Bahrain has become the fourth country to join the Industrial Partnership for Sustainable Economic Development, which includes the UAE, Jordan, and Egypt, it was announced on Monday.
The agreement was signed by Dr. Nevin Gamea, Egyptian Minister of Trade and Industry, Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, Yousef Al Shamali, Jordanian Minister of Industry, Trade and Supply, and Zayed Al Zayani, Minister of Industry, Commerce and Tourism of Bahrain.
Bahrain, a major producer of raw aluminum and iron ore, will increase the partnership’s total industrial manufacturing value add from $106.26 billion to $112.5 billion. Bahrain boasts a strong industrial sector with more than 9,500 companies and 55,000 employees, and $4.3 billion in industrial foreign direct investments.
“We aim to leverage the partnership’s combined strengths, competitive advantages, and capabilities to help build a strong foundation for sustainable economic growth. Today, we welcome Bahrain as a vital and dynamic addition to the partnership. Bahrain’s industrial sector plays a crucial role in sustainable economic development,” said Dr. Al Jaber.
“I call on companies to leverage the competitive advantages and opportunities for partnership available in each of the participating nations and to conduct their own feasibility studies to maximize their projects’ chances of success. As government agencies, we must identify the key enablers these projects require to succeed and do everything in our power to help companies overcome potential obstacles. Rest assured, we will provide support to ensure that industrial companies can be confident in investing in and implementing successful projects.