Jordan, UAE, Egypt sign agreement envisaging economic development

Jordanian Prime Minister Bisher Al-Khasawneh (right) stands with officials from the UAE and Egypt at the conclusion of meetings on an integrated industrial partnership. (Photo: Twitter)
AMMAN — Jordan, the UAE, and Egypt signed a tripartite agreement launching the Integrated Industrial Partnership Initiative for sustainable economic development between the three countries.اضافة اعلان

Prime Minister Bisher Al-Khasawneh led top-level Jordanian delegation for the two-day meetings of the tripartite cooperation for industrial integration, which concluded in Abu Dhabi on Sunday.

The initiative envisions benefitting from the areas of integration by utilizing the capabilities and expertise of the member countries in the development of competitive industries and providing industrial incentives. The initiative predicts sizeable investments, estimated at $10 billion.

The agreement was signed by the Jordanian Minister of Industry, Trade and Supply, Youssef Al-Shamali, UAE’s Minister of Advanced Industries Sultan Al-Jaber, and Egypt’s Minister of Trade and Industry Nevin Jameh.

Economist Musa Al-Saket said the initiative covers holding firms which have previously invested in Jordan in existing or new projects.

“The amount of expected investments is good and comes at the right time, since we urgently need it to create job opportunities in light of the challenges and regional conditions.”

The challenges, he explained, included the repercussions of the Russian war on Ukraine and the COVID-19 pandemic and food security. “The initiative is expected to move the wheels of our economy”, he said.

Saket said he believed that Egypt will command the lion’s share of the investments because its economy is much larger than Jordan.

But Jordan, he added, has advantages, which include its strategic location at a cross in the

Middle East and its significant natural resources, such as fertilizers, phosphates, and minerals.

Another economist, Wajdi Makhamreh, said the initiative underlines interest in food integration.

He suggested feasibility studies on cultivating wheat and barley locally, as a step towards achieving food security.

Yanal Al-Barmawi, the spokesperson of the Ministry of Industry, Trade, and Supply said the initiative will be beneficial to the three countries, considering that it will create jobs in certain specialized fields.

He said the investments will be mainly in the industrial sector, which includes food, fertilizers, medicines, textiles, minerals, and petrochemicals.

“The initiative constitutes a qualitative leap to achieve the common interests of the three countries,” he told Jordan News.

Jawad Al-Anani, a former Cabinet minister and a renowned economic expert, said some industries should resort to contract farming, which means setting up a direct link between the industry and the need for certain agricultural products.

With regard to wheat cultivation, Jordan’s production did not exceed 70,000 tonnes in previous years, he said.

“We must focus on manufacturing fertilizers, entering into the fine industries of fertilizers, and providing services and consultations to farmers,” he said. “If we succeed in this, it is possible to expand the cultivation of field plants such as legumes.”

In the wake of the Ukrainian crisis, the world is heading towards achieving food security, which constitutes a great demand for food production and for fertilizers, Anani maintained.

“This is a great opportunity for Jordan to achieve investments and focus on economic expansion,” he said.

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