Bahrain has become the fourth country to join the Industrial Partnership for Sustainable Economic Development, which includes the UAE, Jordan, and Egypt. His Excellency Mostafa Kamal Madbouly, Prime Minister of Egypt witnessed a signing ceremony today in Cairo during a second meeting of the partnership’s Higher Committee.
The announcement took place following the 2nd meeting of the Higher Committee for the Industrial Partnership for Sustainable Economic Development in Cairo. The agreement was signed by Her Excellency Dr. Nevin Jameh, Egyptian Minister of Trade and Industry, His Excellency Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, His Excellency Yousef Al Shamali, Jordanian Minister of Industry, Trade and Supply, and His Excellency Zayed Al Zayani, Minister of Industry, Commerce and Tourism of Bahrain.
The Industrial Partnership for Sustainable Economic Development was announced in the UAE on 29 May 2022 with an aim to empower their industrial sector and its contribution to the national GDP by establishing large joint industrial projects, providing private sector companies with opportunities for expansion, creating job opportunities, contributing to economic development, diversifyingthe economies of partner countries, supporting industrial production and increasing exports and safeguarding supply chains.
The addition of Bahrain will positively impact the partnership through the strength of its industrial sector. The Kingdom is particularly prominent in oil and gas, aluminum, iron ore, petrochemicals, plastics, food processing, textiles, and engineering. The country’s competitive advantages include an advanced communication, technology and transportation infrastructure, and other enablers and incentives.
Earlier in the day, 12 projects worth US$3.4bn were identified for phase one of feasibility studies and due diligence.