Morocco joins the Integrated Industrial Association for Sustainable Economic Development of the United Arab Emirates, Jordan, Egypt and Bahrain

In the presence of Sheikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister of the Kingdom of Bahrain, The fourth meeting of the Higher Committee of the Industrial Association for Sustainable Economic Development began today in Manama, Bahrain.

During the process, the Kingdom of Morocco became the fifth country to join the association aimed at strengthening regional industrial integration.
The meetings were held with the participation of Abdullah bin Adel Fakhro, Minister of Industry and Commerce of Bahrain, Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Engineer Ahmed Samir Saleh, Minister of Industry and Commerce of Egypt , Yousef Al Shamali, Minister of Industry, Trade and Supply of Jordan, and Riyad Mazour, Minister of Industry and Trade of Morocco.

The Executive Committee of the Industrial Association for Sustainable Economic Development held meetings with officials, including undersecretaries of industry and commerce of partner countries, on January 10, 2024 to discuss the progress of current projects and new proposals.

The industry association has received strong support from member countries since its launch in Abu Dhabi in May 2022. President His Highness Sheikh Mohamed bin Zayed Al Nahyan praised the partnership’s role as a framework for cooperation and integration in the region, accelerating sustainable development, strengthening resilience to crises and increasing self-sufficiency in critical areas such as food, health, energy and industry, among others. The launching ceremony was witnessed by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Minister of the Presidential Court, Dr. Bisher Al-Khasawneh, Prime Minister of Jordan and Dr. Moustafa Madbouly, Prime Minister of Egypt.

During the meeting, the UAE W Motorsthe strategic partner of NWTN enginesand from Jordan Manaser Group signed an agreement to establish an electric car manufacturing plant in Jordan, with an investment worth $80 million.
Additionally, Manaseer Group and Bahrain Sunrise signed a memorandum of understanding (MoU) to supply 13,000 tonnes of aluminum fluoride annually, contributing to an import substitution value of $20 million. Bahrain’s Alba also signed an MoU with Jordan phosphate mines for the supply of silica, contributing to an import substitution value of $66 million.

Bahrain Steel signed a supply agreement with emirates steel, that will buy 2 million tons of raw materials in five years, valued at 2 billion dollars. An MoU was also signed between the UAE Ministry of Industry and Advanced Technology (MoIAT) and the Ministry of Industry and Commerce of Bahrain taking advantage of the UAE National Internal Value (ICV) Programme. The initiative aims to share best practices regarding local content programs.

Abdullah bin Adel Fakhro, Minister of Industry and Commerce of Bahrain, shighlighted the commitment of the government of Bahrain to the development of the industrial sector, reflected in the event that was held in Manama under the sponsorship of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister of the Kingdom of Bahrain. He highlighted the role of the event in achieving industrial integration between member countries in line with Bahrain Industrial Sector Strategy 2022-26.

He said:

“At the meeting, a memorandum of cooperation under the National National Program was signed between the Ministry of Industry and Commerce and the Ministry of Industry and Advanced Technology of the UAE, a key industrial facilitator for the competitiveness of procurement and replacement of imports in both countries”.

He welcomed the addition of Morocco to the association, which is a key industrial and economic player in the region.

In his opening remarks to the meeting, Dr. Al Jaber conveyed greetings from His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emiratesas well as their wishes for the association to continue to be successful, especially in strengthening relations between countries to take advantage of competitive advantages.

He said:

“We welcome the addition of the Kingdom of Morocco to the association, given its leading industrial and economic status and its achievements in various sectors – particularly industry – which is vital to supporting investment opportunities. In the UAE, We believe that the formation of strategic partnerships is a fundamental pillar step in achieving national economic, social and development objectives. This integrated industrial partnership, which originated in Abu Dhabi in May 2022, is a model of successful regional partnerships.

“We are pleased to witness the announcement and signing of five new projects and export agreements in priority sectors, with a total value of approximately $2.2 billion, enhancing cooperation between the UAE Ministry of Industry and Advanced Technology and the Ministry of Bahrain Industry and Commerce in line with the National ICV Programme.”

He continued:

“The new projects solidify our countries’ ability to integrate, build a common industrial base, support the flexibility of supply chains, reduce production costs, improve research and development and train a new generation in industrial fields. and technological. In addition, they contribute “We are eager to create thousands of jobs in the industrial sector. “We look forward to launching more innovative projects to achieve the strategic objectives of the association.”

He noticed:

“The association has made significant progress in fostering cooperation and boosting industrial partnership opportunities. We are confident that it will contribute to improving integration and growth in the industrial sector at the regional level, supporting efforts for economic development sustainable”.

He added:

“Strengthening industrial cooperation and coordination efforts between our countries achieves several objectives, including supporting sustainable economic development, creating more investment opportunities in the region, increasing the contribution of the industrial sector to the GDP of our countries, supporting import substitution, promoting self-sufficiency and empowering industries of the future through advanced technologies, research and development.

He concluded:

“The UAE hosted COP28 in December, which achieved unprecedented success, embodied in the historic UAE Consensus, marking a new era in global climate action. The plan aims to keep 1.5°C within reach by reducing emissions while creating opportunities for a sustainable economy and social growth. Here, I would like to emphasize the importance of our collective role in supporting this agreement by decarbonizing the industrial sector, adopting energy solutions renewable energy, promoting the adoption of clean technology solutions in our projects and taking advantage of important opportunities in sustainable manufacturing.

Yousef Al Shamali, Minister of Industry, Trade and Supply of Jordan welcomed each of the ministers and emphasized the importance of the partnership in accelerating sustainable economic development in the region.

He said:

“The partnership is a regional model to improve economic growth and sustainable development through strategic planning. A key aspect of the partnership is to leverage raw materials in Arab countries, which account for 75% of their global exports, to build an industrial system that boosts economies.”

Engineer Ahmed Samir Saleh, Minister of Industry and Commerce of Egyptwelcomed Morocco to the partnership and stressed that Egypt looks forward to cooperation and leveraging the country’s competitive advantages, vision and investments.

He highlighted Egypt’s commitment to the projects launched under the partnership, which will benefit from the industrial capabilities of each partner country and contribute to sustainable economic growth amid a turbulent global economy.

Riyad Mazour, Minister of Industry and Commerce of Morocco, saying:

“Joining the industrial association 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 integrate and develop even more projects that generate growth and employment opportunities for national talent.”

Morocco is expected to bring significant value to the partnership, given the country’s advanced industrial capabilities, particularly in the automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphates, mining and food industries, in addition to its strong talent base. , advanced infrastructure, and global partnerships.

Morocco’s GDP will exceed $134 billion in 2022. The country’s industrial sector provides more than 1 million jobs, through some 121,000 companies. Additionally, there has been an increase in foreign direct investment (FDI) in the manufacturing sector.

Morocco has signed several strategic agreements with other countries, including free trade agreements that provide access to more than 100 countries representing 2.3 billion consumers. Ongoing industrial modernization and development plans have improved its competitiveness, boosting investor confidence and establishing Morocco as a regional destination for manufacturing and industrial investment.
The industry is a key sector in Morocco and has seen significant development in recent years, focusing on the automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphates, mining and food industries.

Morocco is accelerating the development of the sector, implementing a new industrial policy aimed at increasing its contribution to GDP to 23% by 2030, creating more than 500,000 new employment opportunities and investing billions of dollars in renewable energy projects.

News source: Emirates News Agency