The United Arab Emirates Housing and town Planning Minister, Mr. Saeed WP, welcomed the United?
The United Arab Emirates Housing and town Planning Minister, Mr. Saeed WP, welcomed the United Nations initiative on trade and manufacturing at the fourth United Nations Conference on Trade and Development (UNCTAD) on Monday (10 May).
Mr. told the conference that the United Arab Emirates were particularly interested in United Nations plans to aid developing and many oil producing nations with manufacturing expertise to help them launch their own industries.
Mr. pointed out that the United Arab Emirates have a single product economy based on oil. Like many other nations in a similar situation, they ow want to diversify and establish manufacturing industries.
For some time, several of the oil producing nations have been concerned about the possible threat to their economies through over-reliance on one export-orientated product. By expanding their general trade and building factories, they also seek to increase opportunities for employment.
The UNCTAD conference was called in response to the problems of developing countries in the current global crisis. These embrace the shortage of raw materials, the soaring price of oil and demand for minerals from the developing countries by the industrialised countries.
The Organisation of Petroleum Exporting Countries (OPEC) has already moved some way towards meeting the anxieties of the poorer nations. It has pledged aid in return for a share in the raw materials for launching their own industries.