Crown Prince At Davos: Five Pillars For Jordan's Economic Future

(MENAFN- Jordan Times) During his visit to the World Economic Forum (WEF) in Davos, His Royal Highness Crown Prince Hussein focused on addressing key challenges facing Jordan's Economy while exploring opportunities to drive growth and development. The visit centered on tackling issues like high unemployment, which stood at 21.5 per cent in 2024, and slow economic growth of 2.4 per cent in the same year. Through a series of high-profile meetings, the Crown Prince outlined Jordan's strategy to overcome these obstacles, focusing on five main goals.

The first goal was strengthening international partnerships. The Crown Prince met with Singapore's president to learn from their successful experience in digital transformation and improving government services. This collaboration aims to help Jordan enhance its digital economy and public services. Additionally, he met with the Mayor of London's financial district to discuss cooperation in financial technology (fintech) and renewable energy, creating opportunities for Jordanian startups to benefit from global expertise and markets.

The second priority was advancing the digital economy and renewable energy. Jordan plans to expand the contribution of its digital economy to GDP from 4 per cent to 15 per cent by 2033, creating new job opportunities and reducing poverty. Simultaneously, the country aims to meet 30 per cent of its electricity needs through renewable energy by 2030, cutting its reliance on energy imports, which currently consume 8 per cent of the GDP.

Encouraging innovation and entrepreneurship was the third focus area. The Crown Prince discussed collaboration with the World Intellectual Property Organization (WIPO) to support innovation and protect intellectual property. This initiative seeks to create an environment that fosters innovative startups and helps Jordanian businesses expand into global markets.

The fourth goal involved training and empowering Jordan's youth. With youth unemployment being a significant challenge, the Crown Prince emphasised the importance of education and skills development in fields like artificial intelligence (AI) and technology. New programs and initiatives, such as the National Council for Future Technology, aim to equip young Jordanians with the tools they need to succeed in the modern job market.

Finally, the Crown Prince sought to position Jordan as an attractive destination for global investment. By meeting with CEOs and business leaders, he highlighted Jordan's strengths, such as a skilled workforce, robust infrastructure, and support programmes for technology-driven industries. Investments in technology and renewable energy are expected to play a crucial role in driving economic growth.

The Crown Prince's visit to Davos was a significant step toward achieving Jordan's vision of becoming a regional hub for technology and innovation. While challenges remain, the opportunities in the digital economy and renewable energy sectors provide a pathway to a sustainable and prosperous future for Jordan.

Raad Mahmoud Al-Tal is head of economics department – University of Jordan

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