Business

AMMAN — The Jordan Chamber of Commerce (JCC) and Arab-Brazilian Chamber of Commerce (ABCC) have agreed to organise a visit for a Brazilian trade delegation to Jordan this summer, in coordination with Jordanian embassy in Brazil.

During his videoconference meeting with Jordanian Ambassador to Brazil Maan Masaadah and ABCC Secretary-General Mohammad Murad, JCC Chairman Khalil Haj Tawfiq said that the Jordanian chamber is "ready" to receive the Brazilian trade delegation and facilitate its mission and hold joint meetings with the Jordanian trade sector.

He noted that the JCC could arrange the delegates' visits to a number of government institutions and Jordanian companies, and invite Arab businesspeople, whether from Arab countries or residents in the Kingdom, to attend these discussions for the benefit of all, the Jordan News Agency, Petra, reported. 

Haj Tawfiq said that the visit would be an opportunity to enhance Jordanian-Brazilian economic relations, explore investment opportunities and build partnerships and trade cooperation in targeted sectors.

The JCC chairman stressed the importance of enhancing mutual trade exchange and expanding the base of joint investments. 

Dialogues with the Jordanian commercial sector will play a "major" role in enhancing opportunities for cooperation and developing joint business, he pointed out.

He highlighted the importance of framing the bilateral economic relations, expanding cooperation in various economic sectors, developing trade collaboration areas, establishing joint partnerships and investments and opening further bridges.

The chairman also pointed out the need to highlight the Kingdom's "strategic" location as a link between Arab and global markets.

Haj Tawfiq announced that Jordanian-Brazilian exports and imports grew by 17 per cent last year, expressing the Jordanian commercial sector's interest in some Brazilian goods, especially wood, foodstuff, textiles and the ICT sector, while Brazil also seeks to increase its imports of medicines and fertilisers

AMMAN — Minister of Industry, Trade and Supply Yarub Qudah said that Jordan seeks to increase its exports to the West Bank markets, with a goal to double exports to the Palestinian market starting next year.

Speaking during a seminar attended by some 200 businessmen under the umbrella of the Palestinian-Jordanian Business Forum, Qudah pointed out that developing the bridge and border crossing between Jordan and Palestine is part of the Economic Modernisation Vision (EMV) for 2025, which would facilitate trade flow, Al Mamlaka TV reported.

The minister discussed the EMV, the role of the private sector, and the Palestinian-Jordanian Business Forum’s role in achieving it. 

He also addressed the political situation in the region and the role of the private sector in boosting the Jordanian economy, as well as the trade exchange between Jordan and Palestine.

The minister stressed the significant role of the private sector in national economic development, driving growth, and creating job opportunities, noting that the government works with the private sector to raise economic growth rates and generate more jobs.

In response to questions from the audience, Qudah noted that the Central Bank of Jordan's foreign currency reserves are at their "highest" level in over 40 years, describing them as "comfortable and secure." 

He added that the government is considering increasing the capital of the CBJ due to the availability of foreign currency reserves.

Qudah also highlighted Jordan's role as a gateway for reconstruction in Syria and Gaza, noting that the Kingdom's foreign policy is in communication with international entities, all of which have stressed that Jordan will be their gateway for Syria's reconstruction. 

He referred to the challenging economic situation in Syria, where the government lacks the funds for reconstruction, and that reliance will be on the Syrian private sector and the international community.

Qudah noted that coordination and communication with Syria continue regarding exemptions from fees on transit movement between the two countries, enabling Jordanian products to pass through Syria to Eastern Europe and remain competitive.

The minister also said that efforts are underway to reopen the Bab Al Hawa border crossing within the next two months. This crossing is a vital land transport link between Europe, Syria, Jordan, and the Gulf countries.

Chairman of the Palestinian-Jordanian Business Forum Nazmi Atmeh stressed the private sector's crucial role in achieving the EMV, raising growth rates, and attracting investments. 

Atmeh said that the forum aims to promote investment opportunities in Jordan and collaborate with the public sector to improve the investment environment and enhance the country's competitiveness.

He noted that the forum includes more than 250 businessmen from various economic sectors, who own over 1,000 companies and employ thousands of Jordanians. 

The chairman also pointed out that collaboration between the public and private sectors is essential to achieving the EMV and improving the business environment.

