Minister of Industry and Commerce, Abdulla Fakhro, affirmed the government’s support to the industrial sector in Bahrain, as one of the promising sectors in the economic recovery plan. He stressed the importance of this sector in supporting the goals of comprehensive development march led by HM King Hamad bin Isa Al Khalifa, with the support of HRH Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.
This came as the minister headed the delegation of the Kingdom of Bahrain to the meetings of the Executive Committee and the Higher Committee for Integrated Industrial Partnership for Sustainable Economic Development, held in Amman, Jordan, from February 25 to 26, in the presence of Their Excellencies the Ministers of Industry of the UAE, Jordan and Egypt.
The Minister stated that Bahrain’s accession to the partnership contributed to enhancing the industrial sector with over 10 proposals for industrial projects at an estimated value of over $ 2 billion, which reflects the awareness of the private sector of these opportunities that follow the industrial sector strategy (2022-2026) in achieving industrial integration.
Fakhro added: “Perhaps the opportunities of this partnership lie in the industries the Kingdom of Bahrain is entering for the first time, such as the electric car industry, which we are proud of, in addition to the development of modern technologies in the fields of pharmaceutical industries.”
“The integrated industrial partnership has provided a golden opportunity for our factory in the midst of its restructuring, as the supply agreement resulting from our partnership with the UAE’s “M Glory” ensures the continuity and sustainability of the company,” said GARMCO CEO Mohammed Rafi, noting that the factory is currently studying other investment opportunities under the partnership to complete the value chain for the manufacture of electric vehicles.
For his part, Nizar Adwan, “Alpha Biotech” CEO, stated that the interest of the Ministry of Industry and Commerce in the industrial sector in light of the ambitious strategy has opened broad horizons for SMEs’ growth and sustainability, noting that Bahrain’s accession to this partnership opens billion-dollar worth markets outside the borders and opportunities to replace imports from the partnership countries.
Moreover, Dr. Waqar Ahmed, Managing Director of Gulf Biotech, expressed the company’s commitment to improve the healthcare sector by developing and providing a wide range of vaccines in key markets, and that the project will contribute to meeting the needs of the region and its self-sufficiency.
The meeting included the announcement of a number of projects resulting from partnerships, most importantly the supply of aluminum sheets by “GARMCO” to manufacture electric cars in partnership with UAE “M Glory”, and a number of MOUs for producing pharmaceuticals by “Alpha Biotech” factory in partnership with Dar Al-Dawa Company from Jordan and Ebeko from Egypt, in addition to a technology transfer agreement between “Gulf Biotech” and one of the Egyptian factories at an investment value of over $ 600 million.
The Kingdom of Bahrain joined the Statute of the Integrated Industrial Partnership for Sustainable Economic Development in August 2022, along with the UAE, Jordan and Egypt with the aim of securing supply chains, self-sufficiency, localization, integration of value chains, creating integrated value-added industries, in addition to economic development, diversification, providing qualitative opportunities and sustainable economic development.
Source: Bahrain News Agency