Jordan-Oman Relations: A Flourishing Economic Partnership

Jordan-Oman Relations: A Flourishing Economic Partnership
Amman – The relations between Jordan and Oman are marked by brotherhood, respect, and mutual love, propelling swift progress towards robust trade and investment partnerships and expansive economic horizons.اضافة اعلان

On Wednesday, Sultan Haitham bin Tariq of Oman will commence a two-day state visit to Jordan, responding to an invitation from His Majesty King Abdullah II.

This visit follows King Abdullah II's 2022 visit to Oman, during which he met with Sultan Haitham and established a joint working group to explore investment opportunities and economic cooperation.

In February, the two countries signed several memorandums of understanding in Amman. These agreements focus on attracting direct investment, enhancing cooperation between chambers of commerce to boost trade, and fostering partnerships between business owners.

Jordan and Oman are linked by various agreements, including the Agreement on Mutual Encouragement and Protection of Investments, the Agreement on Economic and Trade Cooperation, and the Greater Arab Free Trade Area.

Official data indicates that the trade volume between Jordan and Oman increased to JD110 million in 2023 from JD91 million in 2022. Jordan's exports to Oman rose to JD58 million in 2023 from JD50 million in 2022, while imports from Oman grew to JD52 million from JD41 million in 2022.

Key Jordanian exports to Oman include chemical industry products, pharmaceuticals, vegetable products like fresh tomatoes, and food industry products such as beef preparations. In contrast, Jordan imports plastic products, stone, plaster or cement items, glass products, various food preparations, and metal products including iron and steel from Oman.

Khalil Haj Tawfiq, President of the Jordan Chambers of Commerce (JCC), emphasized the ambition for a new era in economic relations with Oman. "We aim to treat Oman as a true economic partner, not just a market for Jordanian goods," Tawfiq told Petra.

He highlighted the importance of economic integration, experience exchange, building partnerships, and leveraging free trade agreements with international and European entities. Additionally, Tawfiq noted the strategic importance of Oman and Aqaba in facilitating imports and exports.

Continuous communication between the JCC and the Oman Chamber of Commerce and Industry (OCCI) aims to monitor the progress of economic cooperation and organize meetings between business owners. A Jordanian trade delegation, including representatives from various sectors, is set to visit Oman this year.

Tawfiq urged the Omani private sector to capitalize on Jordan's trade agreements with global economic blocs to expand their export markets. He stressed the importance of implementing the memorandum of understanding between the JCC and OCCI, which focuses on developing intra-trade, encouraging partnerships, and expanding economic cooperation.

According to the Oman News Agency, 21,738 Omani tourists visited Jordan in 2023, with 6,757 visiting in the first four months of 2024. The number of companies registered in Oman with Jordanian investment reached 988 in 2023, up from 758 in 2022, with a total invested capital of about 79 million Omani riyals.

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