I welcomed Bahrain as a fourth major partner
The UAE confirms its serious commitment to the "industrial partnership" through a fund of 10 billion dollars
The Supreme Committee adopted the recommendations issued by the Executive Committee of the Industrial Partnership.
From the source
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The activities of the second meeting of the Higher Committee for the Integrated Industrial Partnership for Sustainable Economic Development, which includes the UAE, Egypt and Jordan, kicked off in the Egyptian capital, Cairo, yesterday.
The meeting witnessed the announcement of Bahrain joining the Integrated Industrial Partnership Initiative along with the three founding countries of the partnership, in the presence of the Minister of Industry and Commerce in Bahrain, Zayed bin Rashid Al Zayani.
The UAE welcomed Bahrain as a key and active partner in this partnership, calling on companies to make the most of qualitative partnerships and competitive advantages in the participating countries, and to move to advanced stages of feasibility studies for implementation.
The UAE confirmed that the economic partnership is open to the joining of more parties wishing to develop the industrial sector and achieve integration in resources and industries. It also renewed its serious commitment to the partnership through the investment fund that will be managed by ADQ Holding Company with a value of 10 billion dollars.
Suggested projects
The Supreme Committee adopted the recommendations issued by the Executive Committee of the Industrial Partnership, which was held over two days in Cairo, with the participation of companies operating in the fields of agriculture, food, fertilizers and medicines, as it prepared a list of 87 proposed projects in the targeted sectors, including 12 projects eligible to enter the stage of feasibility studies. In the agricultural, food, fertilizer and pharmaceutical sectors, as a first stage, with initial investments of $3.4 billion, with a focus in the next stage on the metals, chemicals, plastics, textiles and clothing sectors.
Emirati commitment
Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, said: “The vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, emphasizes the importance of cooperation, concerted efforts and integration to achieve economic development, which we view as a fundamental enabler for the stability, growth and prosperity of societies, and to benefit from areas of integration and advantages. competitiveness and capabilities of the participating countries, in order to build a sustainable economic base.
He added, "The UAE affirms its serious commitment to the partnership through the investment fund, which will be managed by ADQ Holding Company with a value of $10 billion to invest in the projects emanating from this partnership in the agreed sectors."
He added: "In the first meeting of the Supreme Committee, we identified the five basic sectors and the list of the first 10 projects that this partnership will focus on, and we foresaw the industrial opportunities and the growth we aspire to, and the expected economic value, and we have now moved to the stage of implementing these goals that were announced at the start of this partnership, Through technical meetings and workshops held.
Welcome to Bahrain
Al-Jaber welcomed Bahrain’s joining as a primary and active partner in this partnership, indicating that the industrial sector in Bahrain plays a vital and essential role in sustainable economic development. Advanced logistics, trained and innovative human resources, and a business environment that supports investments, in addition to the compatibility of its industrial strategy with the objectives of the integrated industrial partnership for sustainable economic development.
Al-Jaber called on companies to make the most of qualitative partnerships and competitive advantages in the participating countries, and to move to advanced stages of feasibility studies for implementation.
He said: "For us, as government agencies and bodies, we must study the capabilities required for these projects, do everything in our power to overcome obstacles, and provide support and assistance to ensure optimal implementation of projects, and achieve the maximum sustainable economic and social benefit."
open partnership
Al Jaber continued: “This partnership is open to the joining of more parties wishing to develop the industrial sector, achieve integration in resources and industries, and take advantage of the competitive advantages in each country, where concerted efforts and teamwork can lead to fruitful results by reducing costs and securing supply chains. Providing more job opportunities, contributing to economic development, and enhancing self-sufficiency, in addition to benefiting from technological development plans and looking ahead to the future.
imperative
In her speech during the meeting, the Egyptian Minister of Trade and Industry, Nevin Gamea, stressed that achieving Arab industrial integration is an imperative to confront the negative repercussions of the global economic crisis, which reflected the importance of strengthening regional partnership between Arab countries, and activating the role of the private sector, as a major player in implementing sustainable development plans. and achieving prosperity for the peoples of the Arab region.
She explained that the integrated industrial partnership signed between Egypt, the UAE and Jordan represents a basic pillar to achieve the desired industrial integration, by securing supply chains, achieving self-sufficiency, localizing industry and integrating value chains, to reach integrated industries with added value, and achieve sustainable economic development, which contribute to Providing more job opportunities, expressing Egypt's great welcome for Bahrain to join this partnership.
