(MENAFN- Jordan News Agency)
Amman, Apr. 28 (Petra) - Fathi Jaghbir, head of the Jordan and Amman Chambers of Industry, highlighted abundant opportunities for growth and expansion in national industry sectors. He emphasized the need to address challenges and bolster promotional efforts to ensure sustainability and economic prosperity.
Amid global fluctuations, Jaghbir called for comprehensive support to the industrial sector to fortify the economy, reduce import dependency, and strive for self-sufficiency, particularly in food.
Despite regional adversities, the industrial sector realized significant
Gross Domestic Product growth of 3.5% in 2023, maintaining its leading contribution to national economic expansion. This growth was driven by manufacturing, mining, and electricity sectors, underscoring the sector's resilience and commitment to meeting the Kingdom's needs.
While overall industrial exports dipped by 2.4% due to price fluctuations, several promising sectors, including construction, wood, furniture, engineering, and pharmaceuticals, saw export growth, significantly boosting foreign currency reserves.
Jaghbir noted that eight out of ten industrial sub-sectors experienced remarkable growth, with engineering, electrical, and information technology sectors leading the pack. These sectors witnessed substantial export increases, further enhancing their global presence across 151 markets, including key destinations like Saudi Arabia, the United States, and India.
Discussing the Jordanian Industry Index for 2023, Jaghbir elucidated a 2.6% growth compared to 2022, showcasing the sector's pivotal role in job creation and investment attraction.
Industrial investments under the Investment Law for 2023 totaled JD 656 million, positioning the sector as a prime destination for both local and foreign investments, reflecting its allure to investors.
Moreover, credit facilities to the industrial sector saw a slight increase, indicating sustained investor confidence, while trading volume on the Amman Stock Exchange surged by 4.7% in 2023, constituting 32.1% of the total trading volume across all sectors.
Though the index of industrial production quantities declined by 2.4% in 2023, attributed to downturns in packaging, plastics, wood, and chemical industries, several sectors, including construction, engineering, and mining, witnessed growth, underscoring the sector's dynamic nature amidst challenges.
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