Jordanian-Egyptian-UAE industrial partnership opens ‘multiple’ economic cooperation-Shamali

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Ammon News – The initiative for an integrated industrial partnership for sustainable economic development, which Jordan signed on Sunday, with the United Arab Emirates and Egypt, kicks off “unprecedented” cooperation to achieve economic integration in many fields, especially in the industrial areas, Minister of Industry, Trade and Supply, Yousef Shamali, said.

This initiative, he noted, is “truly” reflects joint visions and endeavors of the three countries’ leadership, in terms of building effective economic partnerships, and provides support for more comprehensive Arab economic cooperation during the coming period.

In a press statement following signing the initiative, Shamali added that the industrial sector is a major driver to develop the economic situation in various fields, stimulate other sectors and contribute significantly to creating job opportunities and reducing poverty and unemployment.

The minister noted the initiative at this level reflects the three countries’ “deep-rooted” visions to achieve industrial integration, and enhance benefiting from their resources, capabilities, raw materials, expertise and “distinguished” geographical location.

In addition, he siad the initiative will take advantage of the large logistical potentials, transport infrastructure, and smart financing solutions, which ultimately aims to establishing integrated industries that would contribute to diversifying the economy, promoting its growth and creating specialized job opportunities.

The initiative, he said, supports frameworks for strengthening tripartite cooperation in all fields, especially in the economic areas.

The initiative, Shamali said, comes as a continuation to enhance the three countries’ “solid” relations and their endeavors to build “advanced” economic integration at the Arab level, and best benefit from the available opportunities in using capabilities and natural resources, and human assets high and advanced competencies.

In addition, he noted this initiative comes in response to challenges imposed by regional and international conditions and developments in the global economic arena, which require taking all necessary measures to increase the three countries’ capabilities to address these crises.

This is clear, especially with regard to efforts to enhance food security by taking advantage of the lessons resulting from Covid-19 pandemic and Russian-Ukrainian crisis and their repercussions on the global economy and markets and their impact on food security and commodity prices, he pointed out.

This partnership is based on a set of strategic goals, including developing industries capable of competing globally, achieving secure and flexible supply chains, and striving for sustainable growth, in addition to promoting expansion and integration of value chains and trade between the three countries, and enhancing value-added manufacturing sectors, the minister said.

Focus during the current stage will go to strategic priority areas such as achieving food and drug security, and giving flexibility to secure supply chains to reduce the current turmoil and global supply challenges, he noted.

Work will focus on the sectors of agriculture, food, fertilizers, textiles, minerals and petrochemicals, he added.

On future action to implement the initiative, he said an executive mechanism will be set up by a tripartite specialized committees within a specific time schedule, he noted.

He also stressed the importance of the three countries’ industrial sector, which contributes a large percentage to the overall economic activity, providing job opportunities, increasing exports and reviving other sectors.