Sultan bin Saeed Al Mansouri, Minister of Economy, has commended the resolution issued by the UAE Cabinet to set up the National Industrial Coordination Council, with the aim to boost the production base of the national economy through diversification of its sources to withstand challenges and contribute towards sustainable development.
The resolution was issued today during the Cabinet session chaired by Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum.
He added in a statement that as a result of this decision, the industrial sector would depend on modern technology and international expertise to expedite the transformation into a knowledge-driven economy, based on innovation and creativity to usher in the post-oil era economy.
Al Mansouri said, "This decision will speed up steps to increase proportion of contribution of the industrial sector to the UAE GDP by about 15 percent in 2021 from the current 9 percent, excluding the oil industries."
He noted that the industrial sector, which plays a pivotal role in promoting the economic diversification policy, will further play a significant role in the post-oil economy.
"Therefore, the Cabinet resolution to set up the National Industrial Coordination Council is timely, as various public institutions and private agencies at the federal and local levels come together to intensify preparations for the post-oil industrial sector, which will play greater role," the UAE minister said.