Prime Minister of Egypt Mostafa Kamal Madbouly witnessed a signing ceremony Monday in Cairo that welcomed Bahrain as the fourth country to join the Industrial Partnership for Sustainable Economic Development, which includes the UAE, Jordan and Egypt.
The ceremony took place during a second meeting of the partnership’s Higher Committee.
The agreement was signed by Dr. Nevin Gamea, Egyptian Minister of Trade and Industry, Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology; Yousef Al Shamali, Jordanian Minister of Industry, Trade and Supply; and Zayed Al Zayani, Minister of Industry, Commerce and Tourism of Bahrain.
The Industrial Partnership for Sustainable Economic Development was announced in the UAE on May 29, 2022 with an aim to empower their industrial sector.
The plan was establish large joint industrial projects, providing private sector companies with opportunities for expansion and creating job opportunities.
The plan also aimed at enhancing its contribution to the national GDP, diversifying the economies of partner countries, supporting industrial production, increasing exports and safeguarding supply chains.
The addition of Bahrain will positively impact the partnership through the strength of its industrial sector.
Bahrain is rich 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.
Earlier in the day, 12 projects worth US$3.4 billion were identified for phase one of feasibility studies and due diligence.
