Amman Chamber of Industry (ACI) Board Member, Tamim Qasrawi, said the chamber seeks to better benefit from Jordan’s free trade agreement (FTA) signed with Singapore in 2004, which would contribute to increasing the Kingdom’s exports to southeastern Asian country.
In a statement on Wednesday, Qasrawi noted the agreement is Jordan’s first with a country in East Asia, and Singapore’s first with a a Middle East nation.
He also said the Royal visit to Singapore in 2019 provided an “important” opportunity to advance economic relations between the two countries.
The ACI seeks to develop Jordan’s economic relations with several target countries, including Singapore, to increase the Kingdom’s exports to these destinations, which would contribute to strengthening Jordanian economy, the statement added.
Speaking during his meeting with Jordanian ambassador to Singapore, Samer Naber, Qasrawi noted the trade balance between the two countries is “balanced,” as the value of Jordan’s exports to Singapore amounted to about $77 million, in contrast to imports worth about $72.96 million.
Jordan’s imports concentrated in mechanical, electrical and medical equipment, while the majority of Jordanian exports to Singapore were fertilizers, foodstuffs and chemical products, he noted.
There is an opportunity to increase the volume of Jordan-Singapore trade exchange by increasing joint investments, and promoting Jordanian industrial products in Singapore, which is a gateway to many southeastern Asian countries with a high population density, Qasrawi noted.
Naber, for his part, expressed the embassy’s readiness to help Jordanian industrial companies to enter the Singaporean market, by providing details on Singapore-held fairs to best promote Jordanian industries, especially companies working in the production of olive oil, dates and dead sea products.
“The embassy will promote Jordan to be a gateway to economic and investment opportunities in the Middle East and the Arab region, and a center for Singaporean investors and companies wishing to invest in the region,” Naber said.
Jordanian businesspeople and investors could establish their businesses in Singapore and benefit from its location in southeast Asia, he noted.
Source: Jordan News Agency