Ministers and officials have come out in support of the Industrial Partnership for Sustainable Economic Growth, an agreement signed by the UAE, Egypt, and Jordan on Sunday, noting that it will help usher in a new era for competitive industries by engaging in added-value manufacturing sectors, helping boost economic integration.
Sheikh Saqer bin Humaid Al Qasimi, Chairman of the Board, Julphar, said the UAE had strengthened its position as a hub for added-value manufacturing through the launch of the deal, WAM reported.
Yousef Al Shamali, Minister of Industry, Trade and Supply of Jordan, said that the partnership will help all three countries with economic integration, establish partnerships to support broader Arab economic cooperation, and stressed that the announcement was a reflection of the shared visions of the leaders of the respective nations.
Given the role that the industrial sector has in powering economic growth, the announcement will also help advance other sectors, Al Shamali added, according to WAM, along with improve overall bilateral cooperation between the three countries.
The first area of focus will be on achieving food and pharmaceutical security, ensuring the security and flexibility of supply chains, and mitigating current ongoing global supply chain challenges, Al Shamali said, noting that the target sectors will include agriculture, textile, minerals, and petrochemicals.
Implementation of the deal will be carried out by specialist committees from the three countries, ensuring that implementation will occur as per a specific time frame, Al Shamali concluded.
Dr. Essam Mohammed, CEO of Julphar also highlighted the role that the UAE government is playing in growing national industrial sectors, most notably the pharmaceutical sector, “while maintaining the efficiency and sustainability of production and supply chains,” WAM reported.
Named the Industrial Partnership for Sustainable Economic Growth, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, witnessed its signing on Sunday. The partnership aims at unlocking new industrial opportunities and enhancing sustainable economic growth in the three countries across five sectors – food and agriculture, fertilisers, pharmaceuticals, textiles, minerals and petrochemicals.
The UAE, Egypt and Jordan represent 25 percent of the gross domestic product (GDP) in the Middle East and North Africa (MENA) region, with a value of $765 billion annually.
Between them they constitute about 26 percent of the region’s population (122 million consumers) and are ranked 14th in the world in terms of the value of exports and imports, at $6 billion.
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