Tuesday, 02 January 2024 12:17 GMT

Jordanvietnam Garment Investment Talks Highlight Strong Royal Support For Sector Growth


(MENAFN- Jordan News Agency)


Amman, Nov. 14 (Petra)-- The representative of the leather and garment industries at the Jordan Chamber of Industry, Ihab Qadri, affirmed that His Majesty King Abdullah II's attention to the garment sector serves as a key pillar for attracting investment and building commercial partnerships with global manufacturers.
Speaking to the Jordan News Agency (Petra), Qadri said, "His Majesty's meeting with representatives of leading Vietnamese garment companies sent a clear message that Jordan is highly committed to expanding investments in the garment industry, particularly in apparel."
He added that the meeting reflects the King's direct and continuous support for the garment sector and for establishing trade partnerships with various countries especially Vietnam given the sector's critical role in the national economy.
On Thursday, His Majesty King Abdullah II met in Hanoi with representatives of leading Vietnamese companies in the garment sector, alongside Jordanian industry stakeholders.
The discussions outlined the advantages of investment partnerships and explored opportunities to establish integrated industrial ventures between private-sector institutions in both countries.
During the meeting, held in cooperation with the International Finance Corporation (IFC), the King emphasized Jordan's keenness to strengthen economic and trade relations with Vietnam. His Majesty also highlighted Vietnam's experience in attracting investments and developing local industries, particularly in garments.
He pointed to opportunities available for Vietnamese companies to benefit from Jordan's investment incentives especially within garment-dedicated industrial zones to expand their access to new markets.
Qadri described the meeting as highly coordinated and well-organized, providing Jordan with a strong platform to present itself as a significant global player in the garment industry.
He noted that discussions touched on investment cooperation, leveraging Vietnam's expertise in fabric manufacturing, raw materials, horizontal and vertical integration, global supply chains, expansion opportunities, and the legislative environment needed to advance the sector.
Qadri highlighted that Vietnam exports $47 billion worth of apparel annually to a wide range of global markets particularly the United States. He stressed the need to align Jordanian and Vietnamese companies in export markets, brands, and commercial strategies in ways that match Jordan's investment environment.
He also revealed that understandings have been reached with the Vietnamese side to pursue future joint investments in the garment industry, noting that business delegations from Vietnam will visit the Kingdom in the coming period to explore Jordan's apparel sector and available opportunities.
Vietnam, he said, is one of the world's largest apparel manufacturing hubs, with extensive supply networks serving the U.S. and European markets. Amid recent changes in global tariffs and trade policies, many Vietnamese companies are seeking alternative or complementary production locations to reduce costs and improve market access.
Qadri emphasized that strengthening industrial cooperation between Jordan and Vietnam paves the way for joint production and operational partnerships whether through relocating parts of production lines, establishing new factories in Jordan's industrial cities, or implementing integrated production models serving the U.S. and European markets.
Such partnerships, he said, would create new job opportunities for Jordanians, boost the industrial sector's export capacity, and enhance Jordan's position as a regional industrial hub.
He noted that Jordan's garment production reached approximately $3 billion last year, with $2.4 billion exported to various destinations 75 percent of which went to the U.S. market. Jordan now ranks ninth among apparel exporters to the United States.
The sector includes 1,000 factories registered with the chambers of industry and provides 95,000 jobs, making it a major pillar of the Economic Modernization Vision. The vision aims to triple the sector's output in the coming years and expects it to generate 149,000 of the one million jobs targeted overall underscoring its strategic importance.
Qadri also pointed to ongoing collaboration with the International Finance Corporation through its garment sector program in Jordan, which aims to support new and expansion investments, increase exports, and create jobs. He praised the strong support the sector receives from various official institutions.

MENAFN14112025000117011021ID1110343387



Jordan News Agency

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.

Search