Sultan Bin Saeed Al Mansouri, Minister of Economy, highlighted the importance of coordinating the formulation of economic policies to address the local, regional and international challenges and thus strengthen the performance of the national economy.
He was addressing the opening of the First Forum of Economic Development Policies organized by the Ministry of Economy in Emirates Palace, Abu Dhabi Today.
Al Shihhi who delivered the opening speech on behalf of Mr Al Mansoori said the conference sets the platform for dialogue with all concerned parties on economic policies. “This event addresses economic development policies that are a high priority now, and exerts all efforts to integrate economic policies and drive the national economy to the next stage of growth, stability and development,” he said.
He stressed the commitment of the Ministry of Economy to work as per the strategic directions of the Federal Government and to develop institutional frameworks by coordinating economic policies with local government departments.
“This conference is a testament to the Ministry’s strategic plan and a positive start for similar events we are planning to organize to enhance the culture of dialogue and exchange of ideas on economic development policies,” he added.
Mr Al Shihhi said the economy is set to achieve a growth in GDP of 3.2 per cent in 2010 led by a focus on adopting industrial policies that will drive the sustainable development of the UAE. “Our emphasis on economic diversification and openness has contributed to an increase in the share of the non-oil sector to 71 per cent of the GDP compared to 66.5 per cent in 2008,” he said.
Al Shihhi said that the policies and efforts of Ministry of Economy in monitoring market prices has reduced inflation to 1.6 % in 2009, which iis expected to go down to 1% in 2010. He said the the volume of investments increased 6 % in 2009 and formed 34.8 % from the GDP. The private sector has significantly contributed to this increase by 60% of the total volume of investments. The total volume of investments is expected to grow 9.1% in 2010.
The conference discussed four key topics focused on the concept of economic policies including its definitions and types, and their effect on the performance of the economy.
