He added that the challenges for the growth of the global economy are linked to the creation of more investment opportunities in the sectors of the new economy, including the space industry, food, agriculture, healthcare, transport, renewable energy, circular economy models and advanced technologies. , in addition to investing in the development of digital infrastructures and employing artificial intelligence and virtual reality technologies.
He explained, in a statement to the Emirates News Agency during the “Make in the UAE” forum, that the UAE was able to register record growth rates in the year 2022, Gross Domestic Product (GDP) having increased by 7.6%, which is one of the highest economic growth rates in the world.
He pointed out that expectations in 2023 indicate that the economy of the United Arab Emirates will continue to grow at a rate of 3.9%, with non-oil production growing by 4.2%, and that the rate will increase in 2024 for reach 4.3% of GDP and 4.6% of non-oil production. – oil outlet.
green shift
In a related context, the Minister of Economy of the United Arab Emirates said that his country aims to transform itself into a global model of green growth and circular economy, which contributes to the sustainability of economic growth in the light of the work in cooperation with partners to open new markets for local exports, strengthen the competitiveness of the national economy and develop the business environment.
He added that the industrial and manufacturing sector is one of the priority sectors, and that it is one of the pillars for strengthening the soft power of our national economy and a major catalyst for enhancing its competitiveness in international markets.
He pointed out that the UAE’s local industry is able to compete in regional and global markets in many areas such as aviation, transportation, logistics, renewable energy, mining, food, petrochemical and pharmaceutical industries, etc.
Abdullah bin Touq Al-Marri expected the national economy to grow for the year 2023, above the announced estimates, for several reasons. The latest data shows that the PMI has reached its highest level in five months, amid growth in new orders and inventory purchases rose at the fastest rate in five years.
He added: “The new comprehensive economic partnership agreements that will come into effect or be announced will further support growth. In addition to the various initiatives and strategies aimed at increasing the attractiveness of the UAE for talent and skills. Investments Foreign direct and capital flows are also experiencing significant growth, reflecting investor confidence in the country’s economic policies.
Here are the most important statements of the Minister of Economy of the United Arab Emirates:
We expect the national economy to grow for the year 2023 above the announced estimates. The industrial sector is one of the pillars for strengthening the soft power of our national economy. The UAE is targeting investments worth $160 billion in new economy sectors. Foreign direct investment and capital flows are growing significantly.
Read the Latest World News Today on The Eastern Herald.
