16/06/2020 Finance and investment | MINISTERY OF ECONOMY
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The country's diverse set of economic,
commercial and investment laws and legislation are viewed as essential pillars
and key drivers to achieving growth, development and economic and social
prosperity. These laws and legislations have been created and implemented with
the key purpose of promoting the competitiveness of our economy while also
enhancing its position from both a regional and international perspective.
These laws are also intended to increase the vitality of the UAE's investment
environment.
As such, the legislative framework
supporting the country's economic sector continues to see quality focused
developments over the last period. The Ministry of Economy, along with
competent relevant authorities from both the public and private sectors, continue
to work closely together in the creation and implementation of legislation that
seeks to enhance the effectiveness and flexibility of the UAE
economy--supporting various developments at the local and international levels
and enhancing its ability to provide a sustainable investment structure.
The new legislative package looks
towards consolidating its institutional competitiveness and drive to further
achieve comprehensive development, which falls in accordance with UAE Vision
2021. The legislative system is centered
on developing the national economy and creating favourable environment for
economic business, which in turn, contributes to achieving a balanced and
sustainable development of the country.
What makes the legislative system and
economic laws even more important is that they have also been created to be at
pace with the economic growth being witnessed by the UAE--enhancing the
confidence of investors, businessmen and owners of capital in the national
economy. This has helped make the UAE a highly
preferred destination to launch a business and practice economic
activities.
The country's economic legislation and
laws remain distinctive because they were carefully studied and discussed by various concerned entities,
including the private sector, before giving approval. The discussions and
exchange of views have helped in drawing out a set of agreed opinions on these
laws as the private sector is a major and essential partner of the government
sector and an important engine for economic activity in the UAE.
The economic laws and legislations in the country are also distinguished by being consistent with global frameworks, especially since the UAE in general has become a global center for money and business, and therefore the legislative environment must be consistent with this high and leading position.
H.E.
Mohammed Ahmed Bin Abdul Aziz Al Shehhi,
Undersecretary
for Economic Affairs
UAE
Ministry of Economy
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