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Jordan Times
14-04-2025
- Business
- Jordan Times
Industrial sector grows by 4.4% in 2024
AMMAN — The industrial sector achieved a 'real' growth of 4.4 per cent during the past year compared to 2023, with contribution of 40 per cent to the total economic growth realised in the Kingdom. President of the Jordan and Amman Chambers of Industry Fathi Jaghbir said in a statement on Monday that the 'industrial sector has proven its solid position as a key driver of economic growth in the Kingdom, despite regional changes and unprecedented global economic pressures.' He added that industry has become the backbone of the national economy, as it is the main pillar in the Economic Modernisation Vision. Jaghbir said that the growth was driven by positive developments and noticeable growth across various industrial sectors, with the mining sector recording a growth of 5.5per cent, the manufacturing sector 4.2 per cent, and the electricity and water sector 4.8 per cent. He also said that the industrial output at current prices reached JD8.6 billion during 2024, accounting for 23 per cent of the gross domestic product (GDP) directly, making it the highest-contributing economic sector to the national economy as a whole. He expressed hope that the current year will bring further progress and prosperity for Jordanian industry, especially with the government's focus on the optimal implementation of all initiatives under EMV and enhancing its competitiveness. Jaghbir also pointed out that the industry's contribution to the GDP was supported by a 1.4 per cent growth in industrial exports last year compared to 2023, with their total value exceeding JD7.8 billion, making up around 92 per cent of total national exports.
Jordan News
15-03-2025
- Business
- Jordan News
Al-Bakkar: We Are Working to Provide the Necessary Workforce for the Continuity of Production in Industrial Facilities
Minister of Labor Khaled Al-Bakkar confirmed that the ministry's priorities include regulating the labor market through collaboration with the private sector across its various industries. During a meeting with the Chairmen and members of the boards of the Jordan and Amman Chambers of Industry on Thursday, a number of demands from the industrial sector were discussed. اضافة اعلان Al-Bakkar emphasized during the meeting that the ministry's priority is to create job opportunities for Jordanians. However, in line with the ministry's commitment to forming a true partnership with the private sector, it is working to strike a balance between ensuring the sustainability of industrial operations and meeting the need for foreign workers, after studying the requirements of each sector in relation to the commitment to employing Jordanians in these sectors. He pointed out that the ministry understands the importance of the industrial sector in supporting the national economy and providing employment opportunities for Jordanians, and is keen to provide skilled and specialized labor necessary for the continuity of production operations. For his part, the Chairman of the Jordan and Amman Chambers of Industry, Engineer Fathi Al-Jaghbeer, appreciated the Minister of Labor's responsiveness to the chambers' requests regarding the provision of foreign workers for certain sectors. He also commended his dedication to addressing industrial issues related to the ministry's work, emphasizing that the industrial sector gives priority to employing the local workforce. During the meeting, it was agreed to organize job fairs in industrial areas such as Sahab, Al-Muwaqqar, Al-Qastal, and Marka, aimed at networking between factories with available job opportunities and job seekers from those areas.
Jordan News
11-03-2025
- Business
- Jordan News
Jordan's Exports to the Arab Region Rise - Jordan News
Jordan's Exports to the Arab Region Rise Jordan's national exports to the Arab Free Trade Area saw significant growth in the past year, increasing by 15.9% (488 million dinars) to reach 3.564 billion dinars, compared to 3.076 billion dinars in 2023. اضافة اعلان Exports to the Arab Free Trade Area accounted for 42% of Jordan's total exports last year, up from 37% in 2023. Meanwhile, the Kingdom's imports from Arab countries increased by 8.2%, reaching 5.078 billion dinars, compared to 4.693 billion dinars in 2023. Key Drivers of Export Growth The President of the Jordan and Amman Chambers of Industry, Engineer Fathi Al-Jaghbir, stated that the increase in national exports to Arab countries was driven by rising demand in these markets for Jordanian products, which are known for their high competitiveness and quality. He highlighted that Jordan's efforts to expand exports to key neighboring markets, particularly Iraq and Saudi Arabia, played a crucial role in promoting Jordanian products across the Arab world. Exports to Iraq grew by 42.5%, reaching 905 million dinars, while exports to Saudi Arabia increased by 14.3%, totaling 1.1 billion dinars. Sectoral Growth in Exports According to Al-Jaghbir, the key sectors that witnessed export growth included: Engineering industries (cables and wires) Construction materials (building units and prefabricated structures) Food industries (processed foods, tea, and tobacco) Chemical industries, packaging, plastics, and furniture Among the top exported products were fertilizers and cleaning products, while petroleum products, plastics, pearls, and jewelry were among the leading imports to Jordan. Strategic Steps to Enhance Exports Al-Jaghbir emphasized the need for strategic measures to further boost Jordanian exports, including: Enhancing Arab economic integration by fully implementing the Arab Free Trade Agreement, eliminating trade barriers, and simplifying export procedures. Reducing production costs, particularly by supplying industrial zones with natural gas to lower energy expenses and increase competitiveness. Expanding export opportunities by targeting underutilized markets, with potential exports exceeding $2 billion to countries such as: Saudi Arabia: $650 million UAE: $270 million Kuwait: $136 million Qatar: $135 million Egypt: $120 million Call for Stronger Arab Trade Cooperation Al-Jaghbir stressed the urgent need for stronger Arab trade cooperation, noting that intra-Arab trade accounts for only 12% of the region's total foreign trade. He urged Arab countries to: Remove trade restrictions Facilitate labor movement and investments Improve logistics and commercial shipping Jordan's Economic Stability and Export Potential