Amman, Feb. 26 (BNA): Minister of Industry and Commerce Abdullah Fakhro affirmed the government’s support for 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 the comprehensive development process led by His Majesty King Hamad bin Isa Al Khalifa, with the support of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister.
This came at a time when the minister headed the delegation of the Kingdom of Bahrain to the meetings of the Executive Committee and the Supreme Committee of the Integrated Industrial Partnership for Sustainable Economic Development, which were held in Amman, Jordan, from February 25 to 26, in the presence of both countries. Your Excellencies, Ministers of Industry of the Emirates, Jordan and Egypt.
The minister explained that the Kingdom of Bahrain’s accession to the partnership contributed to strengthening the industrial sector with more than 10 proposals for industrial projects valued at more than $2 billion, which reflects the private sector’s awareness of these opportunities that follow the industrial sector’s strategy. 2022-2026) in achieving industrial integration.
Fakhro added, “Perhaps the opportunities for this partnership lie in the industries that 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 provided a golden opportunity for our factory in the midst of its restructuring, as the supply agreement resulting from our partnership with the Emirati company, M-Glory, ensures the continuity and sustainability of the company,” said Mohammed Rafi, CEO of Garmco. Pointing out that the factory is currently studying other investment opportunities within the framework of the partnership to complete the value chain for the electric vehicle industry.
For his part, Nizar Adwan, CEO of Alpha Biotech, stated that the interest of the Ministry of Industry and Trade in the industrial sector in light of the ambitious strategy opened wide horizons for the growth and sustainability of small and medium-sized companies, indicating that the Kingdom of Bahrain’s accession to this partnership opens up markets worth a billion dollars outside borders and opens up opportunities. to replace imports from the partner countries.
Moreover, Dr. Waqar Ahmed, Managing Director of Gulf Biotech, expressed the company’s commitment to improving 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 and needs of the region. Self-sufficiency.
The meeting included the announcement of a number of projects resulting from partnerships, the most important of which is the supply of aluminum sheets by the “Garmco” company for the manufacture of electric cars in partnership with the Emirati company “M-Glory”, and a number of memorandums of understanding for the production of medicines by the “Alpha Biotech” company. The factory is in partnership with the Jordanian Dar Al-Dawa Company and Epico from Egypt, in addition to a technology transfer agreement between the “Gulf Biotech” company and one of the Egyptian factories, with an investment value of more than $600 million.
The Kingdom of Bahrain joined the Basic System of 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, and integrated value creation. – Added industries, in addition to economic development and diversification, providing qualitative opportunities and sustainable economic development.