Morocco officially joined the Integrated Industrial Partnership for Sustainable Economic Development during the fourth meeting of its High Committee held in Manama (Bahrain) on Thursday.
This committee brings together Egypt, the United Arab Emirates, Jordan, Bahrain, and Morocco. It aims to establish a robust regional economic and industrial bloc to address common challenges and global crises while enhancing economic sovereignty of state parties.
Moroccan Minister of Industry and Commerce Riad Mezzour attended the event along with officials representing member countries. The parties signed several agreements and announced multiple integrated industrial projects.
The initiative focuses on food, health, energy, and industry, and seeks to achieve qualitative and sustainable growth in the industrial sector through resource complementarity and industrial collaboration. The joint efforts are aimed at reducing production costs, securing supply chains, creating job opportunities, achieving sustainable economic development, and self-sufficiency, and improving industrial growth and competitiveness.
The move is considered the right step towards regional growth and industrial integration, given Morocco’s economic expansion and achievements in car industry, renewable energy, agri-food industry, aviation, textile, pharmaceuticals, electrical and electronic industry, phosphate, and mining.
During the event, Mezzour said that this initiative is an opportunity to conduct B2B transactions, form partnerships, build productive capacities and initiate joint projects based on each member country’s resources.
Mezzour highlighted Morocco’s efforts over the past two decades to create conditions conducive to supporting and attracting domestic and foreign investments. He surveyed Morocco’s strategic geographical position as a gateway to Africa and its proximity to vital economic hubs, notably Europe and America, its stable political environment, and positive macroeconomic indicators.
Mezzour underscored Morocco’s mega infrastructure such as the Tanger-Med port, the high-speed train Al-Buraq, industrial zones and renewable energy projects.
Mezzour also presented Morocco’s success in expanding expos to promising markets of over two billion consumers through numerous free trade agreements. These agreements include partnerships with the European Union and the United States.
The Integrated Industrial Partnership for Sustainable Economic Development was launched in Abu Dhabi (UAE) in May 2022, with the participation of the UAE, Egypt, and Jordan. Bahrain joined the initiative during the second meeting of the High Committee held in Cairo in July 2022.