Industry Chambers head urges further enhancing economic ties with KSA

President of the Jordan and Amman Chambers of Industry Fathi Jaghbir, stressed the importance of enhancing economic ties between Jordan and Saudi Arabia in a manner that achieves the interests of both kingdoms.

Speaking to a meeting with a Saudi delegation that includes Chairman of the Jordanian-Saudi Business Council, Hamdan Al-Samrin, and members of the Saudi Chambers of Industry and Commerce on Tuesday, Jaghbir added that economic ties between Arab countries must be on a win-win basis, by which trade exchange won’t be in favor of one country at the expense of another.

He explained that trade exchange between the two countries amounted to $5.3 billion last year, with a growth of 24 per cent compared to 2021, as Jordanian exports to the KSA amounted to about $1.18 billion, a growth of 15 per cent, compared to Saudi exports to Jordan that amounted to $4.1 billion during the same year, a growth of 27 per cent.

Saudi investments in Jordan, Jaghbir added, are among the highest, valued at approximately $12 billion.

He said that these figures could increase in light of the distinguished relationship that brings the two countries together in various fields, noting that trade exchange doesn’t align with the productive diversity of the industrial sector in the two countries.

He stated that the visit of the Saudi delegation comes at the invitation of the Amman Chamber of Industry (ACI) to visit the “Go Home” exhibition for household supplies, which is organized by the ACI and as a continuation of the previous successful visits of Jordanian industrial delegations to Saudi Arabia, during which bilateral business meetings were held with Saudi businessmen in Riyadh, Jeddah, Dammam, Mecca and Medina.

In the meeting, both parties discussed issues and proposed projects that would deepen bilateral cooperation in economic and investment fields, especially with regard to accelerating and facilitating customs procedures on the borders between the two countries, and simplifying procedures for investors, to attract more Saudi investments to Jordan.

They proposed establishing a joint committee between the Jordan and Amman Chambers of Industry and the Jordanian-Saudi Business Council, with the aim of studying the establishment of a center for Jordanian products in Riyadh or Jeddah for direct sales through which samples can be displayed and Jordanian industrial products marketed and promoted in Saudi Arabia.

Source: Jordan News Agency