UAE, Egypt and Jordan have launched the Industrial Partnership for Sustainable Economic Development to implement industrial projects worth $10 billion, reports Asian Lite Newsdesk
The United Arab Emirates, Egypt and Jordan have announced an Industrial Partnership for Sustainable Economic Growth in Abu Dhabi to unlock new industrial opportunities and enhance sustainable economic growth in the three countries, across 5 sectors.
The joint partnership aims to implement industrial projects worth $10 billion.
Under the partnership announced on Sunday during a meeting between the three countries in Abu Dhabi, a fund will be created and managed by ADQ, a UAE holding company, to accelerate work across priority sectors.
The partnership, which seeks to boost industrial cooperation between the three countries, aims at implementing joint investments and projects to foster mutual and strategic interests, Xinhua news agency reported.
The investments will be implemented in the fields of pharmaceuticals, agriculture, food manufacturing, petrochemicals, metals, minerals, and others, said the news agency.
Jordan’s Prime Minister Bisher Al Khasawneh said the partnership will help boost the three countries’ exporting abilities and increase their industrial competitiveness.
He added that the joint investments will have a direct positive impact on their economies and will create much-needed jobs and will help ensure food security in several sectors.
The partnership agreement was signed by Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Dr. Nevein Gamea, Egyptian Minister of Industry and Trade, and Yousef Al Shamali, Jordan Minister of Industry, Trade and Supply.
Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan, Prime Ministers of Egypt and Jordan, Dr. Mostafa Madbouly and Dr. Bisher Al Khasawneh respectively witnessed the signing of the partnership, which is designed to achieve sustainable economic growth across food and agriculture, fertilisers, pharmaceuticals, textiles, minerals, and petrochemicals.
“Advancing the industrial sector in the UAE, Egypt and Jordan will help strengthen and diversify the economy in each nation and increase the contribution of industry to the national GDP,” Sheikh Mansour said.
“This partnership is also a testament to its signatories’ ability to strengthen their relations and introduce new projects and industries within an integrated industrial ecosystem, while unlocking promising opportunities for future generations.”
The three nations who are party to this partnership 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. They also wish to strengthen manufacturing capabilities in the steel, aluminum, petrochemicals and derivatives sectors.
The three nations’ combined industrial capacity represents around 26% of the total industrial capacity of the MENA region. These countries also enjoy a highly developed logistical infrastructure, including airports, ports and strategic transport corridors such as the Suez Canal; major companies with distinct capabilities in the main focus areas of the partnership; and access to capital and smart financing solutions. Almost half the total population of the partner countries comprising 122 million people are young people, who represent both a large market and an emerging workforce.
Jordan is eager to expand its global trade as the world recovers from the Covid 19 pandemic and continues to address global challenges.
Egyptian Prime Minister Mostafa Madbouly thanked the leaders of Egypt, Jordan and the UAE for a significant partnership that embodies the depth of relations between the countries.
He stressed that the support of the leadership in the three nations facilitated effective consultations and discussions between the stakeholders and specialists, resulting in the conclusion of these important agreements.
Mostafa Madbouly said: “The pandemic and the Russian-Ukrainian crises revealed beyond any doubt the need for integration between our Arab countries in a way that helps achieve the interests of our peoples in Egypt, the UAE and Jordan and could become the seed for a stronger and broader cooperation.”
Dr. Madbouly stressed that the current regional and international conditions make it imperative for Arab countries to maximise opportunities for integration, especially since each country has its unique competitive advantage and its capabilities.
Meanwhile, Dr. Sultan bin Ahmed Al Jaber said: “We extend an open invitation to our partners to support this collaboration by encouraging private sector participation, enhancing advanced technology applications, providing smart financing solutions, and opening markets to encourage the growth of the industrial sector in these and other countries.”
Dr Al Jaber added: “This partnership will contribute to strengthening relations and cooperation with our brothers in Jordan and Egypt, and are in line with the goals of the Principles of the 50 that were announced by the UAE with the aim of building a better future.”