Industry Minister calls for Jordanian-Qatari trade, investment partnerships

Amman, Minister of Industry, Trade and Supply, Yarub Qudah called for economic integration and setting up sustainable trade and investment partnerships between Jordanian and Qatari businessmen.

The minister gave his remarks in a Jordanian-Qatari meeting organized by the Jordan Chamber of Commerce (JCC), during which he hailed the strong bilateral ties on various levels and expressed appreciation for the Qatari investments’ role in supporting the national economy.

The volume of Qatari investments in Jordan stood at $350 million in many economic sectors, in addition to another investments estimated at $1.5 billion in the financial market, according to Qudah.

He noted that national exports fell by 20 per cent due to the closure of their traditional markets as a result of regional turmoil in the last five years.

Those challenges, the minister added, have created real opportunities for the national economy that will be evident in the reconstruction process and the stability in the region.

He indicted that international economic institutions estimate the size of infrastructure and services in Syria with about $400 billion in addition to about $200 billion in Iraq, not to mention other needs.

Qudah underlined that Jordan will not be able to exploit these opportunities alone, which requires Arab economic integration to help build Syria and Iraq, calling for partnerships between Jordanian and Qatari companies to benefit from these projects.

Pan-Arab trade is at its lowest level in a few years and doesn’t exceed 12 per cent in addition to the decline in the volume of Arab investments, due to internal challenges and conditions facing the region, which have reflected on the economic relationship between Arab countries, the Industry minister explained.

The meeting, which included bilateral encounters between companies in the two countries, which represented various economic sectors, discussed means of boosting economic cooperation and trade exchange between the two parties and removing impediments to this, and the mechanism to establish joint investment projects.

JCC Chairman Nael Kabariti said the Jordanian private sector is keen to participate, coordinate, open new doors for economic cooperation and developing of investments between the two countries, pointing to the role that can be played by the Joint Business Council in this regard.

Chairman of Qatar Chamber Of Commerce, Sheikh Khalifa Bin Jassim Al-Thani lauded ties with Jordan and voiced keenness to promote them economically.

He added that the number of Jordanian companies owned by 100 percent to Jordanian investors in Qatar reached 127 companies by the end of last year with capital of $50 million, while the number of operating Jordanian Qatari joint companies reached 1340 companies with capital of $490 million.

On the sidelines of the meeting, an agreement between the Qatar Meat & Livestock Company (Widam) and a group of Jordanian investors was signed, by which a company specialized in recycling of animal waste, will be established in Qatar.

Source: Jordan News Agency