.
Improving Abu Dhabi’s trade with global markets in the industrial sector is a key objective of the Abu Dhabi Industrial Strategy (ADIS).
The strategy is aiming to strengthen the Emirate’s position as the region’s most competitive industrial hub by investing $3.5 billion across six transformational programmes to more than double the size of Abu Dhabi’s manufacturing sector from $22 billion in 2021 to $50 billion by 2031.
To this end, ADDED is rolling out initiatives to increase access to financing, enhance ease of doing business, and attract foreign direct investment.
The Industrial CEO Forum was attended by H.E. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, H.E. Sameh Al Qubaisi, Director General of Economic Affairs at ADDED, and Mr. Ahmed Mohammed Al-Naqbi, CEO of the Emirates Development Bank (EDB).
Also in attendance were Mr. Khalil Al Mansoori, Acting Director General of the Abu Dhabi Export Office (ADEX), and Mr. Massimo Falcioni, CEO of Etihad Credit Insurance (ECI), CEOs and senior executives of 54 manufacturers, accounted for 62.8% of Abu Dhabi industrial exports in 2021.
H.E. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, said: “This forum is part of our efforts to achieve the ambitious goals of Abu Dhabi Industrial Strategy by working closely with manufacturers, contributing positively to increasing non-oil exports.
“Despite challenges in global economy, Abu Dhabi non-oil trade during the first half of 2002 grew 12% to AED124 billion, and exports rose 26% to AED49.5 billion. Also, the industrial sector performance was impressive, 136 new industrial licenses had been issued, and our total number of active in-production factories now stands at 866.
"While these facts paint a bright picture of our economy, we need to work more closely with major players in manufacturing sector and ensure they are well- supported to thrive and play a greater role in achieving strategic objectives."
To increase bilateral trade and establish itself as a “gateway to the world”, UAE has signed Comprehensive Economic Partnership Agreements (CEPAs) with India, Indonesia, Israel, and plans to sign more eight (8) agreements with strategic partners in the near future to increase bilateral trade by $10 billion annually.
CEPAs will further enhance economic cooperation between UAE and strategic partners, widen access to markets, and enhance mutual investment opportunities as these agreements stimulate flows and eliminate custom tariffs and other trade and investment barriers.
As part of ADDED’s efforts to deliver against Abu Dhabi Industrial Strategy, it is focusing on improving the financial ecosystem by increasing access to financing and providing manufacturers with best-in-class infrastructure, platforms, and trade facilitation solutions for exports.
In addition, ADDED has launched many initiatives to reduce production cost and open new markets, and new ones are in the pipeline.
The Industrial CEO Forum was addressed by senior executives of EDB, ADEX, and ECI to showcase their financial and trade facilitation solutions.