Saudi-Jordanian Business Forum Promotes Economic Integration And Joint Investment Opportunities

The Saudi-Jordanian Business Forum commenced in Amman, organised by the Federation of Saudi Chambers and the Jordan Chamber of Commerce. Over 250 investors and representatives from both nations' public and private sectors attended, aiming to forge a shared economic vision. The Saudi delegation was led by Hassan Al-Huwaizi, chairman of the Federation of Saudi Chambers, and included key businessmen and government representatives.

Jordan's Minister of Industry, Trade and Supply, Eng. Yarub Qudah, emphasised the need for integrated industrial and economic relations between Saudi Arabia and Jordan. He highlighted that trade volume between the two countries is comparable to that between Jordan and the United States. This underscores the potential for deeper partnerships that benefit both nations.

During the forum, presentations from the Saudi side showcased investment opportunities under Saudi Vision 2030. These presentations detailed how to enter the Saudi market and outlined institutional support available to investors. Such initiatives aim to attract more investments into Saudi Arabia by providing clear pathways for international businesses.

Al-Huwaizi noted that this year's forum aims to stimulate economic initiatives and create new investment opportunities in the region. He expressed hope for a significant shift in relations between Saudi and Jordanian private sectors through this event. The forum serves as a platform for fostering collaboration and exploring mutual benefits.

Khalil Al-Haj Tawfiq, chairman of the Jordan Chamber of Commerce, praised Saudi Arabia's role in supporting Jordan's development through substantial investments exceeding $15 billion. This financial backing has been crucial in bolstering various sectors within Jordan, contributing significantly to its economic growth.

On the sidelines of the forum, a meeting was held by the Saudi-Jordanian Joint Business Council. The council discussed strategies to enhance bilateral trade and investment ties further. Such meetings are vital for maintaining momentum in collaborative efforts between the two countries.

Industrial Opportunities in Jordan

The Jordan Industrial Estates Company (JIEC) invited Saudi business leaders to explore opportunities within Jordan’s nine industrial cities. These cities host 975 industrial firms with investments surpassing 3.5 billion dinars. JIEC revealed that there are currently 16 Saudi industrial investments valued at 133 million dinars within these cities.

Dr. Tareq Abughazaleh, Jordan's Minister of Investment, highlighted joint sectoral committees' role in facilitating business operations and encouraging investment. These committees are essential for addressing challenges faced by investors and ensuring smooth business processes across borders.

The forum represents a significant step towards enhancing economic cooperation between Saudi Arabia and Jordan. By focusing on shared interests and mutual benefits, both countries aim to strengthen their economic ties further.

With inputs from SPA