Partnership to usher in a new era of economic integration: Officials

Ministers and officials affirmed the Industrial Partnership for Sustainable Economic Growth, signed by the UAE, Egypt and Jordan, will usher in a new era for competitive industries by engaging in added-value manufacturing sectors, which will help bolster economic integration.

Adel Abdulrahman Al Asoomi, Speaker of the Arab parliament, commended the announcement of a comprehensive industrial partnership between the UAE, Egypt and Jordan, during a meeting hosted by Abu Dhabi.

The partnership is a key step to achieving Arab economic integration, he added.

In a statement on Monday, Al Asoomi stressed that the Arab region is in need of the presence of solid economic entities, to address any repercussions of crises such as COVID-19 and its negative results on the world’s economies, in addition to the Ukraine crisis, noting that the region has enormous economic potential to achieve advancement.

According to the Arab parliament, the total value of intra-Arab trade is still short of expectations, so such partnerships will positively contribute to its development.

The launch of the partnership in the UAE underscores the country’s keenness to promote Arab economic and industrial integration, Al Asoomi said in conclusion.

Sheikh Saqer Bin Humaid Al Qasimi, Chairman of the Board, Julphar, said the UAE has strengthened its global stature as a hub for added-value manufacturing through the launch of the integrated partnership, underscoring its commitment to achieving the vision of President His Highness Sheikh Mohamed Bin Zayed Al Nahyan.

He then stressed Julphar’s key role as a strategic partner in supporting the development of the UAE’s industrial sector, most notably in the pharmaceutical sector.

Yousef Al Shamali, Minister of Industry, Trade and Supply of Jordan, said the partnership will help the three countries achieve economic integration, most notably in related sectors, underscoring the shared visions of their leaderships aimed at establishing partnerships that support broader Arab economic cooperation for the coming period.

The industrial sector is one of the key drivers of economic development and will help advance other sectors, as well as support the overall bilateral cooperation between the three countries, most notably in economic areas, he added.

The upcoming period will focus more on strategic priority areas, such as achieving food and pharmaceutical security, as well as ensuring the security and flexibility of supply chains, to mitigate the current global supply challenges, he further added, noting that target sectors include agriculture, textile, minerals and petrochemicals.

An implementation framework for the partnership will be developed by specialist committees from the three countries, to ensure implementation as per a specific time frame, Al Shamali further explained.

Dr Essam Mohammed, CEO of Julphar, highlighted the role of the UAE Government in empowering national industrial sectors, most notably the pharmaceutical sector while maintaining the efficiency and sustainability of production and supply chains.

He also noted that the industrial partnership between the UAE, Egypt and Jordan will serve their communities, by leveraging expertise, technologies and innovative practices in manufacturing and supply chains, which will help create innovation-friendly environments.

The United Arab Emirates, the Arab Republic of Egypt and the Hashemite Kingdom of Jordan have announced an Industrial Partnership for Sustainable Economic Growth in Abu Dhabi today to unlock new industrial opportunities and enhance sustainable economic growth in the three countries, across 5 sectors.

Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs, yesterday witnessed the signing of the partnership, which is designed to achieve sustainable economic growth across food and agriculture, fertilizers, pharmaceuticals, textiles, minerals, and petrochemicals. In order to accelerate the partnership objectives, a US$10bn investment fund has been allocated and will be managed by ADQ Holding

Dr. Mostafa Madbouly, Prime Minister of Egypt, and  Dr Bisher Al Khasawneh, Prime Minister of Jordan, witnessed the signing alongside Sheikh Mansour.

The partnership agreement was signed by Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology,  Dr Nevein Gamea, Egyptian Minister of Industry and Trade, and Yousef Al Shamali, Jordan Minister of Industry, Trade and Supply.

Sheikh Mansour Bin Zayed Al Nahyan stated: “The partnership embodies the vision of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, 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 an economic driver. Industry is the backbone of the world’s largest economies. 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.”

Sheikh Mansour added: “Advancing the industrial sector in the UAE, Egypt and Jordan will help strengthen and diversify the economy in each nation and increase the contribution of industry to the national GDP. This partnership is also a testament to its signatories’ ability to strengthen their relations and introduce new projects and industries within an integrated industrial ecosystem, while unlocking promising opportunities for future generations.”

WAM