In light of the UAE’s recently launched ‘Operation 300bn’, ISHVAN Pharmaceuticals MD Sanjeev Nanda has expressed optimism over the opportunities that the 10-year comprehensive national strategy would open up for various industrial sectors. Welcoming the initiative, Nanda said that the strategy holds the potential to catapult the UAE to new heights.
“Over the years, the UAE has been quite an enabling ecosystem for industrial development. The country possesses all the elements required for accelerated economic growth. While numerous industrial establishments have already been contributing to the nation’s economic sustainability, the new strategy is going to enhance the companies’ capacity to contribute to the economic growth,” said Sanjeev Nanda.
According to the ISHVAN Pharmaceuticals MD, Operation 300bn will greatly help increase the UAE’s global ranking on the Competitive Industrial Performance Index (CIP) by leveraging the country’s unique competitive advantages and its existing position as a rapidly growing economic hub. “The new strategy promises flexible financing solutions with a more attractive framework. This will in turn attract major investors from all around the world,” Nanda said.
For the uninitiated, the UAE government recently launched its latest strategy for national growth, named ‘Operation 300 bn’, under which the country will aim at becoming an economy worth AED 300 billion over the course of the next 10 years. The industrial strategy is well-aligned with the country’s In-Country Value (ICV) Program, which aims at boosting the value of industrial goods and services by promoting investments in R&D.
Along with incentivizing the adoption of advanced technology in the majority of industrial verticals, the new development strategy is also intended to reduce the country’s reliance on imports by enhancing the exports and increasing the contribution of SMEs to the economic growth of the country. According to Sanjeev Nanda, implementing this strategy would require active participation from all key stakeholders in the form of integrated capabilities.
“The emergence of the pandemic has compelled nations around the world to redefine their developmental goals. The latest development strategy formulated by the UAE government is a great step in this direction. However, its implementation would require a great deal of cooperation and active participation from all stakeholders. The public and the private sectors need to form a partnership in order to positively influence the growth and development of various industrial sectors,” Nanda said.