Morocco joins Integrated Industrial Partnership for Sustainable Economic Development

Joins UAE, Jordan, Egypt and Bahrain to strengthen regional industrial integration
Morocco joins Integrated Industrial Partnership for Sustainable Economic Development
Signing ceremony in Manama, Bahrain (Image Source: WAM)

The Kingdom of Morocco recently announced its decision to join the Integrated Industrial Partnership for Sustainable Economic Development, marking a significant step towards enhancing regional industrial integration. Morocco’s decision to join the partnership came during the fourth meeting of the Higher Committee of the Industrial Partnership for Sustainable Economic Development which commenced in Manama, Bahrain

Progress and new proposals

Following Morocco’s entry, the executive committee of the Integrated Industrial Partnership for Sustainable Economic Development held discussions with industry and trade undersecretaries from partner countries on January 10, 2024. It reviewed the progress of ongoing projects and explored new proposals. The industrial partnership, launched in Abu Dhabi in May 2022, has garnered robust support from member countries.

Strategic agreements

The meeting showcased several strategic agreements and collaborations among the participating countries and private entities which are detailed below:

  • Electric car manufacturing plant in Jordan: UAE’s W Motors and Jordan’s Manaseer Group signed an $80 million agreement to establish an electric car manufacturing plant in Jordan.
  • Aluminum fluoride supply: Manaseer Group and Bahrain’s Alba signed an agreement to supply 13,000 tons of aluminum fluoride annually, contributing to an import substitution value of $20 million.
  • Silica supply agreement: Bahrain’s Alba signed an agreement with Jordan Phosphate Mines for silica supply. This agreement contributes to an import substitution value of $66 million.
  • Raw materials supply agreement: Bahrain Steel signed a supply agreement with Emirates Steel, involving the purchase of 2 million tons of raw materials over five years, valued at $2 billion.
  • UAE-Bahrain collaboration: The UAE’s Ministry of Industry and Advanced Technology (MoIAT) and Bahrain’s Ministry of Industry and Commerce signed an agreement. Fhe agreement focuses on sharing best practices related to local content programs and leverages the UAE’s National In-Country Value (ICV) Program.

Bahrain’s vision

H.E. Abdulla bin Adel Fakhro, Bahrain’s minister of Industry and Commerce, reiterated Bahrain’s commitment to the industrial sector’s development. He highlighted the role of the meeting in achieving industrial integration among member countries. Hence, this aligns with Bahrain’s Industrial Sector Strategy 2022-26.

Future prospects

H.E. Dr. Sultan bin Ahmed Al Jaber, UAE’s minister of Industry and Advanced Technology, expressed satisfaction with the partnership’s progress. Moreover, he praised the addition of Morocco to the industrial partnership. He emphasize the importance of strategic partnerships in achieving economic, social, and developmental objectives. Dr. Al Jaber also outlined the successful announcement and signing of new projects and export agreements worth approximately $2.2 billion.

Read: Saudi Arabia inks 4 key mining agreements worth SAR75 bn

Welcoming Morocco

Morocco’s Minister of Industry and Trade, H.E. Riyad Mazour, welcomed the country’s entry into the industrial partnership. He highlighted Morocco’s advanced industrial capabilities. This includes automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphate, mining, and food industries. Thus, Morocco’s GDP exceeded $134 billion in 2022 and its strategic agreements with over 100 countries position it as a key player in the partnership.

Moreover, Morocco’s industrial sector provides over 1 million jobs through 121,000 companies. The sector has witnessed significant development in recent years. The country also focuses on automotive, renewable energy, aviation, textiles, pharmaceuticals, phosphates, mining, and food industries. Hence, it aims to align the sector with its industrial policies which aim to increase GDP contribution to 23 percent by 2030. Morocco’s policies also aim to create over 500,000 new job opportunities and invest in renewable energy projects. Additionally, the commitment to sustainable economic development adds valuable expertise to the partnership’s collective goals.

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