Ramallah/PNN /

On July 18, 2024, the Palestinian Trade Center (PalTrade) and the European Union signed a three-year project that aims at supporting the private sector in Palestine, with funding amounting to €3 million. This funding is part of the European Union's efforts and commitment to support Palestinians and enhance opportunities for stability and prosperity in the region to achieve sustainable development.

The project, which is set to commence next month, includes a comprehensive program to boost economic infrastructure and support startups, small, and medium-sized enterprises in Palestine, with the goal of promoting economic growth, creating job opportunities, and developing the capabilities of the private sector.

 This will be achieved through a series of activities to be carried out by the center that would infuse the development of the center's trade information unit dedicated to serving the private sector and its exports, and the development of a storage and distribution center for Palestinian products targeting European markets, in addition to implementing a range of activities designed to support Palestinian exporting companies in the private sector.

The EU Head of Cooperation, Ibrahim Laafia, said “Proud to sign and launch today's project with PalTrade demonstrating a comprehensive approach to fostering Sustainable Economic Development in Palestine. We are focusing on key Palestinian economic sectors with the potential to stimulate trade, growth and create jobs in Palestine. The EU is working closely with its Member States—particularly the Netherlands, France, Belgium, and Sweden— under the Team Europe Initiative to combine efforts and resources to further develop trade flows with Europe. The European Union stands firmly with the Palestinian people. By enhancing economic opportunities and creating jobs, we contribute to building a more resilient society and work towards a future independent Palestinian State.”

The Palestinian Minister of National Economy, Mr. Mohammad Al-Amour, said that this project is an important opportunity to strengthen the economy and to push forward the wheel of Palestinian production, as it comes as a continuation of a series of programs and projects supported by the European Union in Palestine, including (EU 4 Business), which is implemented in cooperation with the Palestinian Ministry of National Economy, whereat the two sides worked together to facilitate exports, especially through the King Hussein Bridge.

He stressed the importance of this project in supporting the Palestinian exports, as it comes at a critical time in midst of war, the high level of unemployment rates, and the decline in the economy and GDP. He also stressed the government's commitment to opening new markets for Palestinian exports and products, and strengthening the relationship with regional and global markets.

In the same context, the Palestinian Minister of Industry, Mr. Arafat Asfour, stressed the importance of this project, as it represents an excellent opportunity to export to the European Union, and that it comes under a direct contract between a national institution, PalTrade, and the European Union, which reflects the growing confidence in national institutions and the Palestinian private sector. He added that the project will qualify and support 30 startups and medium enterprises so that they have the ability to export.

He added that the private sector is the main engine of employment, and must take its role and right in many policies, so the government has a real approach to empower the private sector to take its role in formulating economic and trade policies.

For his part, the Chairman of the Board of PalTrade, Mr. Ibrahim Barham, praised the vital role of the European Union in supporting the Palestinian economy. He emphasized that this funding will significantly enhance the capabilities of the private sector, contributing to the sustainability of Palestinian exports. He also thanked the European Union for its confidence in directly funding the project in support of PalTrade.

The CEO of PalTrade, Mrs. Rawaa Jabr, added that this project, with the direct support of the European Union, will have positive outcomes that further support the private sector and the sustainable development of the Palestinian economy. Jabr expressed her great optimism about this program, noting that it will open new horizons for international economic cooperation.