The Jordanian and Algerian business community is establishing a new vision for the economic relations of the two countries

The Jordanian and Algerian business community is establishing a new vision for the economic relations of the two countries

Amman, August 20 (Petra) – The Jordanian and Algerian business community have agreed to establish a new vision for the two countries’ economic relations, opening broad prospects for joint trade and investment cooperation.

During a joint investment forum organized today, Saturday in Amman, by the Jordanian Businessmen’s Association, in collaboration with the Algerian Confederation of Employers, he stressed the need to develop working mechanisms that contribute to overcoming the problems facing their bilateral trade in face, in addition to intensifying meetings and exchange visits of delegations to see available economic opportunities.

The majority of Jordanian industrial products have a great opportunity to compete and improve their presence widely within the Algerian market, and to start from them to the markets of African countries, but this requires overcoming obstacles and the bilateral agreement that between the two countries, especially the trade cooperation agreement signed in 1997.

Despite the depth of relations between the two brotherly countries at various levels, their trade exchanges fall short of ambitions, as the Kingdom’s exports to Algeria amounted to $94 million in 2020, compared to about $125 million in imports.

The secretary of the Jordanian Businessmen’s Association, Al-Ain Abdul Rahim Al-Beqai, said that Jordan has the elements that enable it to be a regional center for business and a gateway to enter the region’s markets, supported by competitive advantages and promising commercial and investment opportunities, in addition to agreements with various international economic blocs, which call on the Algerian side to take advantage of them.

He added that many Jordanian industrial sectors have the necessary requirements to enter the Algerian market, especially the pharmaceutical components, clothing, chemical and fertilizer industries, as well as the plastic, rubber and metal industries, all of which represent untapped export opportunities.

He stressed the need to work on overcoming the problems that limit the benefit of the opportunities available to both sides by moving towards the activation of the bilateral trade agreement signed between the two countries in 1997. and increasing the role of the joint technical trade committee.

He called for a road map to diversify the base of goods exchanged between the two sides and reduce customs and non-tariff barriers to facilitate the flow of goods, especially as the volume of trade and investment exchange is still below the level of ambitions are.

Al-Ain Al-Beqai stressed the need to continue organizing joint meetings between the two business communities and to provide an approved bilateral information base that includes all information of interest to investors from both the Jordanian and Algerian sides, including legislation , regulations and opportunities for investment, as well as for import and export.

For his part, the Secretary General of the Ministry of Investment, Zaher Al-Qatarneh, called on the Algerian and Jordanian private sectors to exchange views and exchange ideas, in order to strengthen economic and commercial relations between the two brotherly countries and to intensify the mutual visits of economic and trade delegations to see in which the investment and trade map is rich, and to work on the establishment of projects and various partnerships.

Al-Qatarneh stressed the diligence of the Ministry of Investment to provide all the necessary facilities for Algerian investments in Jordan, and to do everything possible to consolidate and improve its presence on the investment map in the Kingdom, which is a regional center for trade and commerce is. investment in the Middle East and North Africa.

He said: “Despite the many external shocks and challenges facing Jordan, and the burden it has placed on its available resources, the economy has continued to achieve very positive economic indicators and achieve satisfactory growth rates under these circumstances , and presents itself as one of the most attractive and empowering business and investment environments in the region.”

Al-Qatarneh explained that the government is aware that maintaining the quality of the investment environment in Jordan requires continuous reforms and improvements and the removal of current or potential obstacles, stressing that the vision of economic modernization is a road map for the next ten year is and important turning point, as it will ensure the release of the potential of the Jordanian economy to achieve comprehensive and sustainable economic growth.

He said, “The government has adopted a number of priorities in the organizational and institutional field with the aim of improving the competitiveness of the national economy and improving the business and investment environment in the Kingdom, as it has worked to improve the investment referrals to unify, through the establishment of the Ministry of Investment as an authority responsible for the management and care of investment matters in the Kingdom, and the organization of the investor’s journey from Through one portal, it is concerned with issues related to with investment, in addition to working to attract foreign investment, stimulate local investment, and organize partnership projects between the public and private sectors.

He added that preparations are currently underway to complete a new law regulating the business and investment environment in Jordan, in line with international best practices in this area, and is expected to be soon after the completion of its discussion in be approved by the National Assembly.

