Manufacturing is key to stability

Investment in manufacturing and the development of an industrial base is crucial in creating a sustainable economy that can survive global price shocks or economic crises. Not only does the industrial output substitute for imports and thus reduce a country's dependence on imported goods, it also helps earn valuable foreign currency through exports.

The UAE has, for the last four decades, largely remained a trade and logistics hub, feeding the region's growing consumer base by facilitating trade importing foreign goods and re-exporting them to the Middle East, Africa and Central Asian countries. Although the UAE has attracted a sizeable investment in manufacturing, it's economy still remains import-dependent a situation the government is determined to change by encouraging more investment in the manufacturing sector.

The hydrocarbon-rich country is also moving towards developing a downstream petrochemicals industrial base that will help it use its energy resources to support the primary industries. These, in turn, will help global industries benefit from the UAE's industrial output. A good example is the new fertiliser complex being developed in Ruwais, where a major polymer cluster has been built by the Abu Dhabi government. Together, these industries could support the regional economies, with the UAE becoming a source of industrial products  rather than imported products.