AMMAN — The Aqaba Container Terminal (ACT) handled 494 ships in 2024, marking a 49 per cent increase compared with the previous year, with total container throughput reaching 848,000 containers.

Speaking at a press conference in Aqaba, ACT CEO Harald Nijhof attributed this growth to His Majesty King Abdullah's directives and the continuous follow-up by HRH Crown Prince Hussein, which have significantly contributed to the modernisation and development of the terminal's infrastructure.

Nijhof highlighted that the port accommodates over 1,000 trucks daily, with January 2024 recording the highest monthly handling figures of over 81,000 containers and 56 ships, the Jordan News Agency, Petra, reported.

He noted that ACT's operational success has positioned it among the ports participating in the new "Gemini" shipping service, launched by global shipping leaders Hapag-Lloyd and Maersk. 

The CEO added that ACT also renewed its concession agreement with the government, represented by the Aqaba Development Corporation, for another 15 years in a deal valued at $242 million.

Nijhof announced the upcoming arrival of a "state-of-the-art" quay crane in April to enhance the port’s handling capabilities. 

ACT has also introduced the first electric handling equipment in the Middle East, including 10 electric trucks, as part of its sustainability initiatives, he noted. 

The port aims to reduce carbon emissions by 65 per cent by 2030 and achieve full carbon neutrality by 2040, making it the first port in the region to reach this milestone.

Nijhof stated that ACT has supported over 70,000 beneficiaries through initiatives targeting students, schools, low-income families, public safety and environmental protection. 

The terminal has also signed agreements with key institutions, including the King Hussein Cancer Centre, Tkiyet Um Ali and Helping Hand for Relief, alongside collaborations with the Aqaba Directorate of Education and the Directorate of Local Community Development, he added.

AMMAN — HRH Princess Sumaya bint El Hassan, president of the Royal Scientific Society (RSS), and Minister of Planning and International Cooperation Zeina Toukan on Wednesday signed a cooperation agreement to implement and manage the "IRADA" programme for 2025, supported by a JD2.95 million funding commitment.

IRADA, a national government initiative launched by the Ministry of Planning in 2002, has been implemented by the RSS since 2006 as part of the Economic and Social Productivity Enhancement Programme, which embodies the Royal vision to address the Kingdom's development challenges, the Jordan News Agency, Petra, reported. 

Princess Sumaya stressed that the agreement builds on IRADA's nearly 20-year track record of success under RSS management. 

She highlighted the programme's recent expansion to include an entrepreneurship and innovation component, initially targeting the governorates of Ajloun, Zarqa and Aqaba.

The new component aims to empower youth to develop innovative entrepreneurial ideas addressing economic and environmental challenges, particularly in sectors aligned with the target regions' comparative advantages.

Toukan cited "significant" achievements through IRADA's 27 centres across all governorates in the past year. 

The centres prepared 2,266 economic feasibility studies and supported the establishment of 1,567 projects.

The programme connected 354 recent graduates with public and private sector training opportunities, issued 75 compliance certificates for various project products, and organised three entrepreneurship hackathons.

The programme provides technical support services for individual projects and technical specifications for charitable associations, cooperatives and youth clubs. 

It also introduces quality concepts and applications for SMEs in areas such as Global Gap, HACCP and ISO standards, while developing a fellowship programme.

IRADA implements a food product quality control project enabling home-based businesses to develop their products, enhance marketing capabilities, and boost competitiveness through laboratory testing at RSS facilities and compliance certification.

AMMAN — President of the Jordan Chamber of Industry (JCI) Fathi Jaghbir stressed the importance of the role of Jordanian embassies and consulates in promoting national industries and assisting local economic delegations during their tour.

During a tour in the Jordanian pavilion at the Gulf International Food Exhibition "Gulfood 2025", held at Dubai World Trade Centre, Jaghbir said that the participation in the event contributes to promoting and introducing Jordanian industries, and opens way for establishing partnerships with suppliers, importers and traders from various countries across the world.

Jordanian Consul in Dubai Asem Ababneh expressed admiration for the "advanced" level of Jordanian industries and the "high quality" of their products, which contributed to attracting many businesspeople and traders to visit the Jordanian pavilion, the Jordan News Agency, Petra, reported.

Speaking to representatives of 36 participating Jordanian companies, Ababneh noted the exhibition is one of "the largest" annual food and beverage fairs globally, and provides "unique" opportunities to build partnerships with importers and learn about the "latest" developments in the food industry.

