Emirate planning two bodies to boost economic diversification
Abu Dhabi is planning to launch an export promotion agency in 2011 as part of its plans to boost international investment in the emirate and meet its diversification goals.
Speaking at the MEED Abu Dhabi Conference 2010, Mohammed Omar Abdullah, undersecretary at the Department of Economic Development, said, “We are working on the investment promotion agency, it was supposed to be established this year, but has now been postponed until 2011.”
He added the body would play a key role in attracting foreign direct investment into the emirate to meet its goal of lifting the non-oil sector to 64 per cent of total gross domestic product (GDP) by 2030.
“The investment promotion agency will take a comprehensive view of making all business activities in Abu Dhabi easier, from setting up a business, to ensuring that proper laws are in place to protect businesses, and that businesses can be closed down in an orderly way,” said Abdullah.
Abu Dhabi is also planning to launch an export promotion agency in 2011. “This body would provide not only financial support to Abu Dhabi exports, but also help exporters to find a market for their products and improve the sophistication of their products and services so they can compete globally,” Abdullah said.
The export promotion agency would also work in collaboration with the existing Khalifa Fund, which provides support for small to medium-sized enterprises (SMEs).
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.