Countries in the Middle East and North Africa (MENA) region are improving collaboration to get more done. They aim 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 Industrial Partnership for Sustainable Economic Development is one such partnership exploring opportunities for joint investments in priority sectors, which is considered vital to bolster Arab economic integration.
Next week, ministers from the UAE, Egypt, Jordan, and Bahrain are scheduled to sign contracts with industrial enterprises exceeding $ 2 billion in Amman.
The Upper Committee of the Industrial Partnership for Sustainable Economic Development will meet for the third time to discuss recent advances in the partnership and collaborative industrial endeavors. The Executive Committee will also present a report and suggestions at the meeting, according to a statement. The meeting will include the signing of 12 agreements across nine industrial projects.
The meeting will be presided over by HE Yousef Al Shamali, Minister of Industry, Trade and Supply, and Minister of Labor for Jordan. Also present will be His Excellency Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology for the United Arab Emirates, His Excellency Eng. Ahmed Samir Saleh, Minister of Industry and Trade for Egypt, and His Excellency Abdulla Adel Fakhro, Minister of Industry and Commerce for Bahrain.
Through combining resources, industries, and competitive advantages, the member states of the partnership work together to develop their industrial sectors. Additionally, nations cooperate in lowering prices, improving supply chains, producing jobs, supporting economic growth, encouraging self-sufficiency, and raising industrial competitiveness.
According to the statement, the UAE, Egypt, Jordan, and Bahrain industrial enterprises will sign many agreements. With hundreds of millions of dollars in funding, new projects will be launched. These investments will strengthen the cooperation between these countries, enhancing supply chains, lowering prices, and creating new job possibilities for the member countries’ respective industrial sectors.