Jordan, Saudi Arabia Deepen Economic Cooperation

Amman: Minister of Industry, Trade, and Supply, Yousef Shamali, highlighted the exemplary nature of Jordanian-Saudi relations, emphasizing their historical and multifaceted ties rooted in the directives of the leadership of both nations. During a meeting with a Saudi delegation led by Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Khorayef, Shamali underscored the importance of forming strategic and complementary partnerships to serve the interests of the private sector in both countries. He noted that Saudi Arabia is Jordan's third-largest trading partner, stressing the need to maintain and increase trade volumes. Shamali pointed out the economic similarities between the two countries, including Jordan's Economic Modernization Vision and Saudi Vision 2030, both of which focus on industrial policy and export strategies. He clarified that no fees are imposed on Saudi ceramic products, only a 16 percent sales tax is applied to all imports in Jordan, regardless of origin. He also address ed the delay in registering Saudi cosmetics in Jordan, noting that the process is ongoing in cooperation with the Jordan Food and Drug Administration. Appreciating the visit of the Saudi delegation to prominent Jordanian factories and companies, Shamali highlighted their advanced production capabilities and their significant role in the region. Khorayef commended Jordan's Economic Modernization Vision, which outlines a clear development program for targeted sectors, noting that Jordan's existing industrial capabilities, particularly in pharmaceuticals and petrochemicals, offer substantial opportunities for regional collaboration. He emphasized the need to enhance private sector representation and economic efforts, given the similar demographics and aspirations of both nations' young populations. Khorayef advocated for comprehensive and strategic development of economic relations, particularly in the industrial sector. The Saudi Minister highlighted Saudi Arabia's commitment to its Vision 2030 strategy, wh ich promises benefits extending to all Arab nations. He also praised Jordan's pharmaceutical sector and stressed the need to boost production and support research in both the pharmaceutical and petrochemical industries. Chairman of the Jordan and Amman Chambers of Commerce, Khalil Haj Tawfiq, emphasized Saudi Arabia's key role in achieving food security for Jordan. He called for the reactivation of the Jordanian-Saudi Business Council to yield tangible results. Fathi Jaghbir, head of the Jordan and Amman Chambers of Industry, proposed holding conferences for businessmen from both countries to explore investment opportunities and form partnerships. The two sides agreed to create a roadmap for cooperation and industrial integration, leveraging Jordan's raw materials and Saudi Arabia's primary products. Trade between Jordan and Saudi Arabia amounted to approximately JD341 million in the first two months of this year, with exports at around JD129 million and imports at approximately JD471 million. Saudi Arabi a was the top destination for Jordanian exports within the Arab Free Trade Zone in 2023, with exports increasing by 17.1 percent to JD984 million. Jordan's imports from Saudi Arabia decreased by 11.6 percent, totaling JD2.591 billion. The total trade volume between the two countries in 2023 was about JD3.575 billion, with Jordan's trade deficit with Saudi Arabia decreasing to approximately JD1.607 billion. Source: Jordan News Agency