Gov't, Partners Launch Initiative To Expand Kingdom's Pharma Industry

(MENAFN- Jordan Times) AMMAN - The Ministry of Industry, Trade and Supply, the Ministry of Investment, the Jordan Food and Drug Administration (JFDA) and the Jordan Pharmaceutical industry Support Project, with support from the World Bank's International Finance Corporation (IFC) and funding from The Netherlands, on Tuesday launched an initiative to boost Jordan's pharmaceutical industry.

During the event, Minister of Industry and Trade Yousef Shamali underlined Jordan's leading role in the pharmaceutical manufacturing sector.

Highlighting the impressive growth of the sector since the establishment of the Kingdom's first pharmaceutical factory in 1966,
Shamali said that by 2023, Jordan's pharmaceutical industry had grown to 139 facilities employing around 9,500 people, with products reaching more than 78 international markets.

The pharmaceutical sector is one of Jordan's most important industries, contributing significantly to the national economy and GDP, he said, noting that the sector's exports totalled JD748.4 million in 2023, an increase of 7 per cent compared to 2022.

Minister of Investment Khuloud Saqqaf emphasised that this project will enhance Jordan's pharmaceutical industry, positioning the Kingdom as a regional hub for the sector and strengthening its global presence.

The sector was selected as a key driver of economic growth in the Economic Modernisation Vision due to its significant potential and competitive advantages, which are expected to attract more foreign investment and stimulate local investment, she said.

She also highlighted that the Ministry of Investment has undertaken several initiatives over the past two years to create an attractive environment for global and local ventures, notably the development of investment legislation and the simplification of procedures for establishing and operating businesses in Jordan.

She also noted the launch of several initiatives to promote Jordan as a preferred investment destination in the region, including the Investment Promotion Strategy (2023-2026), which identifies high-value sectors and targets specific countries for investment attraction.

She also highlighted the launch of the "Invest" platform, which provides information on 17 sector profiles and an investment map with 39 different investment opportunities, including projects in healthcare and medical tourism.

The "IFC Jordan Pharma" project is in line with ongoing efforts to attract foreign direct investment in various sectors, particularly in the pharmaceutical industry, she said.

She reiterated the Ministry of Investment's commitment to provide all necessary facilities under the Investment Environment Law to support the establishment of investment projects, especially in the pharmaceutical sector, while addressing any challenges that may arise.

Nizar Muheidat, JFDA Director General, emphasised that this project is in line with national objectives to enhance local pharmaceutical production, explore new export markets for Jordanian pharmaceuticals, and create an environment that attracts new investment in the Jordanian pharmaceutical sector.

Pierre de Vries, acting charge d'affaires of the Netherlands embassy in Jordan, reiterated his country's commitment to supporting sustainable and inclusive economic growth in Jordan, in line with the 2033 Economic Modernisation Vision.

He highlighted the potential of Jordan's pharmaceutical industry to drive Jordan's economic growth.

Aftab Ahmed, Regional Director for the Middle East, Pakistan and Afghanistan at the IFC, highlighted Jordan's pharmaceutical industry as a producer of high-quality, high-value products that are exported globally and to neighbouring countries.

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