Middle-east Arab News Opinion | Asharq Al-awsat

KSA, Jordan Sign $1Billion-Worth Trade Agreements | ASHARQ AL-AWSAT English Archive 2005 -2017
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Saudi-Jordanian Joint Economic Forum in Amman, Jordan. Photo: Asharq Al-Awsat

Riyadh- Saudi and Jordanian business sectors anticipate the soon boosting of economic, investment and commercial cooperation. Fourteen agreements and memorandums of understanding (MoU) were signed on Tuesday between the two in Jordan’s capital Amman.

The dealings between the MoUs and agreements mounted to 4 billion riyals (1.06 billion dollars).

“The joint economic forum organized by the Council of Saudi Chambers, the Jordan Commerce and Industry chambers, and under the patronage of Jordanian Prime Minister Hani Al-Mulqi, was concluded yesterday,” said Mohammad Al-Ouda, a member of the Saudi-Jordanian Business Council said.

He cited a number of key Saudi and Jordanian officials attending the forum, which wrapped up its activities successfully.

Ouda added that the signed 14 agreements address a number of fields, including medical sectors, industries, engineering consultancy and others. A spectrum of over 100 businessmen from both countries has participated at the event, discussing trade and investment prospects and bilateral cooperation.

Dr. Hamdan Al-Samarain, Chairman of the Saudi-Jordanian Business Council, addressed the attendees at the forum’s opening session with a great emphasis on the event coinciding with the visit of the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz to Jordan.

Saudi Arabia was the top trade partner of Jordan in 2015 with a trade volume of some $ 4.1 billion, while Saudi exports to Jordan reached about $ 3.1 billion.

The majority of these dealings were in terms of oil crude and byproducts, polyethylene, polypropylene–while the value of Saudi imports from Jordan amounted to an estimated $1 billion dollars.

Samarain stressed the need to make the most of opportunities which improve bilateral trade and investment—stepping up the rate of exchanged data and visits of officials under that category.

The Kingdom’s 2030 vision, which is aimed at diversifying national income and attracting investment, could benefit Jordanians in terms of investment prospects offered by the Kingdom across various economic sectors, Samarain added.

On that note, the forum witnessed the signing of 14 exclusive trade agreements between Saudi and Jordanian companies, including the establishment of a Saudi-Jordanian company for the rehabilitation of cars (SAJO), a factory for the manufacture of smart meters and gadgets related to smart electricity networks.