UAE Ministry of Foreign Trade said that the country’s industrial exports grew by 16.1 percent from 2010-2011 reaching AED 50.4 billion in 2011, up from AED 43.4 billion in 2010 (gold bullion excluded), according to WAM – UAE’s official news agency.
UAE’s non-oil sectors continue to witness many positive developments and achieve high growth rates in comparison with previous years, which has created considerable opportunities to strengthen the participation of industrial investments that would further contribute towards strengthening and completing the government’s rapid economic transformation strategies that it pursued, according to the report.
The Ministry pointed out in a statement issued on the sidelines of its participation in the five day “Made in Sharjah Exhibition 2012”, which is scheduled to start tomorrow and which has a participation of 300 industrial entities; that the national industrial sector now leads the transformation march in the non-oil sectors.It underlines the importance of the role played by the country’s industrial zones. These have become an important source of national income and a contributor to raising the country’s export industries share.
It added that the UAE’s business climate is well positioned to attract foreign investments in the sector and that this has been further aided by the country’s advanced standing in doing business indicators and national economy confidence figures, as well as the country’s advanced infrastructural, logistical and technical prowess and its competitive facilitations that are provided in a tax-free environment.
The statement also added that in 2011, the country’s GDP for the manufacturing sector was over AED 100 billion.
Mr. Mohammed Nasser Hamdan Al Zoaby, head of the Ministry’s Trade Promotion Department, said that the UAE now provides an ideal example to be followed in organizing fairs and conferences and has become a regional and global hub for attracting specialized expos and conferences. He pointed out that the country does this in order to promote trade , benefit from the experiences of others, create dialogue and contribute towards technology transfer into the UAE.