Page 447 - MOE ENGLISH PR REPORT - JULY 2024

7/23/24, 2:49 PM PRESSR: Economic integration Committee reviews national efforts to enhance the competitiveness of legislative environment — Tr…
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.

-Ends-

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