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UAE, Egypt, Jordan sign Industrial Partnership for Sustainable Economic Growth

30 May 2022 19:17 (UTC+04:00)
UAE, Egypt, Jordan sign Industrial Partnership for Sustainable Economic Growth

By Trend

The United Arab Emirates, Egypt and Jordan officially signed the ‘Industrial Partnership for Sustainable Economic Growth’ in Abu Dhabi on Sunday, Trend reports citing Al Arabiya.

The UAE’s Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan witnessed the signing of the partnership which marks a new era of opportunities to enhance economic growth across five key sectors: food and agriculture, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals.

The launch was also attended by Egypt and Jordan’s Prime Ministers Mostafa Madbouly and Bisher al-Khasawneh.

The agreement was signed by the UAE’s Minister of Industry and Advanced Technology Dr. Sultan bin Ahmed al-Jaber, Egyptian Minister of Industry and Trade Dr. Nevein Gamea, and Jordan’s Minister of Industry, Trade and Supply Yousef al-Shamali.

“The partnership embodies the vision of President Sheikh Mohamed bin Zayed Al Nahyan, to enhance industrial integration with Arab nations and the rest of the world so we can achieve a major leap in the industrial sector and transform its potential as an economic driver. Industry is the backbone of the world’s largest economies,” WAM quoted Sheikh Mansour as saying.

“Through its capabilities, effective policies and current focus on developing advanced technology and logistics infrastructure, we are confident that the UAE can build a global economic powerhouse by leveraging industrial partnerships across the region,” he added, stressing the need to advance the industrial sector in the three nations to ensure economic diversification and resilience.

The UAE, Egypt, and Jordan have diverse resources and unique competitive advantages, including access to raw materials. In particular, they enjoy robust capabilities in the pharmaceutical industries, with clear ambition to develop and expand them further and increase their production capacity, and also seek to strengthen their manufacturing capabilities in the steel, aluminum, petrochemicals, and derivatives sectors.

The three countries’ combined industrial capacity represents around 26 percent of the total industrial capacity in the Middle East and North Africa region.

“The continued active interaction and coordination at the leadership level confirms the strength of these relations with the industrial sector at the center of the partnership. In Jordan, an attractive investment destination, industry contributes to 24 percent of the GDP, and account for 21 percent of the countries employment,” said al-Khasawneh.

“Jordan exports to many countries around the world and is empowered by supportive laws and regulations.”

The partnership includes launching joint industrial projects between the countries to promote economic growth and industrial integration, achieve self-sufficiency, and integrate value chains across the UAE, Egypt and Jordan, WAM reported.

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