2024-04-19 - الجمعة
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King Abdullah II's Vision Drives Jordan's Commercial Sector to Economic Success

King Abdullah IIs Vision Drives Jordans Commercial Sector to Economic Success
Nayrouz News Agency : As Jordan commemorates the 25th anniversary of King Abdullah II's assumption of constitutional powers, the Kingdom reflects on an extraordinary era marked by significant economic progress and resilience.

Throughout his reign, the King's steadfast dedication to reform and modernization has nurtured a flourishing business climate, enticing investors and corporations to the Kingdom while propelling its economic sectors to unprecedented achievements.

Under King Abdullah II's leadership, Jordan has laid the foundations for a robust and sustainable economy, capable of meeting the nation's development needs and improving the lives of its citizens.

Despite the challenges posed by regional and international changes, the country has embarked on a comprehensive reform process, encompassing political, economic, and administrative tracks, with the King's vision guiding the way towards progress and prosperity.

In an interview with Petra, Khalil Haj Tawfiq, President of the Jordan Chamber of Commerce (JCC), commended His Majesty's commitment to continuous reform and the modernization of all aspects of the state, establishing Jordan as a regional model. The commercial and service sector has been a driving force behind the country's success, aligning with the Kingdom's renaissance in all spheres of life.

He highlighted that the sector contributes a remarkable 70 percent to the gross domestic product, showcasing Jordan's ability to turn challenges into opportunities for growth and production.

Central to this success has been King Abdullah II's emphasis on building a genuine partnership between the public and private sectors. By empowering the private sector as the main driver of commercial and service activities, the King has enabled it to play a vital role in crafting policies and strategies for comprehensive economic reform.

Recalling the contents of the King's letter to the Royal Committee for the first government formed under his reign, the details laid out therein served as the foundation for propelling the national economy forward.

These measures aimed to address imbalances, cultivate an environment conducive to investment, eliminate obstacles, ensure equitable distribution of national income, encourage savings, and promote prudent investment and consumption practices.

His Majesty's pillars also encompassed activating production and exports, creating new job opportunities, nurturing tourism and transportation, harnessing mineral resources, developing agricultural plans for improved farm income and sustainable crops, and providing necessary production requirements and soft loans.

King Abdullah II's directives to form the Economic Policy Council have further facilitated discussions on economic policies, programs, and development plans. The council identifies obstacles to economic growth, proposes solutions to overcome them, and invests in opportunities to enhance the competitiveness of the national economy through effective public-private partnerships.

During His Majesty's reign, Jordan embraced the concept of a free economy to compete globally and expand trade, exports, and production options. This entailed significant economic and legislative reforms and the signing of crucial bilateral and multiple trade agreements at the Arab and international levels, effectively integrating the national economy into the global arena.

Key milestones that have shaped Jordan's economic landscape include the transformation of Aqaba into a special economic zone, attracting investments, improving the business and investment environment, establishing development and free zones, enhancing infrastructure, and enacting modern legislation that supports the nation's economic renaissance. These achievements have been accomplished through fruitful collaboration with the private sector.

The commercial and service sector stands as a vital pillar of the national economy, contributing to economic and social life while bolstering Jordan's economic relations with countries worldwide. This sector encompasses various industries, including communications, information technology, entrepreneurship, startups, tourism, hospitals, real estate, schools, universities, hotels, tourist restaurants, retail stores, major commercial centers, and malls.

Jordan's achievements under the leadership of King Abdullah II have been led by the private sector, which has spurred growth and prosperity in most commercial and service sectors. The entry of major international companies into the trade and services sector has provided job opportunities for young people and attracted headquarters of companies previously absent in the region.

The King's efforts to attract religious tourism, adventure tourism, and filmmaking have garnered global attention, positioning Jordan as a premier global tourist destination. The unprecedented influx of tourism income in 2023 serves as a testament to the immense potential and opportunities inherent in the tourism sector.

The commercial sector in Jordan has thrived over the past two decades, benefiting from the country's trade agreements with various economic blocs. These agreements have facilitated access to global markets, diversified options, and ensured the import of high-quality goods and merchandise under all conditions.

With the support of King Abdullah II, the sector has achieved significant growth, development, and investment, attracting international companies and brands. Currently, there are over 130,000 commercial and service companies and institutions spread throughout the Kingdom.

The royal support and interest in the private sector, across its various sectors, have transformed Jordan into a hub for business, investment, and trade. The nation's security, stability, economic opportunities, and continuous development programs have strengthened its position as a headquarters for regional and international enterprises. Jordan's imports of various goods, merchandise, and supplies have increased substantially, from 3.259 billion dinars in 2000 to approximately 19.376 billion dinars in 2022.

The Kingdom's major import partners include Saudi Arabia, China, the United States, Turkey, India, Germany, Egypt, Italy, the United Arab Emirates, France, Japan, South Korea, Brazil, Spain, Taiwan, Romania, Argentina, the Netherlands, the Russian Federation, and the United Kingdom. The commercial and service sector has become the primary employer, significantly increasing the number of workers from 38,638 in 2000 to 613,185 in 2022.

Credit facilities granted to the commercial sector by licensed banks have also seen substantial growth, rising from about 4.547 billion dinars in 2000 to 32.592 billion dinars in 2022. Moreover, the per capita GDP has risen to 3,056 dinars in 2022, compared to 1,278 dinars in 2000, reflecting the positive impact of economic development on overall economic activity.

Under the visionary leadership of King Abdullah II, Jordan has prioritized the modernization of its economy, with a focus on expanding the role of the commercial and service sector. The King has provided ample opportunities for the private sector to voice concerns and issues, ensuring close collaboration with government entities and fostering partnerships. His Majesty's forward-looking vision has also enabled Jordan to establish strong economic ties with African countries and deepen trade relations with Arab neighbors.

The King's unwavering commitment to supporting small, medium, and emerging companies, as well as young entrepreneurs, has created an environment conducive to their growth and access to financing. Jordan has witnessed prosperity in the establishment of malls, entertainment facilities, urban development in the housing sector, and commercial complexes. The modern commercial center in the Abdali (Boulevard) area has attracted significant investments and stimulated tourism.

The hosting of the World Economic Forum multiple times underscores Jordan's prominent position in international forums and global recognition of its success in comprehensive reform. Despite regional challenges, Jordan's commercial and service sector remains resilient, poised to overcome difficulties and contribute to the realization of His Majesty's vision for a new Jordan.

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