Jordan, Qatar businessmen discuss further cooperation

AMMAN — Jordanian and Qatari businesspeople have to reach economic integration and establish sustainable commercial and investment partnerships, Industry, Trade and Supply Minister Yarub Qudah said on Thursday. 

Participating in a Jordanian-Qatari meeting, which was organised by the Jordan Chamber of Commerce (JCC), Qudah noted that Qatari investments in the Kingdom stand at $350 million in several economic sectors, in addition to having $1.5 billion of investments in the financial market, the Jordan News Agency, Petra, reported. 

The minister highlighted that regional instability has contributed to reducing national exports by 20 per cent over the past five years due to closures of borders with traditional markets.

These challenges will, however, create genuine opportunities for the national economy when the reconstruction process starts in the region, he said.

Qudah noted that international stakeholders have estimated the volume of reconstruction projects related to infrastructure and services in Syria at $400 billion, and in Iraq at $200 billion.

He said that Jordan alone cannot utilise these opportunities, calling for a pan-Arab integration to help rebuild Syria and Iraq and urging Jordanian and Qatari companies to establish partnerships to benefit from these schemes.

JCC President Nael Kabariti said that the private sector is keen on establishing partnerships and coordinating with Qatari counterparts to open new scopes of economic cooperation and develop investments, according to Petra.

Kabariti, who is also a senator, expressed hope that the next phase will witness deeper economic cooperation through further enhancing Qatari investments in the Kingdom in new sectors, so as to support the national economy and provide jobs for Jordanians.

President of the Qatar Chamber of Commerce and Industry Sheikh Khalifa Bin Jassim Al Thani stressed the “brotherly and historical” ties between Doha and Amman, voicing  keenness on enhancing them at the economic level to meet both countries’ aspirations. 

Sheikh Khalifa noted that the number of Jordanian companies which are 100 per cent owned by Jordanian investors in Qatar stood at 127 by the end of 2017, with a total capital of $50 million, while Jordanian-Qatari partnership companies totalled 1,340 with an overall capital of $490 million.

He also said that the Qatari economy is rich in opportunities that can attract Jordanian investors, praising the continuing flow of Jordanian agricultural and food products to the Qatari market, something which “reflects the deep-rooted ties” between both countries’ businesspeople.