AMMAN — The industrial partnership initiative launched by Jordan, Egypt, the UAE and Bahrain will enhance economic security for all parties by raising "productive and competitive" capacities, joint economic empowerment and providing "major" investment projects, according to Amman Chamber of Industry (ACI) President Fathi Jaghbir.
The partnership will utilise signatory nations' available opportunities and competitive advantages, and will provide "high" levels of integration and partnership in multiple economic, social and political fields, Jaghbir told the Jordan News Agency, Petra.
Partnership will also help reduce socioeconomic challenges, prominently among which are high unemployment rates and modest income levels, by providing multiple job opportunities by launching integrated development projects, according to Jaghbir.
Twelve agreements were signed between the four countries in "vital" sectors, which Jaghbir termed a "serious and practical" step to launch the partnership, network available capabilities, and lay a "major" cornerstone for pan-Arab integration.
Economic integration, if properly implemented, can lead to expanding the scope of cooperation to go beyond the concept of increasing trade and investment exchange, and achieve "participatory" industrial and productive mindset, develop technology, increase innovation and standardise procedures, he pointed out.
Jordan's industrial sector possesses "distinguished" capabilities which contribute to the sector’s "important" position in the agreements, he noted.
Referring to multiple opportunities in the "promising" industrial fields, Jaghbir said that integration is considered an opportunity to achieve growth and prosperity in the industrial sector.
Association of Banks in Jordan (ABJ) Director General Maher Mahrouq said that the Industrial Partnership Initiative is one of the latest initiatives to activate Arab integration and promote Arab economic blocs.
Mahrouq added that Jordan remains one of the most active Arab countries, politically and economically, that supports communication, consolidates political attitudes and strives towards economic inclusion among Arab countries.
He noted that the industrial sector is one of the most important economic sectors in the Kingdom, and the most attractive sector for foreign investment, accounting for some 25 per cent of GDP and employing 270,000 workers, along with its various competitive advantages.
The industrial sector accounts for 94 per cent of the Kingdom's exports, Mashrouq added.
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