A strategy for business growth

(SUPPLIED)   

A public-private sector programme to boost the country’s competitiveness in economic and social sectors is to be established by the UAE.

The Emirates National Competitiveness Council will include representatives from federal and local departments plus business leaders and will help formulate a strategy to make the country an even more appealing place to do business, said Minister of Cabinet Affairs Mohammed Abdullah Al Gergawi.

The new council will develop and recommend policies to draw in crucial investment and help cut through bureaucratic red tape.

“Commercial activities and investments are crucial to the UAE’s drive for economic growth. As our economy develops, we need to understand and excel in attracting foreign investments and support new businesses to expand in the country amongst massive international competition,” he said.

Al Gergawi also highlighted the government’s efforts to improve the business environment and ease regulations for economic activities.

The announcement came during the Doing Business 2008 Advisory Workshop, organised by Hawkama (the Institute for Corporate Governance) and International Finance Corporation, affiliated with the World Bank Group and the issuer of the Doing Business 2008 report.

Al Gergawi highlighted the UAE’s government achievements in creating a proper infrastructure and environment for investments. He said the UAE ranked eighth on AT Kearney’s foreign direct investment confidence index in 2007, which rates the attractiveness of countries for foreign investors.

However, the minister cautioned there is a need for more progress as the UAE still ranked 37th in the World Economic Forum’s global competitiveness report and 68th in the World Bank’s Doing Business 2008 report.

Al Gergawi also voiced concern over the methodologies adopted in the Doing Business report, but he added the UAE still has hurdles to overcome to realise its economic goals.

“The objective of the Doing Business report is to help countries enhance their business activities and hence increase investments. This target coincides with the UAE government strategy and the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to turn the country into a regional leader in all economic activities.”

Al Gergawi said the UAE agrees with the report’s finding that there should be more progress in different business indicators in the country and said the government initiated the workshop to discuss ideas and proposals for improvements in economic activity.