Day: November 5, 2022

Head of Amman Chamber of Industry (ACI), Fathi Jaghbir, said the next stage will “greatly” focus on increasing share of Jordanian industrial products in global markets, especially non-traditional destinations, stressing that “this goal will be a top priority.”

In an interview with “Petra,” Jaghbir noted future efforts will focus on markets of European countries, Latin America and East Asia, to increase commodity-based and geographical diversification of the industry and reduce its reliance on traditional markets.

This goal will be achieved by intensifying efforts to find new markets and develop industrial products, he noted.

ACI Board of Directors will work to unify the industrial voice to face the sector’s challenges and team up with various stakeholders to overcome the obstacles and difficulties facing industrial companies’ operations, he said.

On the ACI’s future plans, he said the chamber will seek to enhance the industrial sector’s competitiveness and raise employment rates through a comprehensive strategy aimed at advancing industrial development and improving the business environment through action plans, which are consistent with Economic Modernization Vision’s objectives.

The next stage will see steps to reduce production costs, protect the national product, increase and diversify exports in commodities and geography, raise the number of manpower and operating rates, provide financing and grants, and empower industry chambers, he said.

On the most pressing issues facing the industry, Jaghbir said: “Despite the great and distinguished contributions made by the industrial sector, it has not yet reached its full potential, whether in terms of production or even export.”

SOURCE: JORDAN NEWS AGENCY

Jaghbir said failure to “fully” unleash industrial sector’s production and export potentials is mainly attributed to the “relatively high” production costs, compared to neighboring countries.

Jaghbir noted problem of production costs, especially energy, labor and other fees and taxes imposed on the sector, is a “key” obstacle, which impedes Jordanian industry’s potential to advance, grow and prosper.

In addition, he noted ACI will work to reduce the outstanding issues facing the industrial sector regarding expat workers.

Jaghbir affirmed ACI will work “hard” to activate and implement the reciprocity principle and take administrative measures on foreign goods imports that are growing dramatically and threatening Jordanian industry’s products by imposing procedures, mainly product registration, to limit entry into the Kingdom.

Since the beginning of 2022, he announced Jordanian industry has recorded an “unprecedented” performance historically and achieved a “true” growth rate of 3.8 percent, compared to the same period last year, when exports amounted to about JD3 billion.

“This value is historically the highest over the past decade, with the sector’s contribution to GDP growth exceeding 29.5 percent,” said Jaghbir, stressing that Jordan’s industrial sector is thus viewed a leader in accelerating economic growth.

The industrial sector, he noted, is a “key” economic sector and attracted more than 65% of the investments benefiting from Investment Promotion Law over the past two decades.

Investments of the industrial sector until the end of 2021 amounted to about $15 billion, at 17,000 establishments, employing 256,000 workers, or 25% of the Kingdom’s total workforce, he said.

In the coming ten years, he noted Economic Modernization Vision aims to increase contribution of industrial exports to the growth rates of the national economy by 35%- 65% rates to reach about JD20 billion in 2033.

This plan would thus raise industrial sector’s contribution to the gross domestic product from JD5.3 billion last year to JD11.1 billion in 2033, in addition to creating more than 260,000 new jobs within the sector over the next ten years, he added.

SOURCE: JORDAN NEWS AGENCY

The value of certificates of origin issued by the Amman Chamber of Commerce (ACC) during January-October period of 2022 to export goods and commodities to Arab and foreign countries amounted to about JD742 million, compared to JD599 million for the same period last year.

According to ACC’s statistical data announced Saturday, the number of ACC-issued certificates of origin in the last ten months of 2022 reached 30,526, compared to 31,689 for 2021.

Over the same period, the ACC’s certificates targeted many countries, primarily Saudi Arabia with 7, 722, then Kuwait by 5,913, the United Arab Emirates by 4, 097, Iraq by 1, 153, and Egypt by 907.

In terms of value over the last ten months 2022, exports to Iraq amounted to JD188 million, Egypt at about JD98 million, Saudi Arabia stood at JD94 million, the United Arab Emirates at JD76 million and then Kuwait at about JD33 million, ACC figures showed.

With regard to re-exports of foreign products, their value amounted to about JD320 million, while industrial, agricultural and Arab products’ exports reached JD187 million, about JD143 million, and about JD60 million, respectively. The rest went to many other different products, according to ACC’s statistical data.

ACC issues certificates of origin for Jordanian agricultural and animal products and raw Jordanian natural resources for foreign goods that are being re-exported and for foreign goods purchased from the local market under specific conditions.

It also issues these certificates for Jordanian industrial products at the exporter’s request based on an original factory invoice certified by a Jordanian industry chamber proving that goods have a Jordanian origin.

SOURCE: JORDAN NEWS AGENCY

Board of Directors of Jordan Industrial Estates Corporation (JIEC) decided to float a tender to implement the first phase of Zarqa Industrial Estate (ZIE) to a local contracting company, at a total cost of JD21 million.

In a statement on Saturday, a JIEC board meeting, chaired by its head, Louay Sahweil, and in the presence of the corporation’s Director General, Omar Juwaid, the board said a tender was issued to carry out the project, which is one of government priorities for 2021-2023, aimed is to bring about development in the Kingdom’s various regions and provide more job opportunities for Jordanian youth.

The project also aims to make the Jordanian industrial estates the “ideal” environment for industrial investment, by taking advantage of their investor advantages and support services, whichwould facilitate business operations, the statement noted.

Juwaid said the ZIE’s first phase includes development of 1,116 dunum out of the estate’s total 4,700- dunum land, which would be developed over multiple stages.

Within the first phase, he said construction of all the estate’s infrastructure and industrial buildings on a 22,000 sqm area will be carried out, within an expected period of about 3 years.

Juwaiad stressed the importance of establishing ZIE to attract investors and stimulate the region’s existing industrial projects to house businesses within its borders and take advantage of the estate’s incentives.

The ZIE , once ready and operational, would attract many industrial investments in many productive fields, such as foodstuff, as well as chemical, packaging and engineering industries, he pointed out.

SOURCE: JORDAN NEWS AGENCY