Jordanian, Saudi officials explore venues for enhanced cooperation

AMMAN — The preparatory meetings for the 15th session of the joint Jordanian-Saudi economic committee started on Wednesday, according to a statement issued by the Ministry of Industry, Trade and Supply. 

Secretary General Yousef Shamali and undersecretary of the Saudi ministry of transport for planning affairs Faisal Al Zaben are heading the meetings. 

Shamali described the meetings as an indication of the depth of bilateral relations that reached a high level of political and economic understanding thanks to Royal directives and continuous follow-ups from His Majesty King Abdullah and Saudi King Salman Bin Abdulaziz Al Saud.

The leaderships of both countries aim at boosting relations in all fields, especially the economic, trade and investment fields, which require effective measures that ensure growth and development of commercial and investment exchange to serve mutual interests.

He said the 15th session's meetings are being held after a year and a half since the previous session, which brought favourable results in light of recent developments, and added, "we are looking forward through our meeting today to review the implementation of what was agreed upon during the previous session and evaluate the activation of agreements, protocols and memoranda of understanding that were signed in several cooperation fields...". 

Shamali said the most important means to develop commercial exchange lie in the continuous support to Jordan through the general secretariat of the Gulf Cooperation Council and he referred to an economic agreement signed with Saudi Arabia on October 30, 1962, which he said reflects the history of commercial relations.

Saudi Arabia is the top commercial partner to Jordan, Shamali said, noting that commerce between the two countries constituted 49.9 per cent of the Kingdom's commerce with the Arab world in 2014 and 18.1 per cent of Jordan's trade with the world during the same period. 

Moreover, commerce between Jordan and Saudi Arabia in the first 10 months of 2015 constituted 47.4 per cent of Jordan's trade with the Arab world and 16.1 per cent of trade with the world, according to Shamali.

The secretary general said Jordan is looking forward to enhancing bilateral relations also in the fields of health, medicine, tourism, agriculture, industry, energy and transport.

Shamali indicated that the volume of commercial exchange between the two countries stood at $5.458 billion during 2014 as Jordanian imports from Saudi Arabia stood at a value of $4.59 billion and Jordanian exports at $999 million, which means that Jordan is under huge responsibility to find means of developing commercial exchange and allow the trade of goods without hindrances or obstacles. 

For his part, Zaben highlighted the importance of the joint Jordanian-Saudi economic committee's meetings to enhance bilateral cooperation and stressed the depth of relations. 

Also on Wednesday, Jordanian and Saudi businesspeople discussed ways to develop bilateral commercial and investment relations at the private sector level, in addition to establishing joint investments in many economic sectors, the Jordan News Agency, Petra, reported.

Such plans were discussed at a meeting hosted by the Jordanian Businessmen Association (JBA) with a Saudi economic delegation representing the Saudi chamber council, in the presence of Saudi Prince Khalid Bin Al Waleed Bin Talal and Jordan’s Ambassador to Riyadh Jamal Shamaileh. 

JBA President Hamdi Tabba said the Gulf neighbour topped the list of the biggest investors in Jordan with around $10 billion in the industrial, tourist, grand hotels, agricultural, hospital, financial, transportation and communications sectors.

The Saudi capital's share in the Amman Stock Exchange exceeds $3 billion, which constitutes around 10 per cent of the total value of the Jordanian shares, he said, adding that some 600 Saudi businesspeople run investments in the Kingdom in various economic sectors, Petra reported.

The president also stressed the availability of a major opportunity to move economic cooperation to a higher level, such as cooperating in railway transportation to enhance trade exchange, as well as major strategic schemes Jordan has decided to implement in the energy and water resources sectors.

Other projects include installing an oil pipeline from Saudi Arabia to the Jordan Petroleum Refinery Company and then to Aqaba, and cooperation in the electricity connection project, Tabba added according to Petra.

Mohammad Odeh, head of the Saudi side in the Jordanian-Saudi Business Council, said Saudis are interested in being acquainted with investment projects Amman intends to implement and participating in them, expressing his country's keenness to enhance its commercial ties with Jordan.

The council has referred a recommendation to the joint higher committee, suggesting providing a special window for Jordanian businesspeople at Saudi border crossings to facilitate their entry to Saudi Arabia, Odeh noted.

In a council meeting on Tuesday night, members called for intensifying visits and holding conferences aimed at showing investment opportunities in both countries, Petra reported.

Attendants also highlighted the significance of activating the technical cooperation agreement between the Saudi commission for standards, metrology and quality and the Jordan Standards and Metrology Organisation in a way that achieves integration in the field.

First Deputy President of the Jordan Chamber of Commerce Ghassan Khirfan expressed hope that Saudi Arabia will show more attention to Jordanian exports, limit obstacles, unify technical standards and facilitate visa procedures for Jordanian traders, according to Petra.