Economic integration Committee reviews national efforts to enhance the competitiveness of legislative environment for family enterprises & cooperative societies in the country

The Economic Integration Committee held its fourth meeting for the year 2024 under the chairmanship of H.E. Abdulla bin Touq al Marri, Minister of Economy, and with the participation of H.E. Alia bint Abdulla AlMazrouei, Minister of State for Entrepreneurship, and the representatives of local economic development departments across the UAE. H.E. Bin Touq and the Committee members welcomed H.E. Alia AlMazrouei to the Committee, noting that it will help boost the Committee’s efforts in developing the business environment in the country and creating diverse economic opportunities for entrepreneurs.

The meeting reviewed progress made on the implementation of recommendations made during the third Committee meeting last June, and looked into several key economic files, most notably the national efforts in enhancing the competitiveness of the legislative environment for family enterprises and cooperative societies in the country.

H.E. Bin Touq emphasized the UAE’s desire to develop a comprehensive economic legislative system based on international best practices and provide all enablers for the growth and prosperity of businesses of all sizes as well as family companies, cooperatives and brands in the UAE. The efforts also focus on encouraging them to expand into new economic sectors, thereby strengthening the UAE’s position as a global destination for business and investment.

H.E. said: “The Economic Integration Committee and the local economic development departments play a vital role in enhancing the competitiveness of the UAE’s business environment at the regional and international levels, boosting economic activity in the country, and supporting its attractiveness to domestic and foreign investments. Today’s meeting discussed mechanisms for enhanced cooperation between relevant government entities to continue the development of the country’s economic legislation and policies. This supports the UAE’s efforts to achieve the world’s number one position in the development of proactive legislation for new economic sectors by the next decade, in the light of the ‘We the UAE 2031’ vision.”

H.E. Alia bint Abdulla Al Mazrouei, Minister of State for Entrepreneurship, expressed her happiness in joining the Economic Integration Committee, comprised of a highly competent national team. H.E. highlighted the Committee’s significance as a platform for discussing and formulating legislation and policies pertaining to entrepreneurship and startups. Ultimately, this contributes to the UAE’s endeavours in creating a favourable environment for the development of Emirati small and medium-sized enterprises (SMEs).

The latest Committee meeting extensively discussed various strategies to improve the operations of family businesses in the country and support their continuity. They also urged these businesses to join the “Unified Family Businesses Registry” maintained by the Ministry of Economy by submitting applications to local registration authorities. This aligns with the provisions outlined in Federal Decree-Law No. 37 of 2022 on Family Businesses. Additionally, the Committee emphasized the significance of fostering collaboration between the Ministry and relevant entities within the country to facilitate the growth of the cooperative sector. The objective is to motivate cooperative societies to diversify into new economic sectors and activities, including education, healthcare, housing, technology, and more, in accordance with the country’s national objectives for this crucial sector. The targets encompass increasing the sector’s contribution to the gross domestic product (GDP) to 5 per cent and expanding the number of contributors to 500,000 by 2031.

In addition, the Committee discussed the development of a database and statistics for the services sector in the state in line with international best practices. The project aims to strengthen the role of the balance of payments in accurately recording and monitoring all financial transactions in various sectors. The meeting also highlighted the ongoing national efforts to establish a Higher Committee for Trade in Services. Chaired by H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, the Committee comprises around 15 national entities engaged in trade in services within the country.

Furthermore, the meeting reviewed the results achieved through the implementation of the Ministerial Development Council’s resolutions on the enforcement of tax compliance among individuals engaged in e-commerce activities, as well as social media influencers. The Committee highlighted the existing legislation that prohibits any commercial activity without a valid commercial license, irrespective of whether it is conducted via physical or virtual store or any other technological medium. The Committee commended the efforts of the national team responsible for supervising the implementation of these resolutions.

Economic integration Committee reviews national efforts to enhance the competitiveness of legislative environment for family enterprises & cooperative societies in the country