The Emirates’ industrial sector has made huge strides over the past four years and was worth Dh73 billion ($19.9 billion) by end of 2007, said UAE's minister of state for finance & industry.

Addressing the Dubai Industrial Investment and Partnership Forum (DIIPF),  Dr Mohammed Khalfan Bin Kharbash said the industrial sector had emerged the country’s third largest economic producer.

'This sector contributed nearly 20 per cent to the country’s GDP last year,' he told delegates at the forum, which runs at the Dubai World Trade Centre until February 6.

'The industrial sector posted a 66.4 per cent increase on its Dh44 ($12 billion) value in 2003 when the Government began prioritising industry in its long-term economic diversification plans. The number of manufacturing units in the country stood at 3,852 at the end of last year – a 37.8 per cent increase on the 2003 total of 2,795,' Dr Kharbash noted.

He said it was now a key performer in the UAE Government’s strategy of delivering a balanced economy with no single sector dominating the landscape.

“We will continue to foster progress in the industrial sector for the long-term benefit not only of the economy, but also for sociological reasons as this sector can deliver fresh job and career opportunities for nationals,” he added.

“The Government is now working to ensure global best practices are prevalent throughout the industrial and financial sectors,” the minister said.

The DIIPF has been organised by the Dubai Export Development Corporation (DEDC) in conjunction with the Department of Economic Development and the Gulf Organisation For Industrial Consulting.

The forum, which has an exhibition running alongside it, is aimed at promoting industrial investment, subcontracting and partnership with special focus on the small-to-medium sector.

Addressing the forum, DEDC chief executive, Sa’ed Al Awadi said Dubai  had recognised the challenges of global competition and was moving quickly to address them.-TradeArabia News Service