Egypt’s Prime Minister Mostafa Madbouly has said that the industrial partnership between Egypt, the UAE, and Jordan aims to boost the private sector in the three countries.
This came during a meeting with the Egyptian Minister of Trade and Industry Nevine Gamea on Sunday.
The industrial partnership aims to foster regional economic integration, capitalise on competitive advantages, develop regional supply chains and improve trade prospects.
The meeting aimed to follow up on the partnership’s implementation.
Madbouly indicated that the partnership will help in achieving sustainable economic development, especially in light of the current regional and global economic challenges.
Gamea reviewed the final features of the agenda of the second meeting of the Higher Committee for the Integrated Industrial Partnership for Sustainable Economic Development between Egypt, the UAE, and Jordan.
The meeting will be held in Cairo on Monday, under the chairmanship of the Ministers of Industry and Trade in Egypt, the UAE, and Jordan, after preparatory meetings that took place on 23 and 24 July.
Gamea also presented the position of the projects that will be implemented within the first phase of this initiative, which is represented in several productive sectors.
These include grain production, animal production, and the production of alternative medicines, in addition to the production of textiles, silica, and aluminium smelting using renewable energy, noting that tomorrow, the Supreme Committee will witness the discussion of the necessary incentives to accelerate the implementation of these projects.
A $10bn investment fund has been allocated and managed by Abu Dhabi’s holding company ADQ to accelerate work on the partnership across five priority sectors, Sultan Al Jaber, UAE’s Minister of Industry and Advanced Technology has previously said.
The partnership identified five sectors of mutual interest to the three countries, including petrochemicals; metals, minerals and downstream products; textiles; pharmaceuticals; and agriculture, food, and fertilisers.