JCC initiative to give trade, services, agriculture economic boost

AMMAN — The Jordan Chamber of Commerce (JCC), in collaboration with representatives from the trade and services and agricultural sectors, set up an initiative to stimulate the national economy and investment in these sectors given their high operational costs and lack of coverage by the government's recent incentives.

The initiative, announced during a meeting on Tuesday at the Amman Chamber of Commerce (ACC), detailed the volume of the trade and services sector’s contributions to the national economy and the GDP, and included the main challenges facing the sector, suggesting measures to boost economic growth, promote investments and improve living conditions, the Jordan News Agency, Petra, reported.

During the meeting chaired by JCC President Nael Kabariti, ACC President Khalil Hajj Tawfiq reviewed the indicators for trade and services and agriculture, which include a 59.9 per cent contribution to the Kingdom's GDP and the employment of 524,000 workers, as well as  JD805 million in sales tax generated from imported goods in 2018, JD522 million from services and JD885 million from trade.

Reviewing the main obstacles hindering the national economy, Hajj Tawfiq mentioned the tax burden in 2017, which reached 26.5 per cent, high customs fees on imported goods, and the trade and services sector's difficulty in accessing credit facilities.

Kabariti, during the meeting, said that representatives from the private sector, associations and businessmen associations have taken part in outlining the initiative, to be submitted to the prime minister shortly and listed in the government's stimulus plan, according to Petra. trade and services and agriculture, which include a 59.9 per cent contribution to the Kingdom's GDP and the employment of 524,000 workers, as well as  JD805 million in sales tax generated from imported goods in 2018, JD522 million from services and JD885 million from trade.

Reviewing the main obstacles hindering the national economy, Hajj Tawfiq mentioned the tax burden in 2017, which reached 26.5 per cent, high customs fees on imported goods, and the trade and services sector's difficulty in accessing credit facilities.

Kabariti, during the meeting, said that representatives from the private sector, associations and businessmen associations have taken part in outlining the initiative, to be submitted to the prime minister shortly and listed in the government's stimulus plan, according to Petra.