UAE - Jordan Investment Forum to Establish Partnerships in Vital Value-added Sectors
The UAE Jordan investment Forum was held on Monday, March 06, 2017 under the patronage of H.E. Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, and Jordan's Minister of Labor, Ali Al Ghazzawi, at the InterContinental Abu Dhabi. Various officials and representatives from the private sector, financiers, businessmen and chambers of business and investment authorities of both countries participated in.
H.E. Abdullah Al Saleh, the Ministry of Economic climate's Undersecretary for Foreign Trade and Industry, also participated in talks on ways to additionally promote and promote the flow of investments in between both countries and develop financial investment partnerships in vital industries.
H.E. Eng. Al Mansoori mentioned that growing collaboration in all priority financial locations is vital to the partnership between the UAE and the Kingdom of Jordan. He noted that trade numbers mirror the continual development of their financial connections, exposing that overall non-oil foreign trade in between both nations stood at around USD 2 billion in 2015 and was at concerning USD 1.3 billion for the very first 9 months of 2016.
The Minister likewise underscored the significance of functioning collectively in accordance with clear frameworks for collaboration for their common benefit, including that the forum supplies a vital platform for promoting financial investment participation.
H.E. Eng. Al Mansoori shared the financial vision of the UAE to develop a competitive and varied economic situation owned by knowledge and innovative national competencies. He likewise stated that the nationwide economic situation expanded by 3.8 percent in 2015.
He even more specified that initiatives to additional advance financial diversification have elevated the payment of non-oil fields to about 70 percent of the state's GDP and have made the UAE the second-largest Arab economic situation. He said that the country has become a regional and global center for financial investment and business, as well as a source of huge financial investment flows in the direction of several nations around the globe. He also pointed out that the UAE's total financial investments abroad reached regarding USD 9.3 billion in 2015, with a complete cumulative worth of USD 87.4 billion. He stressed that Jordan is a vital investment partner for the UAE which has actually invested an overall of USD 15 billion in a number of Jordanian mega projects, consisting of the Zayed Marina.
For his part, H.E Ali Ghazzawi, the Jordanian Minister of Labor, commended the strong and distinct political connections in between both countries and the toughness of their economic ties which have uplifted the volume of investments and trade exchange in between the two nations to advanced degrees.
H.E. Al Ghazzawi additionally praised the Jordanian investment promoting regulation, describing it as a suitable legislative framework for bring in foreign investments and boosting local investment. He described that non-Jordanian financiers are dealt with fairly and provided the right to buy the Kingdom via ownership, participation, or by contribution to economic projects, particularly those for the mining, production, hospitality, medical, transport, construction, banking, insurance, broker agent, monetary exchange and monetary industries. He also noted that Jordan has a steady economic environment, skilled human capital, progressed technology, and open economic climate.
For his part, Dr. Mokhallid Al Omari, Secretary General of the Jordanian Financial investment Authority, highlighted that the numbers show their countries' comprehensive business relationships.
He said that bilateral trade from 2011 to 2015 got to nearly USD 6 billion, which UAE financial investments in Jordan rated 2nd in regards to quantity behind Saudi Arabia. He included that Jordanian business owners and financiers then have purchased much of the UAE's economic sectors such as property where Jordanian investments have amounted to USD 1.5 billion.
Dr. Al Omari said that the Zayed Marina project in Aqaba City, which commemorates the excellent late Sheikh Zayed bin Sultan Al Nahyan, is taken into consideration one of the UAE's premier projects in Jordan. He stated that construction has actually begun on the marina which is the biggest mixed-used project in the Kingdom of Jordan.
He included that Jordan offers numerous appealing opportunities in the industrial industry and logistics services in the growth zones, commercial cities, and complimentary zones located across the Kingdom. He likewise kept in mind promising financial investment prospects in routine tourist, medical tourism and hospitals, real estate, telecommunications, information technology, renewable energy, air and road transportation, and trains, to name a few vital fields.
For his part, H.E. Jumaa Abdullah Abadi, Ambassador of the Hashemite Kingdom of Jordan to the UAE, said that both nations delight in sophisticated bilateral relationships specifically in the economic, investment and trade fields, noting that the UAE is significant partner of the Kingdom in those areas.
H.E. Adnan Abu Ragheb, Chairman of the Jordan Chamber of Industry, referred to the forum as a possibility for the business neighborhoods of both countries to meet and communicate to enhance cooperation and aid further boost the bilateral relationships of their countries.
After the opening speeches, The Jordanian side made a number of presentations on their nation's investment atmosphere in addition to available leads in value-added fields, exemptions approved, and a summary of totally free areas and development areas.
Aside from the main meeting, other bilateral conferences were held on potential partnerships in Information and Communications Technology, Tourism (specifically Medical Tourism), Hospitality, Health care, Industry, and Renewable resource.
