The country's economic success is due to its policy of openness and diversification, says the economic minister.
Openness, diversification a boon to UAE
The country's economic success is due to its policy of openness and diversification, according to Sultan bin Saeed al Mansouri, the Minister of Economy. In an interview with Sama Dubai, a television channel, Mr al Mansouri said that he expected tourism, trade and services to serve as a platform for inward international investments.
He added that tourism had played a crucial role in economic growth, with the number of tourists topping seven million, supported by the country's developed infrastructure and economic openness. "The industrial sector contributes more than 27 per cent to the GDP and we have clear directives to empower this sector to enable it to be a main contributor to the local economy," he said, adding that the country's GDP rose from Dh6.5 billion (US$1.77bn) in 1971 to Dh730bn last year.
Mr al Mansouri said the country had proven its strength in meeting emerging challenges, especially the fallout from the global financial crisis. "The UAE has already taken concerted efforts to meet the challenges. Several practical steps that have been initiated include guaranteeing bank deposits for three years and injecting liquidity into the banking system, whereby Dh120bn has been earmarked by the Central Bank and the Ministry of Finance."
He said that the Ministry of Economy had formed a committee to develop plans to overcome the challenges of the global financial crisis. "The ministry will continue to adopt ambitious initiatives aimed at empowering the local economy, sustaining growth rates and protecting the investment environment." Mr al Mansouri said the country's leaders had always accorded priority in launching several pioneering development projects - especially in health care, education and infrastructure development - which had played an instrumental role in laying the fundamentals for social and economic growth.
He said the leadership was committed to strengthening its human resources for developing a powerful nation, and had taken strong steps to empower Emiratis by providing necessary support and leveraging their talents and qualifications. Today, the UAE national income is among the highest in the world. email@example.com