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Trade minister holds talks with Saudi officials

1. Picture
Jordanian and Saudi ministers discuss enhancing economic cooperation. (Photo: Petra)

AMMAN — Jordan’s trade minister discussed with Saudi officials means of enhancing economic cooperation, implementing the visions and directives of the two countries’ leaders and leveraging opportunities available in Jordan and Saudi Arabiaاضافة اعلان

Minister of Industry, Trade, and Supply Yousef Al-Shamali’s discussions Tuesday were with Saudi Minister of Commerce and acting minister of media Majid bin Abdullah Al-Qasabi and Minister of Transport and Logistics Saleh bin Nasser Al-Jasser.

The ministers agreed to draw up a work program to boost economic cooperation, stressing that the visit of Saudi Crown Prince Mohammed bin Salman and his talks with His Majesty King Abdullah will push forward economic cooperation between the two neighboring countries.

They also concurred that the visit will advance integration in several sectors, especially in view of global conditions and the shift in global economy, the challenges imposed by the COVID-19 pandemic, and regional food security.

In this context, the ministers agreed to pinpoint their priorities for the coming months, set a timetable for the implementation of various plans, follow-up, evaluate, and address any obstacles that may obstruct economic cooperation.

Shamali pointed to the importance of the files that were discussed during the meeting of the joint Jordanian-Saudi Committee that was held in Amman recently, as well as the agreements signed during the Jordanian-Saudi Business Council held on Tuesday. He also lauded the investment agreement in the health field worth JD400 million, and the recent visit of a private sector delegation to Saudi Arabia.

The minister said that the focus during the coming period will be on increasing the volume of trade exchange, stimulating the establishment of more investment projects, exchanging experiences, and achieving integration in the sectors of food security, industry and others.

He said that when reviewing the volume of trade exchange between the two countries, it was found that the total value of this exchange amounted to $4.2 billion during 2021, with the value of Jordanian exports during that year amounting to about $1 billion, with the remainder, or $3.2 billion, is Saudi imports.

Shamali said that Saudi investments are one of the largest in the Kingdom, with a value of about $14 billion, distributed on the transport, infrastructure, energy, financial and commercial sectors, and tourism construction sectors.

The volume of trade exchange between Jordan and Saudi Arabia during the first quarter of this year reached about JD817.3 million, as Jordanian exports to Saudi Arabia reached about JD181.3 million, compared to JD636 million, according to Al-Mamlaka TV.

The size of the trade balance deficit during the same period amounted to JD454.7 million, according to figures issued by the Amman Chamber of Commerce, based on data by the Department of Statistics.

The Securities Depository Center data show that Saudi investments in the Amman Stock Exchange amounted to JD987, 795 million as of May 31, and ranked the fourth in the Kingdom.

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