Bahrain joins Industrial Partnership for Sustainable Economic Development at Second Higher Committee meeting in Cairo
- Higher Committee Shortlists 12 projects worth US$3.4bn to move into feasibility studies.
- Executive Committee received 87 industrial project proposals focused on fertilizers, agriculture and food.
- Industrial partnership expected to boost GDP of member countries by $809 billion
- Partnership now represents world's largest combined raw aluminum exporter at value of $6.76 billion
As a result, the Higher Committee Shortlisted 12 projects worth US$3.4bn to move into feasibility studies. In total, the Executive Committee received 87 industrial project proposals focused on fertilizers, agriculture and food. In the next phase, the Partnership will focus on the metals, chemicals, plastics, textiles and clothing sectors.
The delegation also included UAE ambassador to Egypt, H.E Maryam Al Kaabi, Jordan ambassador to Egypt, Amjad Al-Adayla, and Ambassador of the Kingdom of Bahrain to Egypt Dr. Khaled Fahad Alalawi as well as His Excellency Hisham bin Mohammed Al-Jowder, Assistant Undersecretary for Industrial Development at Ministry of Industry and Commerce in Bahrain and HE Mohamed Hassan Al Suwaidi, Managing Director and CEO at ADQ amongst others.
He continued: “Today, we welcome Bahrain as a vital and dynamic addition to the partnership. Bahrain’s industrial sector plays a crucial role in sustainable economic development. I would also like to thank the Arab Republic of Egypt for hosting this second meeting of the Higher Committee. We look forward to reviewing these joint projects and assessing the next steps required from private sector companies, government agencies and supporting bodies to ensure the projects’ feasibility to ensure rapid implementation.”
His Excellency continued: “I call on companies to leverage the competitive advantages and opportunities for partnership available in each of the participating nations and to conduct their own feasibility studies to maximize their projects’ chances of success. As government agencies, we must identify the key enablers these projects require to succeed and do everything in our power to help companies overcome potential obstacles. Rest assured, we will provide support to ensure that industrial companies can be confident in investing in and implementing successful projects. This
combination of government support with private sector commitment will help the partnership achieve maximum sustainable economic and social benefits.”
Dr. Sultan Al Jaber concluded: “The Industrial Partnership for Sustainable Economic Development is open to any party who wishes to contribute to the development of the industrial sector, promote integration across industries, and leverage the competitive advantages offered by the UAE, Egypt, Jordan, and now Bahrain. Our combined efforts and teamwork will enhance the development of the companies and countries involved in this partnership by reducing costs, safeguarding supply chains, creating more jobs, boosting self-sufficiency, planning for the future and applying the latest technology.”
In his speech, His Excellency Zayed bin Rashid Alzayani, Bahrain’s Minister of Industry and Commerce, conveyed the greetings of His Royal Highness Prince Salman bin Hamad Al Khalifa, Bahrain’s Crown Prince and Prime Minister, and his appreciation for the Kingdom’s admission to the partnership. He explained that the partnership reflects a strong will to promote industrial integration between Arab countries and the world, while seeking to achieve sustainable industrial development. This aligns with the visions and aspirations of His Majesty King Hamad bin Isa Al Khalifa, King of Bahrain, to enhance economic development and create new opportunities.
His Excellency said: "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."
His Excellency continued: "In order to advance the industrial sector, the government launched the Industrial Sector Strategy (2022-2026) on 30 December 2021, as a pivotal part of the post-pandemic economic recovery plan. The strategy aims to increase the industrial sector's contribution to GDP, increase exports, and provide jobs for citizens. The strategy is based on adopting the Fourth Industrial Revolution, implementing the concept of a circular carbon economy along with effective environmental and social governance policies, encouraging investment in technological infrastructure and manufacturing automation, and increasing the efficiency of supply chains to build a developed and sustainable industry.
“Through this strategy, we target a number of industries relevant to sectors included within this partnership. We believe that this provides growth and prosperity opportunities for the manufacturing industries in the aluminum and petrochemical sectors, in addition to industries including renewable energy, and green and blue hydrogen, which support Bahrain’s commitment to achieving carbon neutrality by 2060, along with the food, pharmaceutical industries, and microelectronics industries.”
The second meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development approved the Partnership’s joining guide along with the minutes of the Committee’s first meeting. Reports were also presented on the agriculture, food, fertilizer, pharmaceutical, textile and clothing and metals sectors, while CEOs of industrial companies offered their insights.
July 29, 2022