Jordan’s Economic Vision: Minister Highlights Structural Reforms, Global Partnerships

Amman: Minister of Industry, Trade, and Supply, Yousef Shamali, emphasized that commercial, industrial, and investment affairs remain top priorities for the Kingdom since His Majesty King Abdullah II assumed his constitutional powers. These priorities are reflected in a series of structural and qualitative reforms aimed at achieving comprehensive development and integrating the national economy with the global one through building economic partnerships worldwide. Shamali, speaking in an interview with the Jordan News Agency (Petra), highlighted His Majesty the King's relentless efforts to elevate Jordan's global economic competitiveness. He noted the Kingdom's participation in several significant trade agreements, including accession to the World Trade Organization, establishment of a free trade zone with the United States, partnership agreements with European Union countries, and various other trade deals with nations such as Canada and Singapore. Underlining His Majesty's commitment to developing the na tional industry, Shamali pointed out the establishment of industrial cities across various governorates, aimed at attracting local investments and fostering economic growth. He stressed the importance of economic modernization, championed by His Majesty, which positions the industrial sector as a key driver of growth by leveraging competitive advantages and embracing diversity. Shamali highlighted Jordan's policy of economic openness since His Majesty's ascension to power in 1999, leading to increased national exports and trade diversification. He credited trade and industrial agreements with various countries for the significant growth in Jordan's export volume, noting the removal of trade obstacles and the attraction of foreign investment. Citing the impact of free trade agreements, Shamali pointed to the substantial increase in exports to the United States since the establishment of a free trade agreement, underscoring the industrial sector's significant contribution to the Gross Domestic Product. Obs erving the prosperity across various governorates as evidence of economic growth, Shamali emphasized the government's commitment to supporting the private sector and enhancing the competitiveness of Jordanian products. He highlighted the allocation of funds in the Kingdom's draft budget for 2024 to support national industries development programs. Shamali also outlined the government's initiatives to bolster the industrial sector, including the launch of the National Export Strategy, the Industry Support Fund, and the Industrial Observatory. He emphasized ongoing efforts to promote small and medium enterprises, enhance competitiveness, and modernize the economic system in line with His Majesty's vision for sustainable development. Source: Jordan News Agency