Government plans to revamp industrial laws to protect sector

Abu Dhabi: The laws and terms governing the industrial sector need to be reviewed to protect the national industry, said the minister at the Federal National Council.

The session was attended also by Dr Mohammad Hussain Al Sha'ali, Minister of State for Foreign Affairs.

Dr Mohammad Khalfan Bin Kharbash, Minister of State for Finance and Industrial Affairs, said the government plans to establish a separate ministry for industry.

He was replying to members' suggestion to separate the ministry of finance and industry to organise the industrial sector which has expanded over the years and its laws have not been reviewed.

Bin Kharbash listened to a report by the FNC committee for finance, economic and industry affairs regarding industry. The report showed that the industrial sector has a big influence on society as it contributes to population composition and nationalisation.

The growth in this sector is only 4 per cent and the UAE ranks 92nd in the international arena. Bin Kharbash agreed on the importance of the sector and its development but insisted that the UAE comes in at 28th in the international industry arena and second after Saudi Arabia in the Arab region.

He also agreed that delaying, issuing and reviewing laws has affected the sector and put in risk.

"We are trying to execute the government's vision to diversify revenue" [away from oil incomes], Bin Kharbash said.

The minister finally agreed on the council's recommendations regarding developing the industrial sector.

Dr Mohammad Hussain Al Sha'ali, Minister of State for Foreign Affairs, agreed on the changes made to the diplomatic and consulate law. He said: "We don't want to put the government's foreign policy in public courts and want to keep such matters in the ministry."