Saudi-Jordanian Business Council sets roadmap for 'stronger' trade, investment ties

AMMAN — The Saudi-Jordanian Business Council on Tuesday has reaffirmed its commitment to boosting economic cooperation between the two countries, stressing the need to enhance trade and investment ties and capitalise on available opportunities.

During a meeting held in Amman, council members underscored the importance of fostering a new phase of collaboration, the Jordan News Agency, Petra, reported. 

The meeting was chaired by Jordan Chamber of Commerce President Khalil Haj Tawfiq on the Jordanian side and Al-Jouf Chamber of Commerce President Hamdan Samrain on the Saudi side.

Discussions focused on expanding trade and investment relations, overcoming barriers to economic exchange, and identifying joint initiatives to facilitate growth.

The council agreed to reactivate sectorial subcommittees to address industry-specific challenges and develop actionable solutions.

It also proposed holding regular meetings, setting a structured schedule for business delegations, and adopting a new logo that reflects the depth of bilateral relations.

A key focus of discussions was the establishment of a mechanism to enhance collaboration, conduct feasibility studies on investment prospects, and share insights with business leaders to encourage joint ventures.

Talks during the meeting also explored measures to streamline trade procedures, accelerate customs processing, and enhance cooperation in logistics, renewable energy and food security.

One of the main initiatives proposed was establishing a joint digital platform within the council to serve as a hub for trade and investment opportunities.

The platform would facilitate business networking, help open new markets, and support collaboration across various sectors.

It would also help organise trade exhibitions and business forums, offer training programmes and provide support for entrepreneurs in areas such as technology, industry and services.

Council members stressed the platform’s role in promoting joint projects in both traditional industries and emerging sectors like renewable energy and ICT.

The initiative would also focus on investment-friendly policies, improving trade facilitation, and supporting small and medium-sized enterprises (SMEs) through financing, mentorship and market access.

The meeting also addressed existing challenges in trade relations, with the council announcing plans to conduct a remote survey to collect industry-specific data and refer findings to relevant authorities for finding solutions.

Council members also discussed restructuring subcommittees to oversee key economic sectors, including logistics, agriculture, education and technology, ensuring that challenges within each sector are addressed.

In a move to further boost ties, the council agreed to organise a visit by a Jordanian trade delegation, in coordination with the Jordan Chamber of Commerce and the Federation of Saudi Chambers, to Saudi Arabia and explore business opportunities.

An executive committee will also be established to monitor the implementation of council recommendations.

Discussions highlighted the need for ongoing engagement through periodic meetings, delegation exchanges, and investment-focused initiatives.

Participants also proposed organising a joint Jordanian-Saudi trade exhibition in the Kingdom to showcase business opportunities and foster economic partnerships.

Haj Tawfiq stressed the "strong" ties between Jordan and Saudi Arabia, commending both leaderships for their continuous efforts to enhance economic cooperation.

He noted that the council plays a "vital" role in advancing trade and investment relations, facilitating dialogue between business communities, and driving private-sector growth.

Established in 1997, the Saudi-Jordanian Business Council aims to boost trade flows, resolve business challenges, encourage joint ventures and enhance economic exchange between the two kingdoms.

Samrain highlighted the Saudi private sector’s interest in expanding business relations with Jordan, noting the sustained growth in bilateral trade and investment.

He stressed the importance of fostering genuine partnerships that serve the interests of both economies, referring to the "strong" participation of business leaders as a testament to the commitment to enhancing economic ties.