UAE is focussing on expanding the industrial base in the country through these cost reduction and ease of business measures. Image Credit: Gulf News Archive

Dubai: The UAE Ministry of Foreign Affairs and International Cooperation (MOFAIC) and the Ministry of Industry and Advanced Technology (MoIAT) will provide support digital services, simplify business procedures, and reduce costs for investors and owners of industrial businesses. This is in line with the goals of the ‘Projects of 50’ launched by the UAE recently.

The agreement will support the provision of authentication services to factories through the digital services platform of the Ministry of Industry and Advanced Technology. Authentication fees for industrial investors will also be reviewed.

Customs exemptions are granted to encourage new industrial projects, and includes the import of industrial products such as raw and intermediate materials and semi-manufactured goods for production purposes.

More to come

The next phase will witness ease of digital authentication services for customers in general. “This will achieve a strategic benefit to the UAE economy by improving the facilities offered to entrepreneurs in particular,” said Faisal Issa Lutfi, Assistant Undersecretary for Consular Affairs at the Ministry of Foreign Affairs and International Cooperation.

“The digital transformation of services will enhance the competitive environment to attract business owners, investors and talents from around the world.”

Simplify processes

The total number of customs exemption transactions and invoices and certificates of origin from factories that required authentication totalled 175,000 in the last year. “Simplifying procedures and facilitating invoice authentication services for manufacturers improves ease of doing business and enhances the investment climate in the country,” said Osam Amir Fadhel, Assistant Undersecretary for Industrial Accelerators at the Ministry of Industry and Advanced Technology.