King says re-envisioning Jordan’s assets ‘vital for our growth’

DEAD SEA — Jordan’s economy has continued to grow despite the surrounding challenges, which is “a sign of ongoing strengths”, His Majesty King Abdullah said on Friday.

The national economy grew by more than 3 per cent last year and is expected to grow at close to 4 per cent over this year, the King said at the opening of the World Economic Forum on the Middle East and North Africa. 

“This is more than a track record of surmounting challenges… It is a sign of ongoing strengths. This is also the message of our ongoing reform process. We view this process as a continuous path forward,” His Majesty told an audience of more than 1,000 participants from over 60 countries, including Egyptian President Abdel Fattah Al Sisi and Palestinian President Mahmoud Abbas.

Higher, steady growth is forecast in the Kingdom and the outlook is backed by prudent national economic management, and “we are pleased to see the budget deficit down by 15 per cent, and foreign reserves up to the highest level in Jordan’s history”, the Monarch added (see full speech). 

The WEF meeting, he said, will witness the launch of projects and investments worth $18 billion in different sectors, most of them public-private partnerships. 

Noting that it was time for a new push, engaging all sectors, to create inclusive growth, the King said the country’s objective is to relaunch growth and investment while deepening reform and inclusion. 

“Our 10-year economic blueprint, Jordan 2025, will enable the country to move fast to diversify resources, develop infrastructure and capitalise on strengths,” he said, adding that the plan will be delivered through public and private partnerships.

In his address, King Abdullah highlighted the potential in Jordan, which he said is committed to a prosperous future, with measures being taken to support start-ups, business expansion and market-ready skills. 

“Jordan may be small, but it is rich in terms of its strategic assets. Re-envisioning these assets is vital for our growth.”

The King added that Jordan is a gateway for regional and world trade.

“We constantly seek to extend what such a gateway can provide Jordanians and their partners. Not only access to billions of consumers through multiple FTAs [free trade agreements], but diversifying exports and partners. Not only active connections to global supply chains, but international networks that facilitate small- and medium-size enterprises through financing, partnerships and new markets”.

His Majesty said it is important to find opportunities in challenges and to define the region by problems and not solutions is to miss huge potential. 

“We will solve the problems of our region only when we build on its strengths. We cannot be sidetracked by regional turmoil.”

“Today’s challenges are real. But the opportunities and possibilities at this forum are also real. We meet here today in the centre of a huge zone of cooperation. The more we use it, the stronger it will grow,” he added.

At the opening of the forum, held in Jordan for the ninth time, Klaus Schwab, WEF founder and executive chairman, said the forum is an important platform for dialogue and driving economic growth and social prosperity.

The challenges and developments in the region make it mandatory to focus on opportunities and reforms, he added.

Describing Jordan as a role model in reforms and standing up to terrorism, Schwab said the rise of violent extremism is a challenge to all and a cancer that needs to be addressed.

He also called for continued collaboration to fight terrorism and to face challenges to shape a new future for the region.