She stressed the Egyptian government's keenness to provide all facilities that would support this partnership, remove all obstacles between the participating countries, and take urgent measures to ensure the implementation of the partnership action plan in its various stages, to achieve the common goal, and for the benefit of brotherly countries.
economic integration
In turn, the Jordanian Minister of Industry, Trade and Supply, Youssef Al-Shamali, referred to the directives of King Abdullah II bin Al-Hussein, that Jordan should be a permanent leader in supporting the various forms of joint Arab action, pointing out that the meeting comes as an affirmation of the political and economic relations between the participating countries, and a launch for a new stage. From the systematic pursuit of actual economic integration that touches the people, and its success attracts the accession of more Arab countries, to launch a new phase of joint cooperation and constructive economic integration.
Al-Shamali stressed that Bahrain's presence in this partnership will constitute a strong impetus and economic impetus for the Industrial Partnership Initiative, accelerating the achievement of the desired economic integration and building unique industrial partnerships capable of enhancing the objectives of the initiative and achieving economic growth.
He stressed that there is a real opportunity to translate what has been agreed upon into actual projects through new partnerships between businessmen from Jordan, Egypt, the UAE and Bahrain, expanding areas of cooperation and agreeing on investments that positively reflect on sustainable development.
Bahrain experience
In the same context, the Minister of Industry and Commerce in Bahrain, Zayed bin Rashid Al-Zayani, said that Bahrain has achieved continuous success and growth over the past years in the industrial sector, and this came as a result of the policies adopted by the government since the sixties of the last century, which were aimed at not relying on products Only oil and natural gas, and making the industrial sector a diversified sector by establishing factories working in the fields of aluminum, petrochemicals and others, as well as establishing new industrial zones, and seeking to attract foreign investments by encouraging industrial projects and preparing the infrastructure for their establishment.
He referred to the industry sector strategy (2022-2026) launched by the Bahraini government on December 30, 2021, as a pivotal part of the economic recovery plan, which includes five main axes: strengthening national industries, investing in infrastructure, improving the investor experience, guiding Bahrainis professionally, and updating legislation. And laws, which aim to raise the gross domestic product of the industrial sector, increase the sector’s exports of national origin, and provide promising job opportunities for citizens.
12 projects eligible to enter the feasibility studies stage, as a first stage, with initial investments of $3.4 billion.
The focus in the next stage on the sectors of metals, chemicals, plastics, textiles, and clothing.
Teamwork leads to fruitful results by lowering costs, securing supply chains, and creating more jobs.
Inviting companies to make the most of quality partnerships and competitive advantages in the participating countries.
65 billion dollars worth of industrial exports
The contribution of the industrial sector to the total GDP of the UAE, Egypt and Jordan is 30% of the contribution of the industrial sector in the Middle East and North Africa region.
In 2019, the total value of their industrial exports reached $65 billion, while the total population of these countries is 122 million, representing 27% of the population of the Middle East and North Africa region, including 49% of young people under the age of 24.
direct foreign investment
The value of foreign direct investment in the UAE, Egypt and Jordan reached 151 billion dollars during the period from 2016-2020, and the total value of exports to the countries of the world from these countries reached 433 billion dollars as in 2019, and the value of imports reached 399 billion dollars. Approximately.
Bahrain raises the GDP of the partner countries to 809 billion dollars
The accession of Bahrain, which has a gross domestic product of $39 billion, will constitute a positive addition to the partnership, as it is expected to increase the GDP of the partnership countries to $809 billion, and to increase the opportunities for the food and agricultural sector by $1.7 billion, $4 billion in mineral products, and 1.7 billion dollars. $1 billion in chemicals and plastics, $0.5 billion in medical products, and $2.36 billion in raw aluminum exports.
Bahrain's accession will also increase the partnership's contribution to the industrial added value of the Middle East from $106.26 billion to $112.56 billion, which represents 30% of the industrial value added in the Middle East.
Bahrain adds $2.3 billion in iron ores value that can be used in industrial development in the four countries.
Bahrain has a strong industrial sector with more than 9,500 industrial companies, 55,000 employees in the industry and $4.3 billion in foreign direct investment specific to the industrial sector.
Since 1975, the Kingdom of Bahrain has focused on the industrial sector, which aims to diversify sources of income and the economy.
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