The United Arab Emirates, Egypt and Jordan officially signed the ‘Industrial Partnership for Sustainable Economic Growth’ in Abu Dhabi on Sunday, Emirates News Agency WAM reported.
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.
The Egyptian Prime Minister said that the COVID-19 pandemic and the “Russian-Ukrainian crises” highlighted the need for integration between the Arab countries in a way that fulfilled the interests of the people of Egypt, the UAE, and Jordan.
“The projects that have been agreed upon will create added value for the three countries and will have a positive impact on national security, local industry, and supply chain activities,” said Madbouly.
“There will be a continuous follow-up to the implementation of these projects, facilitating procedures, and overcoming obstacles. We aim to quickly reap the benefits of these projects, especially as the first phase achieves many gains in terms of enhancing food and drug security. The projects will also attract foreign investment and provide job opportunities for our youth,” he added.
Abu Dhabi state holding firm ADQ said on Sunday that it will allocate $10 billion in investment for projects with Egypt and Jordan, citing the Industry and Advanced Technology Minister Sultan al-Jaber.
The new industrial partnership is in line with the UAE’s commitment to creating key partnerships at the regional and global levels, especially in the industrial sector and its vision to enhance the industrial sector’s role in the economy, integrate advanced technology, and utilize the competitive advantages and capabilities of each country.