Doha, February 09 (QNA) - The Ministry of Commerce and Industry announced the signing of an agreement between Qatar Steel and Bahrain Steel, worth USD 1.266 billion, covering 5 million metric tons over five years, which will enhance industrial cooperation between the two sides and strengthen the steel industry in the region.

In a statement, the ministry said that the agreement comes within the context of the Industrial Partnership for Sustainable Economic Development, noting that the agreements between the private sector in the member states aim to enhance bilateral cooperation in a range of sectors, including agriculture, food, fertilizers, medicines, textiles and clothing, chemicals, plastics, manufacturing products, and minerals.

The ministry indicated that this strategic partnership ensures a stable supply of essential raw materials for Qatar Steel's operations, which enhances production efficiency and supports sustainable economic development in the region.

The ministry anticipated that the agreement would generate new investment opportunities, enhance the competitiveness of the industrial sectors of both Qatar and Bahrain, support regional efforts to develop strong local supply chains, and achieve greater self-sufficiency in raw materials, which would contribute positively to national economies and market stability. (QNA)