Bahrain joins industrial partnership for sustainable development

Bahrain possesses a strong industrial sector with more than 9,500 companies and 55,000 employees as well as industrial foreign direct investments worth $4.3 billion. The UAE, Egypt, Jordan, and Bahrain represented 30 per cent of the Middle East and North Africa’s industrial contribution to the GDP, adding up to industrial exports worth $65 billion in 2019. The combined population of the countries is 122 million, which is 27 per cent of the Middle East and North Africa and 49 per cent of the region’s youth population under 24.

In May 2022, the UAE, Egypt, and Jordan had launched the Industrial Partnership for Sustainable Economic Development in Abu Dhabi. The initiative aims to establish integrated industries that contribute to diversifying the economy, promoting its growth and providing specialised job opportunities.

In the first phase, the Partnership has shortlisted 12 projects costing $3.4 billion, of the 87 proposals it received for setting up industrial projects in fertilisers, agriculture and food sectors. Along with textiles and clothing, the Partnership will focus on chemicals, plastics, and metals in the next phase.

Foreign direct investment in the UAE, Egypt, and Jordan touched $151 billion between 2016-2020, which is about 42 per cent of the new foreign direct investment in the Middle East. In 2019, the countries exported goods valued at $433 billion in total, while the imports added up to around $399 billion.

Fibre2Fashion News Desk (NB)