Bahrain has joined the Industrial Partnership for Sustainable Economic Development in order to boost growth in the industrial sector.
The Kingdom joined the UAE, Egypt, and Jordan at the second higher committee meeting of the industrial partnership in Cairo.
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.
The partnership aims to establish large joint industrial projects, create job opportunities, contribute to increasing economic output, diversify the economies of the partner countries, support industrial production and increase exports.
“The vision of President His Highness Sheikh Mohamed bin Zayed Al Nahyan emphasizes the role of cooperation, collaboration, synergies, and integration as key enablers for economic development and growth that support stability and prosperity. We aim to leverage the partnership’s combined strengths, competitive advantages, and capabilities to help build a strong foundation for sustainable economic growth. We welcome Bahrain as a vital and dynamic addition to the partnership. Bahrain’s industrial sector plays a crucial role in sustainable economic development. I would also like to thank the Arab Republic of Egypt for hosting this second meeting of the Higher Committee. We look forward to reviewing these joint projects and assessing the next steps required from private sector companies, government agencies, and supporting bodies to ensure the projects’ feasibility to ensure rapid implementation.”
“The Industrial Partnership for Sustainable Economic Development is open to any party who wishes to contribute to the development of the industrial sector, promote integration across industries, and leverage the competitive advantages offered by the UAE, Egypt, Jordan, and now Bahrain,” Mr. Al Jaber added.
Mr. Zayed Alzayani, Bahrain’s Minister of Industry and Commerce said that, “The Kingdom has achieved continuous success and growth in the industrial sector over the past decades. This is a result of the policies adopted by the government since the 1960s, which aimed at reducing reliance on oil and natural gas and diversifying the industrial sector by setting up factories in the fields such as aluminum. This was in addition to establishing new industrial zones and attracting foreign investments by encouraging industrial projects and providing the necessary infrastructure.”
In May, the UAE, Egypt, and Jordan signed the industrial partnership agreement that aimed to boost sustainable growth and explore opportunities for joint investments in priority sectors.