Projects

Manama, Bahrain: The fourth meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development commenced today in Manama, Bahrain, in the presence of His Excellency Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister of the Kingdom of Bahrain. During the session, the Kingdom of Morocco officially joined the partnership, becoming the fifth country to participate in this initiative aimed at fostering regional industrial integration. Key officials attending the meeting included 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. The Executive Committee of the Industrial Partnership for Sustainable Economic Development held discussions with industry and trade undersecretaries from the participating countries on January 10, 2024, to review the progress of ongoing projects and consider new proposals. Since its launch in Abu Dhabi in May 2022, the industrial partnership has garnered strong support from member countries. His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, commended the partnership as a framework for regional cooperation and integration, promoting sustainable development, strengthening crisis resilience, and enhancing self-sufficiency in critical areas like food, health, energy, and industry. $2.2 Billion Worth of Partnerships and Projects Several agreements and memoranda of understanding (MoUs) were signed during the meeting, underscoring the collaborative efforts between member countries: His Excellency Abdullah bin Adel Fakhro, Bahrain’s Minister of Industry and Commerce, emphasized the government’s commitment to the industrial sector’s development, highlighting the role of the event in achieving industrial integration among member countries in alignment with Bahrain’s Industrial Sector Strategy 2022-26. In his opening remarks, His Excellency Dr. Al Jaber conveyed greetings from His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and underscored the significance of the partnership’s success. He welcomed Morocco to the partnership and highlighted its leading industrial and economic status. The partnership aims to strengthen cooperation, integrate industries, reduce production costs, support research and development, and create jobs in the industrial sector. His Excellency Dr. Al Jaber emphasized the importance of collective efforts in supporting global climate action, including decarbonizing the industrial sector and adopting sustainable manufacturing practices. His Excellency Yousef Al Shamali, Jordan’s Minister of Industry, Trade and Supply, stressed the partnership’s importance in accelerating sustainable economic development in the region. Morocco’s Minister of Industry and Trade, His Excellency Riyad Mazour, stated that joining the partnership aligns with Morocco’s vision for greater economic development, offering opportunities for growth and employment. Morocco’s Membership Morocco’s inclusion in the partnership is expected to bring significant value, given its advanced industrial capabilities in sectors such as automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphates, mining, and food industries. Morocco’s GDP exceeded $134 billion in 2022, and its industrial sector provides over 1 million jobs through approximately 121,000 companies. The country has implemented strategic agreements and has a robust industrial policy focused on increasing its GDP contribution to 23% by 2030, creating over 500,000 new job opportunities, and investing in renewable energy projects. About the Ministry of Industry and Advanced Technology: The Ministry of Industry and Advanced Technology (MoIAT) was established in July 2020 to boost the industrial sector’s contribution to the UAE’s GDP and drive sustainable industrial development. MoIAT is responsible for formulating policies, laws, and programs to attract foreign direct investment, enhance national added value, support entrepreneurship, create jobs, attract talents, promote exports, and raise the competitiveness of products manufactured in the UAE. The ministry works towards strengthening the national industrial ecosystem, facilitating the establishment of industrial zones, and promoting the adoption of advanced technologies.

Abu Dhabi: The UAE Ministry of Investment has inked three Memorandums of Understanding (MoUs) with India, outlining frameworks for the expansion of bilateral investment cooperation in the renewable energy, food processing, and healthcare sectors. These agreements, endorsed by the respective Indian ministries, underscore the UAE’s unwavering commitment to bolstering the continued development of India’s thriving economy, projected to grow by 7.3% in the current fiscal year. The multifaceted economic engagement between the UAE and India has experienced rapid growth, supported by the Comprehensive Economic Partnership Agreement (CEPA) effective since May 2022. Bilateral trade between the UAE and India totaled US$ 84.5 billion from April 2022 to March 2023, with expectations to reach US$ 100 billion by 2027. The UAE stands as the seventh-largest investor in India, with an estimated investment of US$ 18 billion in 2023. The three MoUs are between the UAE Ministry of Investment and: MoU on investment cooperation in the renewable energy sector:The agreement on renewable energy was signed by Mohamed Hassan Al Suwaidi, UAE Minister of Investment, and Dr. Subrahmanyam Jaishankar, External Affairs Minister of India, on behalf of the Ministry of New and Renewable Energy. Investment cooperation in renewable energy projects, under the agreement, could reach up to 60 gigawatts. India’s commitment to achieving net-zero emissions by 2070 and fulfilling 50% of its electricity requirements from renewable energy sources by 2030 aligns with global efforts to combat climate change. The Indian government anticipates requiring over US$ 10 trillion in new investments by 2070 for this low-carbon transition. The MoU emphasizes effective collaboration, building relationships between public and private organizations, and proposes implementing incentives to support relevant initiatives while facilitating knowledge exchange. MoU on investment cooperation in food park development:The agreement for investment cooperation in food park development was signed by Mohamed Hassan Al Suwaidi, UAE Minister of Investment, and Pashupati Kumar Paras, Minister of Food Processing Industries of India. The commitment focuses on developing food park projects and initiatives in the food processing sector to contribute to global food security, incorporating cutting-edge agritech, clean tech, and renewable energy solutions. The MoU aims to establish robust collaboration through bilateral relationships between public and private organizations, introducing incentives to support initiatives and facilitating knowledge exchange. India’s food processing sector, considered a “sunrise sector,” is propelled by the Mega Food Park Scheme, launched in 2008, supporting the establishment of food processing clusters known as “food parks.” With 24 operational mega food parks and more in various stages of implementation, India’s food processing industry has experienced an average annual growth rate of 8.3% in the past five years, with anticipated output reaching US$ 535 billion by 2025/2026. MoU on investment cooperation in innovative healthcare projects:The agreement on investment cooperation in innovative healthcare projects was signed by Mohamed Hassan Al Suwaidi, UAE Minister of Investment, and Dr. Mansukh Mandaviya, Minister of Health and Family Welfare of India. The MoU places special emphasis on precision health, focusing on personalized healthcare based on an individual’s unique genetic, genomic, or biological composition to achieve well-being and optimal health. Evaluation for the development of a genomic center of excellence is underway. India’s healthcare sector, estimated at around US$ 372 billion, has witnessed accelerated growth due to factors such as affordable treatment, advanced technology, a diverse range of specialties, and access to international markets. As the world’s most populous country, India has prioritized affordable, accessible, and increasingly innovative healthcare, supported by increased public health expenditure year-on-year.