Industrial sector accounts for 58.3% of total inflows in Kingdom

factory worker removing cut textile pattern from
(File photo: Jordan News)
AMMAN — The industrial sector accounted for 58.3 percent of the total investments flowing into the Kingdom and benefiting from the Investment Law during 2022, according to Fathi Jaghbir, president of the Jordan Chamber of Industry. اضافة اعلان

He added that the sector had also witnessed a significant growth of 9.3 percent during the first quarter of the current year 2023, compared to the same period last year.

Ranking first in terms of its contribution to the GDP at 21.7 percent, it also currently employs 268,000 workers, the majority of whom are Jordanians.

The sector achieved unprecedented results last year, with industrial production reaching approximately JD7.3 billion and achieving a growth rate of over 3.2 percent compared to 2021, added Jaghbir.

Leading sector in national economy
The Jordanian industrial sector was one of the leading sectors in the national economy and made the highest contribution to it, accounting for nearly one-third of the economic growth in 2022.

It comprises 18,000 establishments across various regions of the Kingdom, with a registered capital of JD4.6 billion and a total investment volume approaching $15 billion.

Jordan's industrial exports amounted to JD1.9 billion during the first quarter of the current year, compared to JD1.75 billion for 2022, the Jordan News Agency, Petra, reported.

Jaghbir said that Jordanian industrial products have been able to enter new markets and expand in some traditional markets, including Switzerland, Ukraine, Romania, Portugal, Senegal, Djibouti, Hungary, Bosnia, and Herzegovina, in addition to many other markets.

He emphasized that all economic indicators confirm that the industrial sector is the most capable of attracting investments, generating job opportunities, and is key to addressing the unemployment problem.

Jaghbir added: "The current year has witnessed growth in exports across many industrial sectors, especially in construction materials and food industries.”

“This is due to the high quality and efficiency of Jordanian products, which have enabled them to compete in various global markets.”

Jaghbir continued to elaborate on this success, crediting it to the sector’s continued growth post-pandemic through capitalizing on opportunity and diversifying their products.

Where to next?
“Since the beginning of this year, with the implementation of the Economic Modernization Vision, the Jordan Chamber of Industry has been working diligently to implement all the initiatives, priorities, and programs presented by the vision for the industrial sector through partnerships with the public sector," Jaghbir said.

He added that the chamber has been following up on various industrial issues, particularly in terms of export support and overcoming obstacles faced by industrialists, in order to increase the industry's competitiveness and diversify its product base and volume.

The Chamber of Industry is committed to encouraging and compelling Jordanian industries to rely more heavily on national products than imported ones, and applying the principle of reciprocity with countries that impose restrictions on Jordanian exports.

Jaghbir highlighted the ongoing efforts to extend natural gas to industrial cities and explore the possibility of using renewable energy sources. Additionally, the implementation of the 100-megawatt solar-power project is underway.

Just as there is a strong focus of enhancing production, Jaghbir stressed the importance of enhancing the skills of the workforce in the industrial sector through increased training rates, and qualifications in coordination with sector skills councils.

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