(MENAFN- Jordan Times) AMMAN - The joint economic city between Iraq and Jordan will help boost trade ties and create much-needed jobs, according to pundits.Speaking with The Jordan Times on Tuesday, economist Mazen Marji noted that Iraq is a“crucial market” for Jordan, and the establishment of the joint economic city will help increase economic growth, joint investments and businesses.
“Joint projects between Arab countries, such as this economic city, are considered forms of cooperation between the two countries and serve them well,” Marji said.
Establishing an economic zone on the border between the two countries is the ideal path to economic integration, Marji noted.
The Iraqi market is importing quantities of medicines and other chemicals from Jordan, as well as other commodities, he added.
Economist Wajdi Makhamreh said that Jordan is a major trading partner for Iraq, and the establishment of the economic zone could bring many investments and encourage Jordanian exports to Iraq.
It opens the way for setting up projects and setting up factories at the zone for exports to Iraq, he added.
“This is part of the Jordanian-Iraqi economic agreements and their development. The aim of this idea is to attract investments and also to employ Jordanian and Iraqi workers,” economist Hosam Ayesh told The Jordan Times.
“The greater our ability to export to Iraq, the more it raises the volume of our total exports, and thus increases the productivity of Jordanian industries and products,” Ayesh said.
This week, Minister of Industry, Trade and Supply, and
Minister of Labour Yousef Shamali, and Iraqi Minister of Industry and Minerals Khaled Battal Al Najm have announced an international tender to attract a developer for the joint economic estate project between Jordan and Iraq.
The estate is scheduled to be established on the Jordanian-Iraqi border over an area of 22,000 dunums, the Ministry of Industry said in a statement.
The tender invitation includes the preparation of studies, designs and blueprints, the development, financing, implementation, management, investment, promotion and operation of the economic estate and the maintenance of its components and facilities.
The deadline for offers is August 1, 2023.