The Association of Banks discusses the role of the markets and financial services sector in the vision of economic modernization

Sharkas: The vision of economic modernization is a major focus within the comprehensive reform package that His Majesty has instructed to implement.

Al-Salem: The workshop came to discuss the economic modernization vision, and to review in particular the role of the financial sector.

Al-Mahrouq: The financial markets and services sector has presented more than 30 priorities represented in 12 initiatives that reflect the aspirations of the financial sectors.

Karadsheh: The document will be translated into a clear and participatory action plan focusing on value-added economic growth that provides good work.

Abu-Ghazaleh: The economic vision includes 8 drivers that drive economic growth, including all economic sectors in the Kingdom

The Association of Banks held a dialogue session on Thursday morning to discuss the role of the markets and financial services sector in the vision of economic modernization and how to unlock the potential to build the future, in the presence of the Governor of the Central Bank. , Dr. Al-Salem, and dr. Tariq Abu Ghazaleh, one of the advisers for the preparation of the vision, and a number of heads of bank councils, in addition to representatives of other financial sectors.
Dr. Sharkas confirmed that the financial sectors participated extensively in the discussion of the preparation of the economic vision document, during the economic workshop held by the Royal Court, and emphasized that the vision of economic modernization comes as a major pivot within the comprehensive reform group that His Majesty King Abdullah II Ibn Al Hussein called for its implementation.
He pointed out that the purpose of the document is to increase economic growth in public-private partnership, which will be reflected in improving the living conditions of citizens and creating more jobs.
He highlighted the importance of holding this session to focus on the role of the banking sector in the vision, and emphasized the importance of joint and unifying efforts of the financial sectors to achieve the vision’s objectives.
In turn, Mr. Al-Salem said, this session came to discuss the vision of economic modernization, and to see in particular the role of the financial sectors in it.
Al-Salem explained that the new vision was launched from three main pillars of the financial sector; To ensure continuous economic growth, in terms of financing for sustainability and financing for all in terms of promoting financial inclusion, and financing for growth in order to develop infrastructure and the business environment, in addition to the role of the financial sector in the leading the digital transformation process in other sectors due to the provision of financial services in an innovative and approved way on technology.
Al-Salem said the banking sector was moving at a steady pace, which was reflected in the improvement of the standard of living of citizens, through its profound role in the economy, and the promotion of the development wheel through the financing programs and projects it provided and participate. , in addition to providing financial technology services that will improve the level of services it provides, Burger will receive.
Mr. Al-Salem emphasized that the financial and banking sector in Jordan is strong and solid and represents twice the gross domestic product, giving it the benefit of attractive local and foreign investment, while the sector will work in partnership to provide stimulating initiatives for other sectors. , especially financing for small and medium enterprises, especially as its share of The facilities exceeds 10 percent of the total, thus stimulating employment policy in general.
In turn, the director-general of the Association of Banks, dr. Maher Al-Mahrouq, said that the markets and financial services sector provide
He said that the mechanism of the work of the markets and services sector took place in 4 phases, which consisted of discussing the current situation of the sectors in Jordan, establishing the ten-year vision and the growth priorities of the sub-sectors, which enables factors, and then comes with an implementation map.
Regarding the summary of the results of the matrix of possibilities, dr. directions and aspirations of the sub-sectors. Banking sector, capital market, insurance, financial leasing, microfinance and financial technologies.
He pointed out that the market and financial services sector offered more than 30 priorities, represented by 12 initiatives during the economic workshop.
Dr. Al-Mahrooq emphasized that the Jordanian financial sector has strong potential as one of the drivers of development and growth in the national economy in general and the economic sectors individually, thus improving the ability to achieve the goals set by His Majesty the King. Abdullah II is wanted. in creating jobs, expanding the middle class and providing a better life for the Jordanians.
Dr. Al-Mahrouq indicated that the financial sector, especially the banking sector, has a number of strengths that support the new economic orientation, as it is the intermediary that overlaps with other sectors such as industry, trade, tourism and technology. to its primary role in terms of savings, provision of financing and the comprehensiveness of the service it provides.
During the dialogue workshop, Al-Mahrooq reviewed a number of key points for the role of the markets and financial services sector in the vision of economic modernization, pointing out that the sector includes 7 sub-sectors, namely banking, insurance, capital market, financial leasing, microfinance, financial technology, banking and money transfer, which gives it a huge advantage in The future economic movement in general.

Dr. Al-Mahrouq mentioned that the banking sector is developing new financing instruments that will contribute to the promotion of economic growth in the future, especially capital financing instruments in terms of providing Islamic financing securities and instruments and activating them as financing instruments through the financial market, and preparation for the launch of sustainable green financing instruments that take into account environmental needs.It achieves the transition to a green economy.
In turn, Mr. Karadsheh said that the national economy has faced many challenges due to external factors, pointing out that economic work in recent years has not met ambitions and in some cases relied on zeal, as these issues in the vision methodology is bypassed. as it relied on taking lessons and lessons from previous plans.
He stressed that this vision will be reflected in a clear and participatory action plan focusing on value-added economic growth that provides good work. On translating the vision into projects, Karadsheh said the vision will require 11 billion dinars over the next ten years as a government investment, emphasizing that the implementation of projects and work mechanisms has been strongly discussed with the government, while the amount that the vision needs will reach 41.4 billion dinars, most of which will be from investment and partnership projects between the two sectors.
He pointed out that the government would work in the coming period to enable growth and promote the economic environment, and announced that an investment card for the Kingdom would be issued over the next two weeks.
He pointed to the economic vision prepared in partnership between the public and private sectors, the presence of the media, members of the House of Representatives and the Senate, in addition to experts from various sectors, indicating that 500 people participated in the workshop has. , which took place in two phases.
He noted that the participants are of opinion and experience as it is a good example to find common ground.
Al-Karadsheh pointed out that the economic vision included the factor of flexibility to deal with any changes that may occur at any time.
He indicated that His Majesty’s precepts went in three directions, the first relating to political modernization, the second with the development of the public sector, and the last with economic reform.
He stressed that investment is available, but it should identify the root of the problems it faces, pointing to a vivid example in the clothing and knitting sector, which employs 70,000 male and female workers, while Jordanian employment is not more than 20 thousand workers.
He revealed that the royal court will follow up on the implementation outputs to find out any shortcomings or obstacles that need to be addressed directly.
He referred to the economic vision that identified the factors of strength, weakness, success and failure, in addition to reviewing the best practices and success stories in the countries of the region, consistent with Jordan, specifically the experiences of Arab countries such as Egypt , Saudi Arabia and the UAE.
He explained that for each initiative a worksheet had been identified, which would be announced shortly, and added that this card contains all the requirements that the sectors need.
In turn, Counselor Tariq Abu Ghazaleh spoke on implementation mechanisms, and how the government will move from a supplier to a state enabler for the sectors.
Abu-Ghazaleh noted that the economic vision includes 8 engines that drive economic growth, indicating that the plan aims to provide one million jobs in all sectors.
He pointed out that the vision’s goal is to double the gross domestic product to reach 58.1 billion dinars in 2033, compared to 30.2 billion dinars in 2021.
He noted that the plan has separated employment-related growth and growth-related job creation, with the aim of setting priorities.
As for the forecasts of GDP growth with respect to sectors during the period from 2021 to 2033, services were concentrated at 49 per cent in it, while industry was concentrated at 27 per cent in sectors.
During the meeting, an extensive discussion took place between the speakers and the participants, about the mechanisms for the participation of the financial and banking sector to support the implementation of the economic vision.

Leave a Comment