PM hails increase in exports

AMMAN — The increase in the Kingdom’s exports is an important indicator in a war-hit region, and economic growth needs the contribution of the industrial sector, Prime Minister Omar Razzaz said on Monday. 

During a meeting with boards of directors of industrial chambers, held at the Amman Chamber of Industry (ACI) in the presence of the government economic team, Razzaz said that the government had listened to the concerns of the industrial sector and would present proposals to their problems.

While at the ACI, Razzaz also inaugurated two offices for the Social Security Corporation and the Jordan Food and Drug Administration at the chamber’s headquarters. 

The premier said that the government would hold a meeting with representatives of the ACI every month to look for solutions facing the sector’s problems. 

For his part, ACI and Jordan Chamber of Industry (JCI) President Fathi Jaghbir expressed hope for 2020 to be a year of industry in line with the “state of production” motto through adopting an industrial strategy and policy.

Jaghbir called for this strategy to be based on solid scientific criteria that can enhance the share of national industries in the local market, increase the flow of national exports to international markets and attract and promote investment opportunities.

Referring to an International Trade Centre study, the president noted that the value of lost opportunities for the national exports exceeds $4.2 billion, and would have contributed to creating jobs for 180,000 employees if a set of procedural and financial decisions had been made recently. 

He stressed that the high production costs are still the biggest “nightmare” that threatens the continuity and competitiveness of the industrial sector.

In this regard, Jaghbir said that despite the government’s efforts to resolve obstacles facing the flow of Jordanian products to neighbouring countries, the sector wants the government to make a prompt decision to lower the energy costs that amount to more than 40 per cent of production costs.

The president cited a study on electricity costs, which referred to a positive impact of lowering this cost by 10 per cent on the industrial sector, resulting in a 2 per cent hike in the industrial production, contributing some 0.4 per cent to the gross domestic product and creating around 10,000 jobs.