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