Kingdom joins UAE, Egypt and Jordan to empower national industrial sector
Cairo, Egypt: 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.
About the Ministry of Industry and Advanced Technology
The UAE’s Ministry of Industry and Advanced Technology (MoIAT), established in July 2020, is mandated with strengthening the UAE’s industrial sector, specifically by accelerating the adoption of advanced technologies and Fourth Industrial Revolution (4IR) solutions across the value chain.
MoIAT has three overarching goals: Strengthening the UAE’s industrial base, ensuring in country value, and raising the competitiveness of local industries. By enhancing the contribution of advanced technology, the Ministry will support the country’s sustainable economic growth, and ensure GDP contribution from the industry sector.
The Ministry will draft policies, laws and programs to create a world-class industrial development framework for the nation that will help attract foreign direct investment, boost In-Country Value creation, support national entrepreneurship, drive job creation, and boost exports of ‘Made in UAE’ products.
From encouraging the establishment of industrial complexes to raising local capacity in advanced technology, the Ministry will accelerate industrial development in a bid to drive economic growth, diversification, value retention and national self-reliance.
