Technology vital for attracting capital: UAE minister

Developed communications and information technology are key factors in economic development in the UAE given their vital role in attracting foreign capital, the country’s Minister of Economy said on Monday.

“I consider this sector as the driver of economic development and transformation in the UAE not only because it is an important sector in itself but also a main factor in sustaining economic growth and the competitive position of the country,”

Sultan bin Saeed Al Mansouri wrote in a new website guide issued by the Federation of the UAE Chambers of Commerce and Industry.

“The UAE government has long realised the significance of communications and information technology and their vital role in plans to improve the country’s business environment and lure in international companies seeking to take advantage of a regional market worth nearly $1 trillion.”

Mansouri said this sector also plays a decisive part in attaining long-term targets in the Ministry’s Vision 2021 and the national economic strategy aimed at expanding the private sector, achieving viable growth, supporting economic diversification programmes, creating jobs and upgrading living standards.

He noted the UAE had been classified among the top countries in many indexes involving information technology, communications and other sectors, adding that it also has the highest mobile phone penetration rate.

“These ratings on Arab and international levels illustrate the rapid development of the communications and IT sector in the country…this was a result of good competition and best governance practices and international standards.”

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