RIYADH: The Saudi-Jordanian Joint Committee held its 18th session on Sunday in Riyadh in the presence of government officials from both sides, the Saudi Press Agency reported.
Saif bin Saad Al-Faqar, assistant undersecretary for sector development at Saudi Arabia’s Ministry of Transport and Logistics Services, said that the meeting was held under the directives of the Kingdom’s leadership and was in line with the bilateral economic agreement signed between the two countries in 1962.
The official emphasized the countries’ ambitions to expand cooperation in various fields and implement recommendations made at past committee sessions.
Dana Al-Zoubi, secretary-general of the Jordanian Ministry of Industry, Trade and Supply, affirmed the countries’ strong relationship in various fields, adding that the session built on the efforts of meetings last year in Amman to improve trade and economic exchange.
The meeting resulted in the drawing up agreements and discussions on the best ways to increase cooperation between the countries.
Saudi Arabia and Jordan’s bilateral economic relations have been rapidly growing, with the latter aiming to boost cross-border investments in the Kingdom.
According to the SPA, the trade between the two countries amounted to roughly $4.4 billion in 2021, up from around $3.1 billion in 2020.
In June, the Jordanian Investment Council indicated it would roll out new projects in Saudi Arabia and other Gulf countries valued at $2.5 billion between 2023 and 2026.
Additionally, Jordanian Investment Minister Kholoud Saqqaf invited entrepreneurs and investors from Saudi Arabia to take advantage of the country’s attractive investment environment.
During a virtual meeting organized by the Ministry of Investment and Jordan Chamber of Commerce with the Saudi-Jordanian Business Council, Saqqaf said that economic relations between Jordan and Saudi Arabia had reached an “advanced” level in many areas, especially investment and trade.
According to state-run news agency Petra, Jordan benefited from free trade agreements it had signed with many countries, allowing exports to numerous markets.
The minister added that Saudi investments are among the most significant made by Jordan and are spread across many high-value sectors, such as infrastructure, banking, trade, tourism, real estate development, agriculture and healthcare.