(MENAFN- Jordan Times) AMMAN — The American Chamber of Commerce in Jordan (AmCham-Jordan) held an online seminar titled“Opportunities in Jordan's Service Industry” with the participation of global policy makers in the services sector, trade, investment and innovations.
Hamid Mamdouh, senior counsel, King & Spalding, LLP and former director of the Trade in Services and Investment Division of the World Trade Organisation; Luis Rubalcaba, Professor of Economics, University of Alcalá; and Roberto Echandi, Investment Policy Global Lead of the Investment Climate Unit of the Trade and Competitiveness Global Practice, World Bank Group, attended the seminar, according to an AmCham-Jordan statement.
The online seminar shed light on the important economic role of the services sector for Jordan, which contributes more than 60 per cent of GDP and more than 70 per cent of employment.
The discussion also pointed to the need for targeted reforms and support programmes to enhance specific sectors such as IT, health and tourism.
Speakers agreed that the Jordanian services sector holds“the greatest promise” for further employment, especially for youth and women.
For Jordan to capture these gains more businesses enabling environment reforms and investment openings are needed as over 50 per cent of trade in services comes in the form of foreign direct investment.
Participants in the session from leading Jordanian companies, the region and the US, stressed the importance of private sector-lead reforms that are devised through open dialogue and partnership with the government, the statement said.
The session also discussed the services chapter in the US-Jordan Free Trade Agreement, which can help maximise the benefits of free trade.
Further change is needed to remove obstacles that hinder services' trade growth so critical for Jordan's economy, according to the participants.
The seminar was moderated by Mohammed Bataineh, AmCham-Jordan chairman.
It is the sixth event in a series of activities and programmes supported by the USIAD Middle East Economic Growth Best Practices Project held throughout 2021 to mark the 20th anniversary of the Jordan-US Free Trade Agreement.
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