Investment in human capital behind Jordan’s success — King

AMMAN — Jordan owes its success over the years to its investment in human capital, according to His Majesty King Abdullah. 

"Many countries in the region are supported by Jordanian human talent. That’s the capital that we have. And I think that’s what sets us apart from other countries," the King said in a recent interview with CNBC News Middle East correspondent Hadley Gamble, the first part of which was broadcast on Thursday.

Noting that human capital has "always been our export", the King said his ideal long-term vision is to bring that export back into Jordan.

Highlighting success stories in ICT, start-up support and medical tourism, His Majesty said “it all comes back to the Jordanian talent”. 

“So when partners come from outside to invest in Jordan, then they have the Jordanian partner, which is a very solid, young, tech-savvy partner to be able to invest in, I think that is what differentiates Jordan from many countries in the region.”

The King noted that Jordan does not use regional unrest as an excuse not to move forward. 

“Whether it is economic reform or political reform, I keep telling our people that it’s business as usual and we shouldn’t shy away. In actual fact, when there are crises, this is the time to take advantage and actually push forward,” he said.

“I think we have a history over many decades of Jordan always being stable throughout the region, whatever the crises are, and you have got to remember that with everything that is going on around us, Jordan has done extremely well. 

“We have had growth of over 3 per cent [over] the past couple of years and we are expecting 4 per cent over the next two or three. Our reserves in the Central Bank [of Jordan] are the highest they have ever been,” the King added.

Noting that Iraq is a strong market for Jordan, His Majesty said he believes the Iraqi government, with the coalition forces, will be able to reopen the route between Amman and Baghdad this summer. 

“That is a very strong market that is going to be reopened... it is not just the traditional Iraq market, but then again the FTAs [free trade agreements] we have with the GCC, that’s a traditional market. We have always looked beyond the region, it is not just looking at Jordan,” he said, highlighting FTAs with the US and Canada, and work under way to increase cooperation with Mexico and with Asian countries such as India.

“And because of the development of the seaport city of Aqaba, there’s now a new move to look at the Horn of Africa and how do we develop the East African countries. So, again, there are opportunities that are coming up and people are knocking Jordan’s door.”

Highlighting Jordan’s energy and refugee burdens, the King said “most people don’t understand that 85 per cent of the refugees are not in the refugee camps, they are actually outside”.

With the lack of gas from Egypt and growing energy needs, Jordan has had “to move quickly”, he added. 

“This has always been a secret of Jordan, being able to adapt to all the challenges that we have had. And that’s why you are seeing a major investment into alternative energy.”