Bahrain joins Industrial Partnership for Sustainable Economic Development

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

During 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 Trade of Bahrain.

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

Bahrain also has a strong industrial sector with over 9,500 companies and 55,000 employees and $4.3 billion in industrial foreign direct investment.

According to the state news agency W.A.M.the partnership aims to establish major joint industrial projects, create employment opportunities, contribute to increased economic production, diversify the economies of the partner countries, support industrial production and increase exports.

The senior committee also reviewed a submission in which 12 projects worth $3.4 billion were shortlisted and will proceed to the feasibility study phase.

In total, the Executive Committee received 87 proposals for industrial projects focusing on fertilizers, agriculture and food. In the next phase, the partnership will focus on the metals, chemicals, plastics, textiles and apparel sectors.

Dr Nevin Gamea said: “This partnership is essential to secure value and supply chains, achieve industrial self-sufficiency and create more jobs. We invite Bahrain to join this partnership, which will help maximize the benefits of the industrial capabilities of the four countries. To take advantage of this initiative, the partners will exchange scientific and technological expertise, establish industrial partnerships and take advantage of markets to promote multilateral trade.

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

He concluded: “The Industrial Partnership is open to any party that wishes to contribute to the development of the industrial sector, promote integration between industries and take advantage of the competitive advantages offered by the United Arab Emirates, Egypt, Jordan and now. Bahrain. Our combined efforts and teamwork will improve the development of the companies and countries involved in this partnership by reducing costs, safeguarding supply chains, creating more jobs, increasing self-sufficiency, planning for the future and applying the latest technologies.

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