Page 493 - MOE ENGLISH PR REPORT - JULY 2024

cashew processing factory in the West African country, signaling an important
milestone in the two nations’ economic relations.

The state-of-the-art facility, which is located in the northern city of Boundiali, is
owned and operated by Pan African Agro Commodities Holding Limited
(PAACH), an entity incorporated in the Abu Dhabi Global Market (ADGM) that
seeks to promote West Africa’s domestic agriculture sector and support the
development of its key exports.

Côte d’Ivoire is one of the top five exporters of cashews globally, with around 80
percent of its annual production sold to overseas markets. Cashews are also
Côte d’Ivoire’s second-most important export product, contributing 9 percent to
the nation’s GDP. With a daily processing capacity of 100 metric tonnes, the
facility is expected to create 500 direct and 3,500 indirect jobs and enhance the
country’s role in global supply chains.

In remarks delivered at the launch ceremony, Al Zeyoudi said the facility is an
embodiment of the UAE’s commitment to West Africa and expressed his
optimism for the future of relations between the UAE and Côte d’Ivoire. “The
opening of this impressive cashew-processing factory underlines the UAE’s belief
in the economic potential of Côte d’Ivoire, and offers a compelling model for
further investments into the region as a whole. This is one of the most dynamic
economies on the continent, one that is adopting bold economic policies and
ambitious reforms designed to deliver sustained, diversified growth. We envision
huge potential for private-sector collaboration between our nations as we support
the development of Côte d’Ivoire’s industrial, agricultural and supply chain
capabilities. My visit this week marks an important step in strengthening the
economic partnership between our two countries, which I look forward to building
on in the years ahead.”

In his remarks at the inauguration, Abdul Jabbar Al Sayegh, Chairman of the
Board of Directors of Pan African Agro Commodities Holding Limited, stressed
that Côte d'Ivoire is a country rich in potential. “This factory not only represents a
major investment in the Côte d’Ivoire market, it is also testament to the strength
of the bilateral relations between the UAE and Côte d’Ivoire. We are committed
to contributing positively to the local economy, and are confident that our
company and its investments in the Ivorian economy will enhance growth and
contribute to economic and social progress. It will be a new gateway to
opportunities for both sides.”

While in Côte d’Ivoire, Al Zeyoudi also held in-depth talks with Prime Minister
Robert Beugré Mambé on a wide range of economic issues, including the
acceleration of private-sector cooperation, which both nations have identified as
central to growth, diversification and job creation.

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