UAE to Launch New Services Export Strategy to Boost Competitiveness
The UAE is set to launch a new Services Export Strategy aimed at enhancing the competitiveness of the country’s services sector and promoting the growth of services exports. The strategy will be developed in partnership with the private sector, according to Dr Thani Al Zeyoudi, the Minister of State for Foreign Trade.
Dr Thani highlighted the importance of services exports, stating that they are a flourishing part of the global trading system and are growing 60% faster than trade in goods. Services exports currently make up nearly 20% of the UAE’s overall foreign trade, equivalent to $250 billion. This significant contribution has helped to boost the UAE’s status as a knowledge-driven, service-based economy.
The new strategy will focus on nine industry verticals in which the UAE has proven capabilities, including travel and tourism, ICT, professional services, financial services, education, medical tourism, Islamic financial services, the creative economy, and logistics. Taskforces will be established for each sector to formulate sector-specific roadmaps, set targets, identify new markets, and develop enhancement initiatives.
To ensure the success of the strategy, the UAE government is prioritizing data collection and analysis. The Federal Competitiveness and Statistics Centre (FCSC) will work with various government entities and the World Trade Organization (WTO) to harmonize data collection and align processes with global standards. The UAE will also host the WTO’s MC13 in February 2024, where discussions on building a technology-led, evidence-driven trade will take place.
Dr Thani emphasized that the new Services Export Strategy aligns with the UAE’s broader national objectives, including the Comprehensive Economic Partnership Agreement program, the re-exports strategy, and the NextGenFDI program. These initiatives are crucial for the UAE’s long-term diversification ambitions and will help meet shifting global demand.
With the launch of the Services Export Strategy, the UAE is confident in achieving its targets and leveraging a diversified trade mix to further boost its global competitiveness.
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