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Bahrain joins UAE, Egypt, and Jordan for Industrial Partnership for Sustainable Economic Development
The partnership is expected to boost the GDP of member countries by $809 billion.
Bahrain, with a GDP of $39 billion, has joined the second Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development, which aims to promote integration across industries and leverage the competitive advantages offered by Arab nations – UAE, Egypt, and Jordan. The partnership aims at bolstering the industrial manufacturing value from $106.26 billion to $112.5 billion.
Bahrain boasts a strong industrial sector with more than 9,500 companies and 55,000 employees and $4.3 billion in industrial Foreign Direct Investments. It aims to establish large joint industrial projects, create job opportunities, contribute to increasing economic output, diversify the economies of the partner countries, support industrial production and increase exports.
The Higher Committee also reviewed a presentation by the Executive Committee, delivered by Abdullah Al Shamsi, assistant undersecretary for the industrial development sector at the UAE Ministry of Industry and Advanced Technology, Dana Alzoubi, secretary general of the Jordanian Ministry of Industry and Supply, as well as Hatem Alashry, advisor to the Egyptian Ministry of Industry and head of the Executive Committee. As a result, the Higher Committee shortlisted 12 projects worth $3.4 billion to move into feasibility studies. The Executive Committee received 87 industrial project proposals focused on fertilizers, agriculture, and food.
The partnership will focus on the metals, chemicals, plastics, textiles, and clothing sectors in the next phase.
“This partnership is key to ensuring value and supply chains, reaching industrial self-sufficiency, and creating more jobs,” said Dr Nevin Gamea, Egypt’s Minister of Trade and Industry. “We welcome Bahrain to join this partnership, which will help maximize the benefit of the industrial capabilities of the four countries.”
“To make use of this initiative, partners shall exchange science and technology expertise, set up industrial partnerships, and take advantage of the partners’ markets to promote multilateral trade.”
“Today’s meeting is a continuation of the executive committee meetings held over the past two days and a culmination of weeks’ long sectoral workshops of experts in the fields of pharmaceuticals, agriculture, fertilizers, and food,” Yousef Al Shamali, Jordan’s Minister of Industry, Trade and Supply, said in a statement.
Al Shamali noted that this progress was achieved two months after the partnership’s launch in Abu Dhabi. He pointed out that Jordan is keen on supporting all aspects of joint Arab work, as instructed by King Abdullah II.
He further noted that Bahrain’s joining in the partnership will boost the initiative, accelerating the pace of achieving the desired economic integration.
“The Kingdom of Bahrain has achieved continuous success and growth in the industrial sector over the past decades. This is a result of the policies adopted by the government since the 1960s, which aimed at reducing reliance on oil and natural gas and diversifying the industrial sector by setting up factories in the fields such as aluminum. This was in addition to establishing new industrial zones and attracting foreign investments by encouraging industrial projects and providing the necessary infrastructure,” Zayed bin Rashid Alzayani, Bahrain’s Minister of Industry and Commerce, said.
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