Jordan aims to increase exports to West Bank markets — Industry minister

AMMAN — Minister of Industry, Trade and Supply Yarub Qudah said that Jordan seeks to increase its exports to the West Bank markets, with a goal to double exports to the Palestinian market starting next year.

Speaking during a seminar attended by some 200 businessmen under the umbrella of the Palestinian-Jordanian Business Forum, Qudah pointed out that developing the bridge and border crossing between Jordan and Palestine is part of the Economic Modernisation Vision (EMV) for 2025, which would facilitate trade flow, Al Mamlaka TV reported.

The minister discussed the EMV, the role of the private sector, and the Palestinian-Jordanian Business Forum’s role in achieving it. 

He also addressed the political situation in the region and the role of the private sector in boosting the Jordanian economy, as well as the trade exchange between Jordan and Palestine.

The minister stressed the significant role of the private sector in national economic development, driving growth, and creating job opportunities, noting that the government works with the private sector to raise economic growth rates and generate more jobs.

In response to questions from the audience, Qudah noted that the Central Bank of Jordan's foreign currency reserves are at their "highest" level in over 40 years, describing them as "comfortable and secure." 

He added that the government is considering increasing the capital of the CBJ due to the availability of foreign currency reserves.

Qudah also highlighted Jordan's role as a gateway for reconstruction in Syria and Gaza, noting that the Kingdom's foreign policy is in communication with international entities, all of which have stressed that Jordan will be their gateway for Syria's reconstruction. 

He referred to the challenging economic situation in Syria, where the government lacks the funds for reconstruction, and that reliance will be on the Syrian private sector and the international community.

Qudah noted that coordination and communication with Syria continue regarding exemptions from fees on transit movement between the two countries, enabling Jordanian products to pass through Syria to Eastern Europe and remain competitive.

The minister also said that efforts are underway to reopen the Bab Al Hawa border crossing within the next two months. This crossing is a vital land transport link between Europe, Syria, Jordan, and the Gulf countries.

Chairman of the Palestinian-Jordanian Business Forum Nazmi Atmeh stressed the private sector's crucial role in achieving the EMV, raising growth rates, and attracting investments. 

Atmeh said that the forum aims to promote investment opportunities in Jordan and collaborate with the public sector to improve the investment environment and enhance the country's competitiveness.

He noted that the forum includes more than 250 businessmen from various economic sectors, who own over 1,000 companies and employ thousands of Jordanians. 

The chairman also pointed out that collaboration between the public and private sectors is essential to achieving the EMV and improving the business environment.