ABU DHABI, 9 August 2007 — Ministry of Economy plans to create more opportunities for the UAE nationals to increase their role in the private sector, Sheikha Lubna Al-Qassimi, UAE minister for Economy, revealed yesterday while announcing the ministry’s strategic framework for 2008-10, which targets increasing competitiveness of the UAE economy.
“The ministry’s strategy includes many initiatives aimed at enhancing capabilities of various economic sectors. The ministry will also focus on increasing the UAE nationals’ involvement in the private sector,” said Sheikha Lubna while unveiling the details of the strategic framework.
Referring to the UAE government strategy, Sheikha Lubna said the ministry was keen on translating the strategy’s recommendations to a series of initiatives. “We are looking forward to closer cooperation with other federal ministries and local government departments to achieve the objectives spelled out in the strategy,” she added.
Announced earlier this year, the UAE Government Strategy has outlined key objectives which include achieving sustainable development and maintaining a high standard of living.
The ministry’s key strategic objectives include updating and developing the legal economic frameworks, sealing partnerships with the local authorities and the private sector and enhancing UAE nationals’ contribution to economic growth. Protection of consumers and combating illegal trade activities in addition to achieving better coordination with local economic departments are also high on the ministry’s agenda.
Promoting entrepreneurship among the UAE Nationals and offering necessary support to local entrepreneurs are other important areas covered by the ministry’s strategy.
Adopting new regulations to promote corporate governance and setting up a competitiveness board in association with concerned authorities are also among the initiatives proposed by the strategic framework.
On international relations, the ministry intends to enhance the role of its representative office at the World Trade Organization (WTO). A national board to supervise international trade negotiations has also been proposed.
The Ministry of Economy’s strategy also focuses on enhancing the country’s attractive investment environment and setting the scene for encouraging and attracting more local and foreign investments.
The Arab Competitiveness Report, issued during the recent World Economic Forum meetings, has ranked the UAE as the most competitive economy in the Arab World. The report, which covered 13 Arab countries, also ranked the UAE 29th among the 40 most advanced economies in the world.