AMMAN: Saudi Arabia and Jordan have set an example to other countries in terms of joint investment, cooperation and coordination, Saudi Minister of Commerce and Investment Majed Al-Qasabi said on Tuesday at the Saudi-Jordanian Economic Forum in Amman.
Organized by the Saudi-Jordanian Coordination Council on the sidelines of King Salman’s visit to Jordan, the forum seeks to increase business ties between the two countries.
“I have been instructed by the Custodian of the Two Holy Mosques to do everything possible to boost joint investments with Jordan, which we consider a very important business partner for Saudi Arabia,” Al-Qasabi told a gathering of senior officials and businessmen from the two sides.
He urged the two countries’ private sectors to take advantage of the vast investment opportunities they can offer each other and which, if seized, can reflect positively on both peoples.
He added that Saudi Arabia is keen to facilitate the business of Jordanian investors in the Saudi market.
The Saudi-Jordanian Coordination Council was established in 2016 with the aim of exploring investment opportunities the two countries can offer each other and that can bring added value to their economies, said Adnan Abu Al-Ragheb, chairman of the Jordanian Chamber of Industry.
Abu Al-Ragheb said bilateral trade stood at $3.328 billion in 2016; Jordanian exports to Saudi Arabia amounted to $996 million, while its imports from the Kingdom stood at $2.332 billion.
“The overall trade turnout between the two sides declined in 2016 by 21.4 percent compared to 2015,” he said.
“This makes it incumbent on all of us to work together to put forth plans to stimulate bilateral trade and promote investment opportunities we can offer each other.”
Abu Al-Ragheb cited Jordan’s recent agreement with the EU that eases restrictions and standards on Jordanian exports to the EU.
He said the Saudi private sector can benefit from this agreement by establishing new investments in Jordan or engaging in joint ventures with Jordanian counterparts.
Trade ties with Jordan exemplary, says Saudi commerce minister
Trade ties with Jordan exemplary, says Saudi commerce minister
Economic growth and resilience at heart of 2nd AlUla Emerging Market Economies Conference
- Event on Feb. 8 and 9 will bring together ministers, governors of central banks, policymakers, economic experts and international financial institutions
- Emerging-market economies a ‘pivotal element’ in global economic system due to effect they have on growth and stability, says Saudi Finance Minister Mohammed Al-Jadaan
RIYADH: The second annual AlUla Conference for Emerging Market Economies, which Saudi Arabia will host next week, offers a platform to exchange views on global developments and discuss policies and reforms that support inclusive growth and strengthen economic resilience, the Kingdom’s finance minister said.
The event on Feb. 8 and 9 will bring together finance ministers, governors of central banks and policymakers, alongside economic experts and representatives of international financial institutions.
Organized by the Saudi Ministry of Finance in partnership with the International Monetary Fund, it takes place as emerging-market economies face mounting challenges amid rapid global economic change.
Finance Minister Mohammed Al-Jadaan said the decision to host the conference reflects Saudi Arabia’s ongoing commitment to efforts that support global financial and economic stability, and highlights the growing influence of emerging economies on worldwide growth.
Emerging-market economies represent a “pivotal element” in the global economic system due to the direct impact they have on economic growth and stability, he added.
“The AlUla Conference for Emerging Market Economies provides a unique platform for exchanging views on global economic developments, and discussing policies and reforms that will support inclusive growth and enhance economic resilience, in light of broader international cooperation that contributes to confronting common challenges,” Al-Jadaan said.
Kristalina Georgieva, managing director of the IMF, said the event would help emerging economies deal with growing uncertainty driven by technological change, demographic shifts and geopolitical tensions.
“The AlUla conference provides a vital platform for emerging economies to discuss how they can navigate the risks and embrace the opportunities ahead,” she said.
“In these times of sweeping transformations in the global economy, policymakers face a more challenging and uncertain environment. Countries should work together to strengthen resilience through sound macroeconomic and financial policies.”