He pointed out that trade and investment opportunities in Jordan are rich and available as Jordan focuses on many sectors with high added value, such as information and communication technology, healthcare, pharmaceuticals, logistics, tourism and medical tourism.

Al-Qatarneh said that Jordan aspires to be a regional logistics center due to its strategic location as a gateway between Eastern Europe and Turkey with the Arab Gulf States, indicating that the Kingdom offers opportunities for foreign investment in the infrastructure sector such as attract energy. , transport and other key sectors related to sustainable development.

For his part, the representative of the president of the Algerian Confederation of Employers and president of the National Health Federation, Muhammad Tafart, appreciated the holding of the Jordanian-Algerian Forum in its first session, which showed the depth of the strong and historical relations between the two leaderships and people, who were inspired by a desire to consolidate the economic partnership to be at the level of that respective relationship between the two countries.

He emphasized the need to establish strong partnerships between the two countries and build economic blocs to support and increase investment activities and the joint business climate between the Algerian Confederation of Employers and its counterpart, the Jordanian Businessmen’s Association.

He pointed out that his country has given great importance to the investment aspect especially after the issuance of the recent investment law, referring to the incentive measures and facilities provided by this law for economic recovery and to attract investors according to a fruitful and efficient partnership. attract

Tavart stressed, “the importance of participating in the activities of the successful forum according to all standards, for which the organizers provided all the reasons for reconciliation for the benefit of the two peoples in the developed economic field, which we all aim for through a series of joint projects and promising investments which it seeks to achieve through constructive and convenient agreements for both parties.”

For his part, the Jordanian Ambassador to Algeria, Shaker Al-Amoush, expressed his hope that the forum will be the beginning of establishing solid partnerships between the two countries, achieving a kind of economic integration, increasing their trade exchanges and investment opportunities. improve, stressing that Jordan is full of promising investment opportunities and supporting elements.

He pointed out that the forum constitutes a strong impetus in the field of medical tourism and the exchange of visits and tourism investments, and called on the Algerian side to learn more about the Jordanian experience in the field of medical tourism and open prospects for the exchange of experiences. and training in the field of tourism and hospitality.

He pointed out that intra-regional trade between the two countries is modest compared to their capabilities and the friendly and fraternal relations that bring them together at different levels, calling for an increase in the participation of the private sector from both sides to further openness and improve economic exchange.

Al-Amoush emphasized that the Jordanian Embassy in Algeria will do everything possible to improve economic cooperation between the two countries and provide all facilities to serve the interests of the two brotherly countries and peoples, stressing the need to increase the visits of economic to intensify delegations.

For her part, the Chargé d’Affairs at the Algerian Embassy in the Kingdom, Asma Labeid, confirmed that the forum is one of the ways to improve and develop joint economic cooperation and investments and remove obstacles in the light of the strong desire of the leaderships of the two countries to strengthen economic relations, in relation to the available capacities.

She pointed out that the volume of trade exchange between the two countries amounted to $72 million during the first quarter of the current year 2022, compared to $32 million for the same period last year, stressing that it reflects the visions of the two sides in the development reflect. their trade fairs.

Pharmaceutical materials, medical products and various chemical products are Jordan’s main exports to Algeria, while the most important imports are concentrated in inorganic chemical products, various food preparations and mineral fuels.

Labayed emphasized the need to strengthen industrial cooperation as it has highly competitive advantages in many productive sectors, as the Algerian market is one of the most important global markets and a gateway to the African continent, in addition to the abundance of human resources and capabilities , while the Kingdom is a regional and global gateway to economic exchange with various countries of the world due to trade agreements linking it with international economic blocs.

According to the Director General of the Jordanian Businessmen’s Association, Tariq Hijazi, the most important investment opportunities available in the Kingdom in various sectors were discussed during the forum, and the Algerian side was also introduced to the benefits of investing in Jordan. to hold bilateral meetings for the sectors of food industries, general trade, health, pharmaceutical industries, tourism and transport to establish joint partnerships.

On the sidelines of the forum, a memorandum of understanding was signed between the Jordanian Businessmen’s Association and the Algerian Confederation of Employers, with the aim of strengthening cooperative relations between the business communities and improving economic, commercial and investment cooperation between the two countries.

— (Petra)

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