UAE, Egypt & Jordan ink industrial pact to boost private sector growth

Aiming to strengthen the private sector, three nations namely the UAE, Egypt, and Jordan have announced an industrial partnership, announced Prime Minister of Egypt, Mostafa Madbouly.

The announcement was made in a recent meeting with Egypt's minister of commerce and industry, Nevine Gamea. According to sources, the industrial alliance intends to promote regional economic integration, capitalize on competitive advantages, build regional supply chains, and enhance trade opportunities.

The purpose of the meeting was to discuss the execution of the partnership.

In view of the present regional and international economic issues, Madbouly said that the alliance will aid in attaining sustainable economic development.

Gamea went over the details of the second meeting's agenda for the Higher Committee for the Integrated Industrial Partnership for Sustainable Economic Development among the UAE, Egypt, and Jordan.

Following preliminary discussions on July 23 and 24, the summit will take place in Cairo under the auspices of the Ministers of Industry and Trade in Egypt, the United Arab Emirates, and Jordan.

Gamea also outlined the initiatives that would be carried out during the first stage of this effort, which is represented in a number of productive industries.

In addition to the production of textiles, silica, and aluminium using renewable energy, these include the production of grains, livestock, and alternative medicines. It noted that the Supreme Committee will discuss the necessary incentives to hasten the implementation of these projects tomorrow.

According to Sultan Al Jaber, UAE's Ministry of Industry and Advanced Technology, a $10 billion investment portfolio has been approved and is being managed by Abu Dhabi's holding firm, ADQ, to allow faster work on the alliance across five priority sectors.

The alliance identified five industries of common interest to the three nations, including petrochemicals, textiles, medicines, agriculture, food, and fertilizers, as well as metals, minerals, and downstream goods.

Source Credit: https://www.zawya.com/en/projects/industry/industrial-partnership-between-egypt-uae-jordan-to-boost-private-sector-minister-ljhkdmkn