20th Jordan Economic Forum kicks off

AMMAN — The 20th Jordan Economic Forum, on Sunday began under the title “Blockchain Summit: Financial Innovation and Entrepreneurship”, the Jordan News Agency, Petra, reported.

Deputising for the prime minister, Minister of Digital Economy Ahmad Hanandeh stressed during the opening session, which dealt with traditional Arab economies and their financial innovation, that the world is witnessing a digital transformation in the use of “blockchain technologies”. 

Almost 130,000 Jordanians own virtual currencies, he noted, highlighting the importance of enacting legislation to keep pace with the virtual world and that can support electronic commerce, artificial intelligence and virtual currencies.

“Entities that cannot keep pace with these changes will fail,” he stressed, calling for digitising state institutions.

He described Jordan as a “fertile ground” for entrepreneurial projects, as more than 23 per cent of Arab entrepreneurship is found in the Kingdom. He added that entrepreneurship is the “backbone of the future of any economy” and that the local economy relies on startup companies.

Hanandeh expected that 50 per cent of the jobs known today will not exist in the future due to digital transformation. 

He stressed that the infrastructure in Jordan is capable of managing digital transformation, given it is one of the most developed in the region.

Former minister of Industry and Trade Muhammad Halaiqa said that today’s economy needs political will, infrastructure, an appropriate legislative environment and qualified personnel that can address digital transformation. However, this is lacking in most of the Arab world, Halaiqa added.

The conference serves as a platform for exchanging opinions, increasing partnership, brainstorming practical recommendations, and discussing the challenges and risks facing the world of finance and business.

The conference will discuss the most important global challenges that affect investment and the economy, especially after the coronavirus pandemic.

It will also focus on the acceleration of the digital economy and challenges for Arab economies to respond to digital transformation.

The conference will also focus on commercial and central banks, as well as "blockchain" technology and its benefits for electronic payments, investment, women empowerment in the digital economy, according to Petra. 

The conference will host multiple Jordanian and foreign experts in the fields of e-commerce, international markets and stock exchanges.