Jordan unveils us-backed strategy to enhance investment in Aqaba
Date
5/30/2024 5:08:24 AM
(MENAFN) In a bid to stimulate investment and economic growth in its Red Sea coastal city of Aqaba, Jordan revealed a comprehensive strategy on Wednesday, with a notable emphasis on environmental preservation. This initiative comes against the backdrop of economic challenges exacerbated by the war in Gaza, underlining the significance of international support, particularly from the United States.
As one of the top three recipients of US aid and with a longstanding defense pact with Washington, Jordan enjoys continued support from successive US administrations. The strategic partnership between the two countries aims to bolster Jordan's stability and promote economic reforms, with Aqaba emerging as a focal point for investment and trade.
Richard Chen, an official from the US Agency for International Development in Amman, underscored Washington's integral role in crafting the strategy, reflecting its commitment to advancing economic development in Jordan. Aqaba, positioned as Jordan's gateway to global markets, holds immense potential for economic expansion and connectivity.
Amidst a decade-long economic stagnation, Jordan faces renewed challenges stemming from the war in Gaza, which has dampened tourism and business activity in the region. The IMF projects a modest growth rate of 2.4 percent for Jordan's economy this year, attributing the slowdown to the repercussions of the conflict.
The newly unveiled strategy for Aqaba aims to position the city as a premier destination for tourism and investment, marking a departure from previous initiatives by placing a heightened emphasis on environmental sustainability. Recognizing the significance of Aqaba's marine ecosystem, the strategy prioritizes measures to protect its coral reef and mitigate environmental degradation caused by factors such as overfishing and shipping-related activities.
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