Trade ties with Jordan exemplary, says Saudi commerce minister

Trade ties with Jordan exemplary, says Saudi commerce minister
Saudi Minister of Commerce and Investment Majed Al-Qasabi with other guests at the Saudi-Jordanian Coordination Council in Amman on Tuesday. (AN photo)
Updated 29 March 2017

Trade ties with Jordan exemplary, says Saudi commerce minister

Trade ties with Jordan exemplary, says Saudi commerce minister

AMMAN: Saudi Arabia and Jordan have set an example to other countries in terms of joint investment, cooperation and coordination, Saudi Minister of Commerce and Investment Majed Al-Qasabi said on Tuesday at the Saudi-Jordanian Economic Forum in Amman.
Organized by the Saudi-Jordanian Coordination Council on the sidelines of King Salman’s visit to Jordan, the forum seeks to increase business ties between the two countries.
“I have been instructed by the Custodian of the Two Holy Mosques to do everything possible to boost joint investments with Jordan, which we consider a very important business partner for Saudi Arabia,” Al-Qasabi told a gathering of senior officials and businessmen from the two sides.
He urged the two countries’ private sectors to take advantage of the vast investment opportunities they can offer each other and which, if seized, can reflect positively on both peoples.
He added that Saudi Arabia is keen to facilitate the business of Jordanian investors in the Saudi market.
The Saudi-Jordanian Coordination Council was established in 2016 with the aim of exploring investment opportunities the two countries can offer each other and that can bring added value to their economies, said Adnan Abu Al-Ragheb, chairman of the Jordanian Chamber of Industry.
Abu Al-Ragheb said bilateral trade stood at $3.328 billion in 2016; Jordanian exports to Saudi Arabia amounted to $996 million, while its imports from the Kingdom stood at $2.332 billion.
“The overall trade turnout between the two sides declined in 2016 by 21.4 percent compared to 2015,” he said.
“This makes it incumbent on all of us to work together to put forth plans to stimulate bilateral trade and promote investment opportunities we can offer each other.”
Abu Al-Ragheb cited Jordan’s recent agreement with the EU that eases restrictions and standards on Jordanian exports to the EU.
He said the Saudi private sector can benefit from this agreement by establishing new investments in Jordan or engaging in joint ventures with Jordanian counterparts.