AMMAN — Minister of Industry, Trade, and Supply Yarub Qudah on Monday emphasised the importance of establishing an integrated economic relationship and a strategic partnership between Jordan and Saudi Arabia to serve the interests of both countries.
Speaking at the inauguration of the Jordanian-Saudi Business Forum, organised by the Jordan Chamber of Commerce in cooperation with the Federation of Saudi Chambers and the Saudi Export Development Authority, Qudah stressed the need to develop a new economic framework for cooperation.
He added "This comes in response to global changes and economic blocs, as many countries are increasingly adopting protective trade measures and tariffs," the Jordan News Agency, Petra, reported.
Qudah highlighted the importance of targeting new markets beyond Jordan and Saudi Arabia, given the significant opportunities available regionally and internationally.
He pointed out that expanding into foreign markets, particularly in African countries which, are "the most economically developed in the world, with the growth rate in Central and East Africa reaching 8 per cent, requires joint efforts and complementary partnerships to capitalize on these opportunities."
The minister said that Saudi Arabia is Jordan’s second-largest trading partner, with the two countries demonstrating a role model for inter-Arab relations.
Chairman of the Jordan Chamber of Commerce and head of the Jordanian side of the Joint Business Council Khalil Hajj Tawfiq said that Jordan has a clear economic vision that enables the establishment of trade and investment relations and a shared industrial base through seizing opportunities in vital and competitive sectors, such as food industries, agriculture, and tourism.
Hajj Tawfiq highlighted that trade exchanges between Jordan and Saudi Arabia have reached JD15.3 billion over the past three years.
He said that the Saudi cumulative investments in Jordan are estimated at around $15 billion, covering a variety of sectors, including transportation, infrastructure, energy, finance, trade, and tourism-related construction, Petra said.
Chairman of the Al Jouf Chamber of Commerce and head of the Saudi side of the Joint Business Council Hamdan Samreen affirmed that Saudi Arabia’s Vision 2030 and Jordan’s Economic Modernisation Vision 2033 reflect both nations' commitment to strengthening economic ties.
On the sidelines of the forum, Secretary-General of the Ministry of Investment Zaher Qatarneh presented the investment incentives offered in Jordan under the Investment Environment Regulation Law.
He also outlined key services provided to investors, the ministry’s role in attracting new investments, supporting existing ones, and public-private partnership projects across multiple sectors.
During the forum, a cooperation agreement was signed between the Jordan Enterprise Development Corporation and the Saudi Export Development Authority.
Several agreements were also signed between Jordanian and Saudi companies, along with bilateral business meetings between firms from both countries.