ABU DHABI, 14th April, 2022 (WAM) — Based on the principles of integration, bilateral cooperation, and the deployment of Emirati diplomatic capabilities to promote the investment environment to investors, as well as the desire to upgrade services provided to customers in the industrial sector, the Ministry of Foreign Affairs and International Cooperation (MoFAIC) and the Ministry of Industry and Advanced Technology (MoIAT), have announced a new era of cooperation to provide supportive digital services, simplify business procedures, reduce costs for investors and owners of industrial businesses, and enhance the investment climate.
This collaboration is in line with the goals of the “Projects of the 50” to build the best and most active economy in the world, and to consolidate the global reputation of the UAE.
Under this new partnership, the Ministry of Foreign Affairs and International Cooperation 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.
Faisal Issa Lutfi, Assistant Under-Secretary for Consular Affairs at the Ministry of Foreign Affairs and International Cooperation, stressed that MoFAIC is keen on integration and cooperation with various government agencies to improve performance and level of services provided. The ministry, he said, is working to improve customer experience and facilitate business through a package of upgrades that include digital transformation in line with the directions of the UAE government.
He added that 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. Also, the digital transformation of services will enhance the competitive environment to attract business owners, investors and talents from around the world.
He added that cooperation with MoIAT is in line with the strategic direction of the country as it boosts the UAE’s high ranking in business facilitation indicators, enhances the nation’s competitive environment, and creates opportunities to access global markets.
For his part, Osama Dr. Osama Amir Fadhel, Assistant Under-Secretary for Industrial Accelerators at the MoIAT, stressed this new era of cooperation supports the directives of the ministry’s leadership to enhance the business environment for local and international investors in the industrial sector, and will contribute to accelerating the authentication procedures in line with the new industrial services platform launched by the ministry to support the performance of the industrial sector.
He added, ”The total number of customs exemption transactions and invoices and certificates of origin from factories that required authentication totaled 175,000 in the past year. Simplifying procedures and facilitating invoice authentication services for manufacturers improves ease of doing business and enhances the investment climate in the country. This in turn will support the National Strategy for Industry and Advanced Technology and ensure the growth and prosperity of the industrial sector, enhance its competitiveness, and support digital transformation processes in government procedures and services.”
Bilateral cooperation includes the sharing of information on the customs exemption service on imported goods for manufacturers, updates on the flow and continuity of the electronic authentication mechanism, and the provision of training, support and assistance to the main customers of the service.
Customs exemptions are granted to encourage the establishment of new industrial projects, and includes the import of industrial products such as machinery, equipment, spare parts, raw and intermediate materials and semi-manufactured goods for production purposes.
The UAE ranked first globally in the Global Entrepreneurship Index 2022 as the best destination in the world to establish and start businesses, and the most supportive environment for entrepreneurship according to the report issued by the Global Entrepreneurship Monitor (GEM).