Prime Minister Mostafa Madbouly said that the integrated industrial partnership between Egypt, the UAE and Jordan aims to provide self-sufficiency in basic commodities.
This came during an exclusive interview with Sky News Arabia.
The Premiere stressed that the tripartite partnership will raise the ceiling of the desire for economic integration among the Arab countries, and aims to reduce the repercussions of the current crisis, explaining that the support of the political leadership in the three countries “contributed to the effectiveness of the consultations, and resulted in the signing of this initiative.”
He added during the press interview that the initiative could become a strong nucleus for a more comprehensive cooperation between many of Arab countries, noting that “the Egyptian leadership has set a goal to provide the necessary commodities,” stressing that “Egypt’s stocks of necessary commodities are sufficient for 6 months.”
He explained that there are “EGP 130 billion in reserves to face the rise in prices,” adding that “the government bears most of the rise in commodity costs.”
With regard to the Egyptian energy sector, Madbouly said: “The energy bill has doubled for Egypt, and we are working to rationalize oil consumption,” adding that Egypt has the infrastructure to liquefy and transport gas, and there are discussions with the UAE to partner in the gas sector.”
Jordan, the UAE and Egypt announced a new phase of economic relations by launching an integrated industrial partnership for sustainable economic development, to continue exploring opportunities and investment in vital areas of common strategic interest for the three countries.
According to what was announced at a conference on this partnership in the UAE capital Abu Dhabi on Sunday, the partnership focuses on investing in 5 industrial sectors, including agriculture, food and fertilizers, pharmaceuticals, textiles, minerals and petrochemicals, to promote economic development and achieve industrial integration and the integration of value chains between Jordan, the UAE and Egypt.