Businessmen call for bridging trade gap between Jordan, France

AMMAN — HRH Prince Feisal, the Regent, on Wednesday received President of the French Business Confederation (MEDEF) Pierre Gattaz, who is heading an economic delegation currently visiting the Kingdom to take part in the meeting of the Jordanian-French Business Council.

Prince Feisal highlighted the importance of enhancing bilateral relations in different fields, especially the economic, noting that French investments in the Kingdom have reached an advanced level, according to a Royal Court statement.

The Regent also showcased investment and trade opportunities the Jordanian economy offers through its "safe and stimulating investment environment", in addition to the human resources available in the Kingdom's labour market, making it an economic attraction to companies and businesspeople. 

MEDEF is an entrepreneur network in France with 750,000 member companies, 90 per cent of which are small and medium enterprises with less than 50 employees and more than 20,000 authorised representatives to carry out 30,000 mandates, according to MEDEF's website

Leading French businessmen taking part in the delegation on Wednesday urged more economic cooperation between their country and Jordan, citing the refugee-burdened Kingdom's need of support in the face of regional crises. 

During the opening ceremony of the Jordanian-French Business Council meetings, Jordanian businesspeople also stressed the need for furthering the existing Jordanian-French joint economic ventures, citing the considerable gap in trade balance between the two countries.

Minister of Industry, Trade and Supply Maha Ali called for bridging the trade gap, adding that Jordanian exports to France reached only $11 million, compared with the imports which amounted to $373 million.

She also called on French businesspeople to join the Jordanian endevours seeking to enhance economic growth and establish the Kingdom as a gateway to the region.

“In the context of the refugee crisis the region is facing, I think French companies should be more active in Jordan to support its efforts for stability,” said Gattaz.

“We are willing to improve even more existing relationship with Jordan ... It is a real and concrete sign of MEDEF willingness to contribute to Jordanian development”.

Indicating that France is the first non-Arab investor in Jordan with French companies “directly employing 4,000 Jordanians”, Gattaz listed a number of fields to bolster existing economic cooperation, including the digital industry, infrastructure, technology and utilities.

Hamdi Tabbaa, president of Jordan Businessmen Association, said that the Jordanian-French Business Council has had an important role in attracting French investments to Jordan, which he estimated at around 1.5 billion euros.

Expressing thanks for the French support to Jordan, Tabbaa called on French partners to enter more investments in the Kingdom “benefitting from Jordan’s attractive investment environment and its location”.

The EU has pledged to simplify the rules of origin requirements to ease the entry of Jordanian made products into the European markets.

In an official visit to Jordan in April, French President François Hollande said he wanted to see his country among the top three investors in Jordan in the future.

“France is currently the sixth largest investor in Jordan but this spot is not good enough for us. In football only the top three teams get honoured. We want to move up on the ladder,” Hollande said in his remarks at the French-Jordanian Economic Forum held at the Amman Chamber of Commerce.

France is the largest non-Arab investor in the Kingdom with nearly 20 blue-chip companies operating in various fields that offer jobs to over 4,000 Jordanians.

The French president also said that his visit to the Kingdom was meant to send a message to businesspeople in France to explore investment opportunities available in Jordan, adding the visit is also a message to French tourists “who don’t know much about the Kingdom” to visit it as it is a stable country that is rich of attractions.