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29 March 2024

More 'Made in UAE' products on store shelves

Published
By Waheed Abbas

The UAE’s Ministry of Finance (MoF) discussed with other government entities the mechanisms to prioritise buying locally manufactured products, in order to boost the local economy and generate more employment opportunities.

At the second brainstorming session organised by MoF in Dubai, with government entities on financial and economic integration of the GCC countries, they debated, among other issues, giving preference to domestic products in government procurements.

The participants also sought ways to minimise effects of non-completion of the issuance of laws and regulations, reduction of customs procedures among GCC countries, and standardization of the different definitions of ‘origin of products’ in GCC countries.

Commenting on the organisation of the meeting, Younis Haji Al Khouri, Undersecretary of the Ministry of Finance, said through brainstorming sessions, Ministry seeks to emphasise the implementation of the tasks entrusted to it in promoting the economic integration of the Gulf markets apart from making an effort to open up a wider range of investment opportunities.

Some traders also expressed concerns about different GCC tax systems, distinction between free zones and economic zones, administrative procedures related to the registration of companies, joint listing in the financial markets, establishment of joint stock companies in the financial markets, and the establishment of industrial projects in the Gulf countries. All these issues also were discussed at the session.

The session was attended by officials from the Ministry of Foreign Affairs, Ministry of Interior, Ministry of Economy, Ministry of Education, the Securities and Commodities Authority, the Federal Authority for Human Resources, the Federation of Chambers of Commerce and Industry, along with participants from the Dubai Economic Council and the Abu Dhabi Council for Economic Development.