Industrial sector’s value increases from JD1 billion to JD7.33 billion during King's reign

AMMAN — President of the Jordan Chamber of Industry (JCI) Fathi Jaghbir on Saturday said that the sector has achieved "key milestones" in the past 25 years under the reign of His Majesty King Abdullah as the national industry gained access to over 1.5 billion consumers in 151 markets worldwide.

The industrial sector's added value went up from some JD1 billion in 1998 to JD7.33 billion in 2023, which was reflected in its contribution to GDP from 19 per cent to 21.4 per cent in 2023, Jaghbir said in remarks to the Jordan News Agency, Petra, on the 25th anniversary of King Abdullah’s coronation.

The number of industrial establishments increased from 4,000 in 1999 to more than 18,000 across the Kingdom, underscoring the Kingdom's efforts in attracting foreign investments and boosting the investment environment, Jaghbir noted.

He added that the national industry today attracts both local and foreign capital, with an investment volume of around JD15 billion and a registered capital of facilities of more than JD4.6 billion.

The industrialist also highlighted a key achievement under the King's leadership, setting up the Jordan Chamber of Industry in 2005 as a national body encompassing all chambers of industry in the Kingdom.

Jaghbir noted that His Majesty has repeatedly stressed the national industry's potential and capacity that qualified it to be a regional hub for strategic industries, which was obvious in the Economic Modernisation Vision that placed industry on the top of high-value sectors in achieving the vision's goals and enhancing economic development.

He pointed out that the vision considered industry as a key pillar of comprehensive and sustainable growth to raise the sector’s productivity from JD5.3 billion to about JD11.1 billion by 2033.

The JCI official said that the vision also seeks an increase in exports' value from JD4.8 billion in 2021 to about JD19.8 billion by the end of 2033, with the sector accounting for nearly a third of the job opportunities targeted by the vision of 314,000 workers.

His Majesty's efforts and diplomacy led to Jordan signing several international agreements and partnerships over the past years, which positively reflected on the sector's indicators, he pointed out.