The fourth meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development began this week in Manama, Bahrain.The meeting, held in the presence of His Excellency Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister of the Kingdom of Bahrain, saw the Kingdom of Morocco become the fifth country to join the partnership, which launched in Abu Dhabi back in May 2022.
The Executive Committee of the Industrial Partnership for Sustainable Economic Development held meetings with officials, including industry and trade undersecretaries from the partner countries, on 10 January 2024 to discuss the progress of current projects and new proposals.
The meetings were held with the participation of His Excellency Abdullah bin Adel Fakhro, Bahrain’s Minister of Industry and Commerce, His Excellency Dr. Sultan bin Ahmed Al Jaber, the UAE’s Minister of Industry and Advanced Technology, His Excellency Engineer Ahmed Samir Saleh, Egypt’s Minister of Industry and Trade, His Excellency Yousef Al Shamali, Jordan’s Minister of Industry, Trade and Supply, and His Excellency Riyad Mazour, Morocco’s Minister of Industry and Trade.
A number of agreements were made during the meeting, including one between UAE’s W Motors and Jordan’s Manaseer Group to establish an electric car manufacturing plant in Jordan, with an investment value of $80 million.
Manaseer Group and Bahrain’s Alba also signed a memorandum of understanding (MoU) to supply 13,000 tons of aluminium fluoride annually, contributing to an import substitution value of $20 million.
Speaking at the meeting, His Excellency Abdullah bin Adel Fakhro, Bahrain’s Minister of Industry and Commerce, said: “The meeting saw the signing of a memorandum of cooperation under the National In-Country Program between the Ministry of Industry and Commerce and the UAE’s Ministry of Industry and Advanced Technology, a key industrial enabler for procurement competitiveness and import substitution in both countries.”
His Excellency welcomed the addition of Morocco, a key industrial and economic player in the region, to the partnership.
His Excellency Riyad Mazour, Morocco’s Minister of Industry and Trade, commented: “Joining the industrial partnership is in line with the vision of King Mohammed VI of Morocco, to strengthen cooperation and achieve greater economic development. It will contribute to sustainable economic development; it also represents an opportunity for us to further integrate and develop projects that generate growth and employment opportunities for national talent.”
Morocco, it was shared, is expected to bring “significant value” to the partnership, due to the country’s advanced industrial capabilities, particularly in the automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphate, mining and food industries, in addition to its strong talent base, advanced infrastructure, and global partnerships.
Morocco’s GDP exceeded $134 billion in 2022. Further, the country’s industrial sector provides more than one million jobs, through some 121,000 companies.
Additionally, there has been an increase in foreign direct investment (FDI) in the manufacturing sector, it was shared.