(MENAFN - Emirates News Agency (WAM)) The UAE Ministry of Economy has signed a Memorandum of Understanding (MoU) with Emirates Industrial City, a project of Emirates Industrial Cities Co. (EIC), on mutual co-operation to develop national industries and advance the competitiveness of the industrial sector.
The MoU provides for exchanging information and visits, holding joint workshops and events and organising annual meetings to address barriers to production and exports as well as to enhance the role of the private sector in the country's growth.
According to the agreement, Emirates Industrial City will work on registering its factories in the MoE's electronic register.
The MoU, signed by Assistant Undersecretary for Industrial Affairs at the Ministry of Economy (MoE), Sultan Al-Fan Al-Shamsi, and EIC's General Manager, Eng. Mohammed Al Hazza.
The MoU aims to strengthen cooperation to develop industries in line with MoE's strategy and to enhance the role of the industrial city in boosting the country's industrial sector to transform it into the major driver of the UAE's economy, according to Al-Shehhi.
Al-Shehhi noted that the UAE is implementing a strategy founded on pumping huge investments into the industrial sector to increase its contribution to the national GDP and decrease the country's dependence on oil as the major source of income.
He emphasised the Ministry's interest in strengthening the sector in line with the UAE Vision 2021 which aims to build a knowledge-based economy and encourage small and medium enterprises.
For his part, Al-Fan noted that manufacturing industries contributed 9.1% to the GDP in 2011 with the volume of the industry sector increasing from AED72.635 billion in 2007 to AED114.052 billion in 2011. He further noted that 5,201 industrial companies and facilities were registered at the Ministry and have more than 399,000 workers.