Bahrain signs industrial partnership agreement with Egypt, Jordan and UAE

Agencies | Cairo                                               

The Daily Tribune – www.newsofbahrain.com

Bahrain has joined the “Integrative Industrial Partnership for Sustainable Economic Development”, launched by Egypt, Jordan and the UAE in late May. Industry and Commerce Minister Zayed bin Rashid Al Zayani signed the industrial partnership agreement, on the sidelines of the first higher committee meeting of the integrated industrial partnership, being held in Cairo.

The signing ceremony took place in the presence of Egyptian Prime Minister, Dr Mostafa Madbouly, and the concerned representatives of the three participating countries. Minister Al Zayani affirmed that the industrial sector is an integral component of Bahrain’s comprehensive development efforts.

He highlighted that this partnership will further strengthen the well-established relations between the participating countries, providing more investment opportunities and solidifying strategic collaboration among them.

The Minister stressed that this partnership supports the objectives of the Industrial Sector Strategy “2022-2026” and will contribute to strengthening the economic position of the Kingdom, by supporting it in advancing a developed industrial sector that anchors on innovation and creativity.

Cementing ties

Al Zayani highlighted the Bahrain government’s objectives of cementing ties between the Gulf member states to further develop its industrial sector as he participated in a press conference. Also participating in the conference were the representatives of the UAE, Egypt and Jordan.

During the conference, the Partnership Higher Committee members highlighted the role the agreement will play in promoting the growth and integration of value chains and trade between their states. They affirmed their countries’ commitment to adopting joint initiatives and projects, while facilitating joint investments in the industrial sector.

The committee stated that it has received 81 project proposals, including 11 that have been referred to enter the feasibility studies phase, in the agricultural, food and fertilizers, and medicines fields, with initial investments amounting to $1.6 billion. The next phase of projects will focus on metal, chemical, plastic, textiles and clothing.