Establishes new business and investment tracks focusing on 7 main axes

The UAE and Jordan agree on a joint program for economic work

The Joint Economic Committee held its second session virtually.

From the source

The UAE-Jordan Joint Economic Committee concluded its second session, which was held virtually, and was chaired by the state’s Minister of Economy, Abdullah bin Touq Al-Marri, in the presence of the Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al-Zeyoudi, and from the Jordanian side, the Minister of Industry, Trade and Development, Eng. Maha Ali.

joint program

According to a statement issued yesterday, the two sides agreed on a joint program for economic work, establishing new trade and investment paths, focusing on seven main axes, which included: raising the level of economic coordination in Arab, regional and international forums, facilitating the access of goods and services to the markets of the two countries, and the development and diversification of trade exchange. Supporting entrepreneurship and owners of small and medium enterprises, forming a working group to increase joint investments, directing its compass towards vital and new industrial and productive sectors, including financial technology, industry, health, agricultural technology, water technology, smart mobility, and renewable energy, and developing a plan to establish investment projects An Emirati-Jordanian partnership in the food industries sector in Jordan during the next phase.

business incubators

It was also agreed to study the establishment of joint industrial business incubators, especially in the field of iron and steel, and to exchange experiences and accumulated experiences of both sides in the field of establishing industrial cities and specialized industrial zones, and to enhance cooperation in the food and pharmaceutical industries.

The axes of cooperation also included access to the Emirati experience and expertise in the field of e-commerce.

The two sides agreed to enhance cooperation in the field of food and agricultural products, agricultural production inputs, trade in live animals and their products, exchange experiences in the areas of food security and strategic stocks, and adopt joint programs to raise the efficiency of mutual examinations of agricultural products, in a way that enhances trade and investment in them, as well as cooperation in the fields of Energy and renewable energy, including hydropower from dams, transportation, and encouraging tourism investment opportunities.

successful model

The Minister of Economy, Abdullah bin Touq Al Marri, stressed that the UAE-Jordanian bilateral cooperation constitutes one of the most successful models of joint work at the Arab and international levels.

He added that the meetings of this session of the Joint Economic Committee are gaining increasing strategic importance, as they coincide with the gradual return to normal life, and the acceleration of the pace of growth and economic recovery.

For his part, Minister of State for Foreign Trade, Dr. Thani bin Ahmed Al Zeyoudi, pointed to the pivotal role played by the Joint Economic Committee in promoting trade and investment flows between the two sides, and its contribution to increasing the momentum of sectors that constitute vital economic tributaries, including tourism, industry, import and export. energy, transportation, logistics, supply chains and food security.

In turn, the Jordanian Minister of Industry, Trade and Supply Maha Ali confirmed that the coming period will witness the signing of a number of agreements and memoranda of understanding between the two countries, which will contribute to the growth of trade and investment relations.

Trade and Investments

In 2020, non-oil foreign trade between the two countries amounted to $2.24 billion (AED 8.2 billion), at a time when the UAE is among the five largest trading partners of Jordan in terms of its non-oil trade, while Jordan is one of the country's most important trading partners. The UAE is in the Arab world, as it accounts for 7% of the country's total non-oil trade volume with Arab countries, other than the GCC countries.

The value of mutual investments between the two countries is estimated at 20 billion dollars (73.4 billion dirhams).

• A plan for investment projects in the food industries.

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