(MENAFN- Jordan Times) AMMAN - Industrialists have urged for the development of comprehensive strategies to diversify exports, advocating for measures such as enhancing global supply chain connections via e-commerce, bolstering the promotion of domestic products, and exploring foreign markets.
They also stressed the importance of fostering cooperation between government and industry, targeting non-traditional markets and encouraging intermediary industries' growth, according to the Jordan News Agency, Petra.
They also called for bolstering private sector participation in international exhibitions and events, activating economic diplomacy, and maximising trade agreements' benefits that connect the Kingdom to various global economic blocs.
Minister of Industry, Trade, and Supply Yousef Shamali underscored the government's proactive response to several challenges that the Jordanian economy has faced in recent years, including the COVID-19 pandemic, the Russian-Ukrainian crisis, Israeli aggression on Gaza, and disruptions to crucial maritime routes.
The minister also stressed that the government has taken steps to stimulate national exports, enhance market access both regionally and globally, and foster a business-friendly environment.
Shamali noted that efforts have been made to maximise the benefits of free trade agreements that Jordan has signed and strengthen export capacity across various sectors.
In mid-2022, the Economic Modernisation Vision for 2023-2033 was unveiled, accompanied by a three-year executive programme.
Shamali also noted that the National Export Strategy for 2023-2025 aims to create a favourable business environment for Jordanian industrial and agricultural goods and services and increase Jordan's export value.
The government's focus is on improving the infrastructure and logistics networks supporting export activities and reducing trade costs. Initiatives like the acceptance of electronic documents by the Jordan Customs Department and the launch of the Jordanian Electronic Trade Facilitation Portal exemplify these efforts, he added.
He also emphasised that the strategy identifies several challenges impeding Jordanian products' effective market access, including the need for streamlined shipping procedures, technical standardisation, activation of agreements and memoranda of understanding, differences in technical specifications, competition from other countries and challenges in implementing rules of origin. H added that the strategy proposes targeted activities to address each of these challenges comprehensively.
President of the Jordan and Amman Chambers of Industry Fathi Jaghbeer highlighted that while Jordanian products reach over 149 countries, only five nations account for 61 per cent of the country's total exports. The United States leads with 24 per cent, followed by India with 14.8 per cent, Saudi Arabia with 11.9 per cent, and Iraq with 7.7 per cent.
Five commodity groups account for about 53 per cent of total national exports, notably garments at 16 per cent, raw phosphates and potash at 15 per cent, fertilisers at 12 per cent, and jewellery, gems, and pearls at 10 per cent, he noted.
Jaghbeer attributed the concentration to several factors, including the lack of promotion and marketing of national products in global markets, despite their quality and efficiency, adding that high transport and production costs, which are more than 25 per cent higher than competitors, also contribute to this.
He also said that studies by the International Trade Centre, using the Export Potential Map, have estimated untapped export opportunities for Jordanian products at around $6.6 billion across various products and countries worldwide, given the current production and investment volume.
MENAFN06042024000028011005ID1108066824
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.