Abu Dhabi: The Dubai Chamber of Commerce and Industry said it was aiming to boost growth of the emirate’s industrial sector and was committed to implementing the Dubai Industrial Strategy.
In a statement on Tuesday, the chamber said it has outlined challenges faced by industrial companies in Dubai as well as recommendations on how to boost growth in the sector. The chamber said it has shared its findings with the public sector in order to attract more foreign direct investment.
Such challenges include a lack of unified customs policies across the UAE, the high cost of labour and training, and a shortage of skills needed to keep the sector competitive. The chamber’s findings suggested that a lack of skilled labour could hinder growth if this gap is not filled.
As a result of its findings, the Dubai Chamber put forth various recommendations such as the urgent need for unified customs policies and simplified procedures for exports and re-exports, as well as the need for investment in training to develop a skilled workforce.
Companies from the private sector that helped the chamber identify such challenges said that the signing of additional free trade agreements with different countries would also support trade growth.
“One of the most important suggestions raised was the need to develop research and development (R&D), as this area remains vital to the growth of Dubai’s industrial sector and economy. We are currently working on an R&D-focused initiative for this sector specifically, which will be announced very soon,” said Hamad Bu Amim, president and chief executive officer of the Dubai Chamber.
He added that the chamber is committed to attracting foreign investments in the six priority sub-sectors of the industrial strategy through its international offices, outbound trade missions, and the global events it organises with its international partners.
