UAE - Mubasher: The UAE Cabinet has adopted a national agenda for non-oil export development to enter 25 new global markets and boost the country's foreign trade, Sheikh Mohammed bin Rashid Al Maktoum, the UAE Vice President, Prime Minister, and Ruler of Dubai, announced on his official Twitter account.
Sheikh Mohammed bin Rashid referred that the UAE's non-oil trade exceeds AED 1.5 trillion annually, with a logistic network recording 400 international cities.
The Ruler of Dubai added that the non-oil economy of the UAE, placed among the world's top 20 countries in foreign trade competitiveness indicators, contributes to more than 70% of the national economy.
In addition, the country seeks to raise its national exports by 50% over the upcoming years, Sheikh Mohammed bin Rashid remarked.
During its meeting, the UAE Cabinet has also approved the national manual for measurement of research and development (R&D) expenditures in the government sector.
The UAE spends 1.3% of its GDP on R&D, which is at the core of the knowledge-based economy.
