MILAN (ITALPRESS) – Jordan intends to raise the level of cooperation with Italy and the European Union in order to strengthen an already very strong relationship, both politically and economically. This was stated by Jordan’s Minister of Investment, Tareq Abu Ghazaleh, in an interview with the Italpress news agency during his official visit to Rome and Milan.
Recalling the long-standing bilateral relations with Italy, which were officially established in 1948 and have been marked by strong human ties – as demonstrated by the fact that the first hospital in the capital, Amman, was Italian – the minister highlighted the goal of moving beyond a simple trade relationship towards cooperation focused on foreign direct investment and joint ventures.
As regards bilateral trade, Jordan’s trade deficit with Italy has fallen over the past three years from approximately €600 million to €400 million, while Italy remains a major supplier of machinery and technology.
Currently, total Foreign Direct Investment (FDI) in the Jordanian economy stands at around USD 700 million, with an average annual inflow of approximately USD 30 million, which the government in Amman aims to increase significantly.
“Jordan is a small country with a small market; however, it is a very stable country and has access to several markets. This is where we position ourselves: as a secure gateway to the local, regional and international markets. Jordan has eight free trade agreements, a decisive factor in expanding opportunities. In Jordan, we have a strong pool of talent, many lucrative incentives and proximity to key developing countries such as Iraq and Syria, which is undergoing reconstruction. We have seen that, despite regional turmoil, Jordan plays a major role in maintaining the continuous flow of the supply chain, supporting the surrounding economies,” the Minister explained.
Tareq Abu Ghazaleh also stressed the importance of the Jordan-EU Investment Conference, linked to the national strategy aimed at doubling GDP over the next ten years. More than 40 investment opportunities that are already investment-ready will be presented at the conference.
According to the minister, the priority sectors include “transport, energy, technology – a sector in which Jordan is a recognized hub for the Middle East – advanced manufacturing and mineral resources.”
Particular attention will also be devoted to Jordan’s role in the reconstruction of Syria and Iraq, an area in which Italian expertise in infrastructure, road networks and transport systems represents a key asset.
To protect investors, Abu Ghazaleh finally highlighted “the stability of the Jordanian banking system – with the financial market having grown by 40% over the past 10 months – and the allocation by the European Commission of €3 billion in de-risking instruments to provide guarantees for European operators.”
– Photo Italpress –
(ITALPRESS).
