AMMAN: There is a need for Jordan and Algeria to activate the joint free trade agreement, increase commercial exchange volume and encourage establishing investments in both countries, Industry, Trade and Supply Minister Maha Ali said on Monday.
At a meeting with an Algerian economic delegation, currently visiting the Kingdom, she added that both countries are interested to develop economic cooperation in different fields to serve joint interests, stressing that the importance of exchanging visits, expertise and organising commercial exhibitions. Jordan has an attractive, competitive investment environment, which was boosted by a new Investment Law offering many incentives for investment projects, Ali continued.
She also acquainted the Algerian delegates, headed by Khobzi Abdul Madjid, president of Zibans Chamber of Commerce and Industry, with the Kingdom’s bilateral and multilateral free trade agreements, such as those with the US and Canada, which gives Jordanian products access to major markets in the world.
The minister called on the Algerian private sector to benefit from the investment opportunities available in Jordan and to have a first-hand look on the investment environment, so as to work on developing bilateral economic cooperation.
The delegates expressed interest in the Kingdom’s investment environment, the industrial development and the advanced technology it adopts. Also on Monday, Amman chambers of commerce and industry signed a cooperation and twinning agreement with Zibans Chamber of Commerce and Industry aimed at developing bilateral commercial, industrial, investment and tourist relations.
Under the agreement, signed at the Amman Chamber of Commerce (ACC), signatories will exchange information on industrial activities, including commercial, economic and tourist fields, and legal aspects related to new procedures in both countries.
ACC President Issa Murad, Amman Chamber of Industry (ACI) President Ziad Homsi and Abdul Madjid signed the agreement. Murad noted that the Kingdom’s exports to Algeria in 2015 reached $150 million versus $12 million of Algerian exports to Jordan, and called for activating the Joint Jordanian-Algerian Business Council, which was established in 1997.
He said Jordan possesses enough skills and competencies that can be utilised in many sectors, stressing that the Kingdom provides a good opportunity for locally manufactured goods to penetrate many international markets.
Homsi, who is also a senator, expressed hope that the Algerian government would grant the Kingdom a preferential treatment to facilitate the movement of Jordanian exports. He also noted that the ACI is currently considering establishing a Jordanian commercial office in Algiers to boost bilateral commercial, industrial and investment relations.
The Jordanian industrial sector in 2014 attracted some 40 per cent of foreign direct investment amounting to $636 million, which contributed to around 25 per cent of the gross domestic product, the ACI president highlighted. Despite the challenges facing the sector, whose total capital exceeds $6 billion, its exports form 90 per cent of the national exports with a value of $7 billion reaching 120 countries.
Abdul Madjid noted that the Algerian market represents a “big opportunity” for Jordanian investors in light of customs and tax exemptions on production input manufactured in the country. He added his country could be a gateway for Jordanian merchandise to enter African markets, noting that Algerian imports reach $60 billion annually.
