Egypt, the UAE and Jordan launched the Integrated Industrial Partnership Initiative for Sustainable Economic Development, which includes the promotion of energy, mining and other industries, during the tripartite meeting of the leaders of the three countries in the UAE capital, Abu Dhabi , gathered today, Sunday, May 29th.
The UAE Minister of Industry and Advanced Technology, Sultan Al-Jaber, said – on the sidelines of the launch of the initiative – that this partnership is in line with the vision and directions of the leaders of the three countries, as quoted by the statement of the Egyptian cabinet.
The Egyptian side was represented in the signing of the Integrated Industrial Partnership Initiative, Prime Minister Mostafa Madbouly, while the Jordanian side was attended by Prime Minister Dr. Bishr Al-Khasawneh, and the UAE Minister of Industry and Advanced Technology Dr. Sultan Al- Jaber.
Metals and renewable energy
Al-Jaber said the mineral sector, specifically aluminum, iron, silica and potash, offers opportunities for projects worth $ 23 billion; To manufacture high value products such as glass, electrical wires, motor components, solar panels and renewable energy components.
He explained that, in accordance with the instructions of the President of the UAE, Sheikh Mohammed bin Zayed Al Nahyan, and with the aim of accelerating the achievement of the partnership’s objectives, an investment fund has been allocated by the holding company “ADQ “to manage. “, with a value of $ 10 billion; To invest in projects arising from this partnership in the agreed sectors, including energy and mining.
The UAE Minister expressed his aspiration through this fund to activate the plans of the Integrated Industrial Partnership Initiative, and to implement it as soon as possible and with the highest possible efficiency.
Al-Jaber pointed out that the total gross domestic product of the three countries is about $ 800 billion, and they also have a young capacity of more than 60 million people, and a world-class advanced infrastructure such as the Suez Canal, through which about 13% of the world’s trade passes, and some of the largest commercial ports such as Jebel Ali, Khalifa Port and Aqaba Port.
He continued, “Our countries have important resources of oil, gas, energy and mining, such as gold in Egypt and phosphates in Jordan, and other benefits and ingredients, in addition to advanced capabilities of the food, pharmaceutical, fertilizer and textile industries, and there are important areas for improving the use of these resources. “
advanced competitive industries
Al-Jaber expected the Integrated Industrial Partnership Initiative to contribute to the development of high-level, high-quality competitive industries, particularly in priority sectors, such as pharmaceuticals, agriculture, food, chemicals, energy, mining, textiles, and other.
He pointed out that the contribution of the petrochemical industry in 2019 to the GDP in Egypt, the UAE and Jordan together amounted to 16 billion dollars, providing promising opportunities for the development of this sector and related industries by more than 21 billion dollars.
He added that through the UAE’s focus on future industries and advanced technology, it sees this partnership as an opportunity to enter new industrial sectors, noting that the initiative’s partners welcome anyone who has the desire to participate and benefit to pull out of these strategic partnerships.
He stressed that the UAE focuses on developing the sectors of energy, medicine, technology, agriculture, food industries, petrochemicals, space sciences, the future and other important fields, to improve the competitiveness of national products, ensure demand and supply chains, to achieve flexibility, self-sufficiency and sustainable growth that are in line with its national priorities.
Integrated Industrial Partnership Initiative
In turn, Egyptian Prime Minister Mostafa Madbouly said that the integrated industrial partnership initiative for sustainable economic development represents a realistic embodiment and a practical implementation of an important and crucial goal, which is the pursuit of Arab economic integration, as quoted by the Egyptian Cabinet Declaration.
He added that the non-oil export sector in Egypt was able to achieve a growth of more than 20% in 2021, despite the Corona pandemic, and pointed out that Egypt recently announced a package of tax and non-tax incentives to increase the attractiveness. of the Egyptian economy to attract foreign direct investment.
He explained that Egypt is working to attract foreign direct investment, especially in the sectors of new and renewable energy, green energy, and integrated and advanced industries, such as information technology industries, as it recently signed 6 memoranda of understanding with the largest global alliances. has. to produce green hydrogen and green ammonia.
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