Companies sign Export Acceleration Program’s first phase agreements

Amman: A total of 97 Jordanian companies, including 20 with female ownership or partnership, have inked agreements marking the first phase of the Export Acceleration Program for Goods, spearheaded by the Export House Company. The Program, with a budget of JD5 million, is a component of the National Export Strategy, facilitated through the Industrial Support Fund, and embodies the essence of the Economic Modernization Vision. Designed to empower 150 small and medium enterprises across various industrial sectors throughout the Kingdom, the program aims to equip participants with crucial insights into target markets, enhancing their export readiness and bolstering their competitive edge. Structured into two phases, the program's first stage entails securing financial backing amounting to JD2.4 million to facilitate the preparation of comprehensive market studies for targeted export markets. Eligible establishments must meet specific criteria to enroll in this phase. The second phase will see the execution of tailored export plans for 50 industrial facilities targeting identified markets, with a total allocation of JD2.6 million. During the signing ceremony on Thursday, Minister of Industry, Trade, and Supply, Yousef Shamali, emphasized the government's steadfast commitment to advancing the objectives of the Industrial Support Fund, aimed at fortifying the national industry, enhancing its competitiveness, and fostering export growth. Shamali underscored the significant demand for the program, highlighting the eagerness of industrial stakeholders to capitalize on opportunities for expansion and development. He cited the proven success of similar export acceleration initiatives in various countries. The minister reiterated the government's dedication to fostering a conducive environment for private sector endeavors, grounded in the principles of genuine partnership. He expressed pride in the achievements of the national industry, whose products have penetrated over 140 countries worldwide. Omar Qaryouti, CEO of the Export House Company, emphasized that the program addresses a common challenge faced by many industrial firms: the absence of a well-defined export strategy. He stated that 60 percent of the companies that submitted their applications targeted the Saudi and American markets, even though 49 percent of those companies are small in size, meaning they employ 24 or less workers. Source: Jordan News Agency