Manama, Bahrain – Morocco became the fifth country to join the UAE, Jordan, Egypt and Bahrain at the fourth meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development which began on Thursday here.
The Executive Committee of the now five country partnership held meetings with officials, including industry and trade undersecretaries from the partner countries, on January 10 to discuss the progress of current projects and new proposals.
The industrial partnership has received robust support from member countries since its launch in Abu Dhabi in May 2022. The UAE President Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, praised the partnership’s role as a framework for cooperation and integration in the region, accelerating sustainable development, strengthening crisis resilience and increasing self-sufficiency in critical areas such as food, health, energy and industry among others.
The launch ceremony was witnessed by the UAE President, Prime Minister of Jordan Dr Bisher Al-Khasawneh, and Prime Minister of Egypt Dr Moustafa Madbouly.
$2.2bn of Partnerships and Projects
During the meeting, UAE’s W Motors, the strategic partner of NWTN Motors, and Jordan’s Manaseer Group signed an agreement to establish an electric car manufacturing plant in Jordan, with an investment value of $80 million.
Additionally, Manaseer Group and Bahrain’s Alba signed a memorandum of understanding (MoU) to supply 13,000 tons of aluminum fluoride annually, contributing to an import substitution value of $20 million. Bahrain’s Alba also signed an MoU with Jordan Phosphate Mines for silica supply, contributing to an import substitution value of $66 million.
Bahrain Steel signed a supply agreement with Emirates Steel, which will purchase 2 million tons of raw materials over five years, valued at $2 billion. A MoU was also signed between the UAE’s Ministry of Industry and Advanced Technology (MoIAT) and Bahrain’s Ministry of Industry and Commerce leveraging the UAE’s National In-Country Value (ICV) Program. The initiative is aimed at sharing best practices with respect to local content programs.
Morocco’s membership
Morocco is expected to bring significant value to the partnership, given the country’s advanced industrial capabilities, particularly in the automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphate, mining and food industries, in addition to its strong talent base, advanced infrastructure, and global partnerships.
Morocco’s GDP exceeded $134 billion in 2022. The country’s industrial sector provides more than 1 million jobs, through some 121,000 companies. There has also been an increase in foreign direct investment (FDI) in the manufacturing sector.
Morocco has entered several strategic agreements with other countries, including free trade agreements providing access to more than 100 countries representing 2.3 billion consumers. Ongoing industrial modernization and development plans have enhanced its competitiveness, boosting investor confidence and establishing Morocco as a regional destination for manufacturing and industrial investment.
Industry is a key sector in Morocco and has seen significant development in recent years with a focus on automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphates, mining, and food industries.
Morocco is also accelerating the sector’s development, implementing a new industrial policy aimed at increasing its contribution to GDP to 23% by 2030, creating more than 500,000 new job opportunities, and investing billions of dollars in renewable energy projects.