Assistant Secretary-General of the Union of Arab Businessmen, Tareq Hijazi, highlighted that Jordan's free trade agreements and geopolitical stability position it as a gateway for trade and investment in the region. He pointed out that increasing demand for Jordanian products in Arab markets is driven by: Economic growth in some Arab countries Recovery from past economic crises High-quality Jordanian products that meet regional standards Key Recommendations for Sustainable Export Growth Economic expert Dr. Adli Qandah outlined several strategies to sustain Jordan's export growth: Diversify export products by expanding into technology and high-value services Improve quality standards to build consumer trust Upgrade logistics infrastructure (ports, roads, storage facilities) Encourage foreign investment in export-driven industries Leverage e-commerce and digital marketing to access new markets Reduce production costs through government support for energy prices and easier access to financing Enhance customs efficiency to streamline trade with Arab partners Conclusion With the right policies and investments, Jordan has the potential to achieve sustained export growth, strengthen its position in Arab markets, and contribute to broader regional economic integration. (Petra News Agency)
Jordan News
08-02-2025
- Business
- Jordan News
Enhancing the Jordanian-Iraqi Economic Partnership - Jordan News
Amman,Iraqi Business Council (IBC) in Amman is organizing on February 16, a conference, themed: "Investment, Renewable Energy and Financing... Towards a Sustainable Digital Future." اضافة اعلان The event comes in partnership with Jordan and Amman Chambers of Industry, International Finance Corporation and Multilateral Investment Guarantee Agency (MIGA). According to an IBC statement Saturday, the European Bank for Reconstruction and Development, Iraqi Banks Association, Federation of Arab Businessmen, Iraqi business councils and local and international economic institutions will attend discussions. The one-day event focuses on investment, financing and digital transformation opportunities, highlighting "promising" sectors including the financial and banking sector, industry, mining, renewable energy, communications and information technology. The statement added that the conference constitutes a platform for direct contact among companies, representatives of strategic projects and financial institutions, providing "valuable" opportunities for expanding business and expanding into regional markets. IBC Vice President and Head of the Preparatory Committee, Dr. Saad Naji, said Iraqi Minister of Industry and Minerals, Dr. Khaled Battal, Governor of Central Bank of Iraq, Dr. Ali Al-Alaq, other officials and representatives of Jordanian and Iraqi financial and banking sectors will participate. On its agenda, Dr. Naji noted the conference represents an "exceptional" opportunity to enhance "strategic" Jordanian-Iraqi partnerships, as the two countries' investors and business owners will explore joint cooperation prospects and investment. Participation of "leading" international financial institutions adds an "exceptional" character, which would contribute to providing support for major projects and stimulating investment, he pointed out.
Jordan Times
29-01-2025
- Business
- Jordan Times
Royal directives elevated level of Industrial Sector, Jaghbir says
President of the Jordan and Amman Chambers of Industry Fathi Jaghbir, affirms in a statement on the occasion of His Majesty King Abdullah's birthday, which falls on Thursday, that the Jordanian industrial sector has witnessed significant progress during the King's reign (JT file) AMMAN — President of the Jordan and Amman Chambers of Industry Fathi Jaghbir, affirmed in a statement on the occasion of His Majesty King Abdullah's birthday, which falls on Thursday, that the Jordanian industrial sector has witnessed significant progress during the King's reign. Since assuming power, His Majesty has been committed to building a self-sufficient national economy capable of keeping pace with global economies, the Jordan News Agency, Petra, reported. He said, "In line with His Majesty's directives and his continuous efforts to enhance Jordan's foreign trade, the country joined the World Trade Organization (WTO) at the end of the 20th century. This was a major step in opening trade horizons for national products, granting Jordanian exports access to more than 150 countries within a transparent and well-regulated environment of procedures, laws, and regulations." On the industrial exports front, Jaghbir noted that they have seen remarkable growth since His Majesty assumed power. Jordanian products now reach over 1.5 billion consumers across more than 148 markets worldwide, with exports increasing from approximately JD993 million in the late 20th century to an annual value exceeding JD7.9 billion in 2022. During the first three quarters of 2023, industrial exports reached around JD5.9 billion. He pointed out that the sector's added value has also grown, rising from about JD1 billion in 1998 to nearly JD7.33 billion in 2022. This growth is reflected in the industrial sector's contribution to GDP, which increased from around 19 per cent to approximately 21.7 per cent in 2022. Jaghbir added, "His Majesty's keen interest and efforts in attracting investments have led to a significant increase in industrial investment, which has nearly doubled in recent decades to approximately JD15 billion. This has been accompanied by a rise in the number of industrial establishments from around 4,000 in 1999 to more than 18,000 today, spread across all governorates of the Kingdom." He further highlighted that Jordan was among the first Arab countries to establish vocational and technical training centres and to develop its education system. This has had a direct impact on the industrial workforce, which today employs nearly 268,000 workers, the majority of whom are Jordanians, representing over 21 per cent of the country's total workforce, compared to around 140,000 workers in 1999. He emphasised that His Majesty's relentless efforts have recently present in the launch of the Economic Modernisation Vision, which aims to improve quality of life by creating high-income job opportunities across all governorates. The vision seeks to increase the industrial sector's output from JD5.3 billion to around JD11.1 billion by 2033, while boosting industrial exports from approximately JD4.8 billion in 2021 to nearly JD19.8 billion by the end of 2033.
