The Abu Dhabi Department of Economic Development (Added) and China's Shandong province signed an initial pact to boost co-operation and exchange expertise and data in the industrial sector, in a move to further increase bilateral investment opportunities.
The agreement aims to establish ways for exchanging information to improve industrial co-operation and facilitate delegation visits and investor meetings, Added said in a statement on Friday. In addition, the pact seeks to organise training programmes on entrepreneurship and management consultancy between companies on both sides.
The agreement "is part of our efforts to strengthen relations with Abu Dhabi’s major trade partners; China is one of our largest partners in non-oil trade, particularly in industrial materials," Rashed Abdulkarim Al Blooshi, undersecretary of Added, said.
"It also reflects our plans to enhance the development of the manufacturing sector and to keep pace with Industry 4.0, which is one of the strategic objectives of Abu Dhabi economy.”
During 2021, Abu Dhabi's industrial sector recorded growth, thanks to the government policies and incentives aimed at attracting more investments. The number of new industrial sector licenses issued increased by 17 per cent compared to 2020, while the establishment of new factories rose 15 per cent, according to Added data.
Abu Dhabi has built solid infrastructure to support sustained and innovative investing, despite the Covid-19 pandemic. Besides reducing business set-up and renewal requirements and fees, it also eased doing business in the emirate, reflecting a strong partnership between the government and global private sectors players.
“Abu Dhabi has been focusing on facilitating, encouraging and providing smart assistance and at times, funding to strategic businesses, and to actively support global firms and entrepreneurs as they seek to establish and scale up their activities here," Khaled Banizama, acting executive director of the Industrial Development Bureau at Added, said.
“The Abu Dhabi government is forging ahead with its active diversification roadmap," Mr Banizama said.
The government is actively engaging with countries and cities with specialised firms and technology from heavy-weight industrial players, including capital-intensive industries such as petrochemicals, pharmaceuticals and life sciences, technology, logistics or SME manufacturing, which leads towards mutually beneficial and sustainable business outcomes and projects.
