The European Union and the Palestinian Trade Center (PalTrade) sign a project worth 3 million euros

The Palestinian Trade Center (PalTrade) and the European Union signed a three-year project today in Ramallah. The project aims to support the private sector in Palestine with funding amounting to 3 million euros. This funding comes as part of the European Union's efforts and commitment to supporting Palestinians and enhancing opportunities for stability and prosperity in the region to achieve sustainable development.

The project, set to begin next month, includes a comprehensive program to strengthen the economic infrastructure and support startups, small, and medium-sized enterprises in Palestine. The goal is to promote economic growth, create job opportunities, and develop the capabilities of the private sector. This will be achieved through various activities undertaken by the center, which include developing the trade information unit at the center dedicated to serving the private sector and its exports, developing a storage and distribution center for Palestinian products to European markets, as well as implementing a series of activities aimed at supporting Palestinian exporting companies in the private sector.

Ibrahim Al-Afya, Director of Cooperation at the European Union, said during the signing, "We are proud to sign and launch the project with PalTrade today, which presents a comprehensive approach to enhancing sustainable economic development in Palestine. We focus on key Palestinian economic sectors that have the potential to stimulate trade, growth, and job creation in Palestine. The European Union works closely with member states - particularly the Netherlands, France, Belgium, and Sweden - within the Team Europe initiative to unify efforts and resources to continue developing 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 working towards establishing a future independent Palestinian state."

The Minister of Economy, Mohammad Al-Amour, said that this project is an important opportunity to enhance the economy and advance Palestinian production, complementing a series of programs and projects provided by the European Union to Palestine, including (EU 4 Business), implemented in cooperation with the Ministry of Economy. Both sides have worked together to facilitate exports, especially through the King Hussein Bridge.

He emphasized the importance of this project in supporting Palestinian exports, as it comes at a critical time amid war, high unemployment rates, and a decline in the economy and GDP. He confirmed the government's commitment to opening new markets for Palestinian exports and products and enhancing relationships with regional and global markets.

In the same context, Minister of Industry Arafat Asfour emphasized the importance of this project, as it represents an excellent opportunity for exports to the European Union. The direct contract between a national institution, PalTrade, and the European Union reflects increasing trust in national institutions and the Palestinian private sector. He added that the project will support and qualify 30 startups and medium-sized companies to gain the ability to export.

He also noted that the private sector is the primary driver of employment and must play its role and have its rights in many policies. Therefore, the government has a genuine direction to empower the private sector to take its role in shaping economic and trade policies.

Ibrahim Barham, Chairman of the Board of Directors of PalTrade, praised the vital role of the European Union in supporting the Palestinian economy, confirming that this funding will significantly enhance the capabilities of the private sector, contributing to the sustainability of Palestinian exports. He thanked the European Union for its trust in directly funding a project to support PalTrade.

Roaa Jaber, the CEO of the institution, added that this project, with direct support from the European Union, will have positive outcomes contributing to supporting the private sector and developing the Palestinian economy sustainably. She expressed great optimism about this program, pointing out that it will open new horizons for international economic cooperation.

Given the importance of this step, both parties look forward to the actual implementation of the project at the beginning of next month, hoping that these collective efforts will achieve positive and clear results on the ground in Palestine.