Bahrain joins Industrial Partnership for Sustainable Economic Development

The second Higher Committee meeting of the Industrial Partnership for Sustainable Economic Development started in Cairo in the presence of Dr Nevin Gamea, Egypt Minister of Trade and Industry, Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Yousef Al Shamali, Jordanian Minister of Industry, Trade and Supply.

At the meeting, the Higher Committee announced and welcomed Bahrain as a new member of the partnership represented by Zayed bin Rashid Alzayani, Minister of Industry and Commerce of Bahrain.

Bahrain, a major producer of raw aluminum and iron ore, will increase the partnership’s total industrial manufacturing value add from $106.26bn to $112.5bn.

Bahrain also has a strong industrial sector with more than 9,500 companies and 55,000 employees and $4.3bn in industrial foreign direct investments.

Bahrain joins Industrial Partnership for Sustainable Economic Development at Second Higher Committee meeting in Cairo#WamNews https://t.co/g8rPQlBpuY pic.twitter.com/RGNkK0E6q9

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According to state news agency WAM, the partnership 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 where 12 projects worth $3.4bn have been shortlisted and will move into the feasibility studies phase.

In total, the Executive Committee received 87 industrial project proposals focused on fertilisers, agriculture and food. In the next phase, the partnership will focus on the metals, chemicals, plastics, textiles and clothing sectors.

Dr Nevin Gamea  said, “This partnership is key to ensuring value and supply chains, reaching industrial self-sufficiency, and creating more jobs. We welcome Bahrain to join this partnership, which will help maximise 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.”

Dr Sultan Al Jaber added,”We aim to leverage the partnership’s combined strengths, competitive advantages, and capabilities to help build a strong foundation for sustainable economic growth.”

He concluded, “The Industrial Partnership 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.”