During Session at UAE Government Annual Meetings, Abdullah bin Touq Highlights: Economic Blocs Shaping Features of Future Economy
H.E. Abdullah bin Touq Al Marri, Minister of Economy, and H.E. Mariam Almheiri, Minister of Climate Change and the Environment, have confirmed the UAE's dedication to broadening international cooperation in development and economics. This commitment involves joining global development blocs across strategic sectors to align with global changes and enhance future readiness. They confirmed the importance of ongoing efforts to achieve the UAE’s goals in food security, emphasising the development of the food economic bloc to boost economic growth and increase the contribution of agriculture and food to the country's gross domestic product.
During a session at the UAE Government Annual Meetings, the Minister of Economy outlined the UAE's commitment to developing the agricultural and food industries. The goal is to increase their contribution to the country's GDP by AED10 billion and create 20,000 job opportunities over the next five years. This plan includes focusing on key pillars and strategies, such as promoting local innovation, strengthening the agriculture and food supply chain, and providing support to farmers to achieve global leadership in agricultural innovation and sustainability in the food sector.
His Excellency highlighted that food product trade in the UAE reached approximately AED130 billion in 2022, reflecting a 24% growth compared to 2021. Food trade accounted for 5.7% of the country's total non-oil trade. He emphasised the significance of food economic blocs in influencing the characteristics of food products, contributing to the future economy, and fostering global stability and growth.
Her Excellency Almheiri expressed the goal of formulating a comprehensive policy to strengthen the clustering of food industries. This policy aims to align with the best international systems and sustainability standards in both production and management of the food system. The objective is to showcase the UAE’s commitment to enhancing global food security and actively contributing to the creation of a sustainable future for all.
The session focused on plans to develop the food and agricultural sectors, aiming to increase their contribution to the national gross domestic product and generate more job opportunities. Discussions included strategies for supporting the growth of promising economic blocs to strengthen the UAE's economy, with the goal of doubling the GDP over the next ten years and contributing to achieving food security in the country.