AMMAN — The Jordan Chamber of Commerce (JCC) will host the Jordanian-Saudi Business Forum next Monday in Amman, in cooperation with the Federation of Saudi Chambers and the Saudi Export Development Authority.

The forum aims to boost and elevate the economic relationship between the two countries, fostering deeper levels of partnership, the Jordan News Agency, Petra, reported. 

The event will bring together business owners, investors, and companies from Jordan and Saudi Arabia, representing a diverse range of service and trade sectors.

Representatives from both countries’ investment ministries, the General Authority for Foreign Trade in Saudi Arabia, the Federation of Saudi Chambers, the Saudi Exim Bank, the Saudi Export Development Authority and the Jordan Enterprise Development Corporation (JEDCO) will also participate.

President of the JCC Khalil Hajj Tawfiq said that the forum will chart a "new roadmap" for economic cooperation, building on existing foundations. 

He also stressed that the initiative aims to enhance trade and investment partnerships between the two countries.

Hajj Tawfiq also said that Jordan is seeking a fundamental shift in its trade relations with Saudi Arabia—one based on economic integration and mutual development, rather than just competition and transactional exchanges. 

He also underscored Saudi Arabia’s pivotal role as a key trading partner for Jordan, citing the significant Saudi investments in high-value-added sectors.

He also noted the long-standing and distinguished political, economic, trade and investment ties that bind the two countries.

The Saudi-Jordanian Business Council will also convene to continue supporting trade and investment relations, building upon the achievements of previous partnerships.

AMMAN — The wholesale prices index in 2024 increased by 1.25 per cent, reaching 107.89 points compared with 106.56 points in 2023, according to the quarterly report issued on Tuesday by the Department of Statistics. 

The rise was primarily driven by increases in key commodity groups, including agricultural raw materials, grains, food, beverages, and tobacco, which grew by 2.84 per cent.

The prices of fuel, minerals, construction materials, and their supplies rose by 1.46 per cent, while textiles, clothing, personal and household goods saw a 0.46 per cent increase. 

Motor vehicles and motorcycles recorded a 0.42 per cent rise, while the prices of machinery and equipment declined by 0.21 per cent. 

For the fourth quarter of 2024, the wholesale trade price index edged up by 0.2 per cent, reaching 108.19 points compared with 107.97 points in the previous quarter.

The increase was mainly attributed to higher prices of motor vehicles by 1.36 per cent, textiles, clothing, personal and household goods by 0.36 per cent, and fuel, metals, and construction materials by 0.24 per cent. 

Prices for machinery and equipment dropped by 0.63per cent, and agricultural raw materials, grains, food, beverages and tobacco fell by 0.48 per cent. 

In comparison with the period of the fourth quarter of 2024 with the same period in 2023, the index rose by 1.09 per cent to 108.19 points from 107.02 points. 

The most "notable" increases were in motor vehicles that reached 1.53 per cent, textiles, clothing, personal and household goods that reached 1.43 per cent, fuel, metals, and construction materials that reached 1.42 per cent, and agricultural raw materials, grains, food, beverages, and tobacco that reached 1.37per cent. 

Machinery and equipment declined by 1.46 per cent.

AMMAN — Chairman of Jordanian Businessmen Association Hamdi Tabbaa and Azerbaijani Ambassador Ildar Salimov on Tuesday discussed prospects for strengthening economic, investment and trade relations, highlighting the role of the private sector in driving mutual cooperation. 

During the meeting, Tabbaa stressed the need to intensify business meetings between private sector representatives from both nations, the Jordan News Agency, Petra, reported.  

He noted that the upcoming Arab Businessmen and Investors Conference with Central Asian Countries and Azerbaijan, set to take place in Abu Dhabi next week, will provide a platform to enhance economic ties and explore joint investment opportunities.

Tabbaa also highlighted the importance of expanding trade exchange and enhancing cooperation in key sectors such as energy, information technology and the green economy. 

Salimov welcomed the association’s participation in the conference, highlighting its role in attracting foreign investments and fostering economic partnerships.

The diplomat underscored the need to present promising investment opportunities and increase trade volume by enhancing cooperation between business communities in Jordan and Azerbaijan. 

According to an official date, mutual trade exchange reached approximately $4 million in 2023, with Jordan’s exports to Azerbaijan primarily consisting of pharmaceutical products, mineral and animal food preparations.