Oman, Jordan Sign Agreement to Boost Trade and Investment

Amman: Memorandums of understanding were signed today between the Sultanate of Oman, represented by the Ministry of Trade, Industry and Investment Promotion, and the Hashemite Kingdom of Jordan, represented by the Ministry of Investment.

The first memorandum of understanding included cooperation between the two parties in the field of attracting direct investment, in available investment sectors and activities, in accordance with laws and regulations. practiced in both countries, in a way that achieves mutual benefit between the two parties.

While the second memorandum of understanding signed between the Oman Chamber of Commerce and Industry and the Jordan Chamber of Commerce included the desire to develop and enhance cooperation in trade promotion and support of foreign trade, in addition to encouraging and establishing trade and investment partnerships between the business sector between the two sides and expanding the horizons of economic cooperation and business relations between the two brotherly countries.

The third memorandum of understanding was also signed between the Omani and Jordanian private sectors in the field of supply and trade.

Oman, Jordan Sign Agreement to Boost Trade and Investment@chamber_oman @Tejarah_om #oman #Jordan pic.twitter.com/uGAenehMd5

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His Excellency Qais bin Muhammad Al-Yousef, Minister of Trade, Industry and Investment Promotion, explained that the strong trade relations and trade partnerships have existed since ancient times between the two countries, pointing to the development of joint work and pushing the elements of integration towards broader horizons. To build a competitive economy that interacts with the world’s economies, as well as the two sides seeking to provide all facilities, incentives and capabilities that would give the private sector the ability to contribute to achieving prosperity and sustainable growth.

His Excellency stressed the importance of strengthening trade relations with the aim of increasing the volume of trade exchange between the two countries, and that there is a continuing effort to consolidate economic relations and enhance areas of trade and investment cooperation in priority sectors that would contribute to providing job opportunities and promoting sustainable development in both countries.

Kholoud Al-Saqqaf, Jordanian Minister of Investment, stressed the close fraternal ties that bring together the two countries, their wise leaderships and their brotherly peoples, and her keenness on the importance of enhancing joint investment opportunities and developing economic relations by organizing relevant events, intensifying the exchange of delegations, strengthening communication and partnership at the level of the private sector, and advancing Through investment and trade exchange and diversification.

She said that Jordan is full of many promising investment opportunities worthy of the attention of Omani investors, and that the Jordanian Ministry of Investment announced 36 investment opportunities diversified sectorally and geographically with an investment volume of $1.4 billion, in addition to a number of promising and priority economic sectors whose investment advantages can be identified by 17 sector, in addition to partnership projects between the public and private sectors.

She pointed out the Kingdom’s aspiration to increase the volume of Omani investments, stressing the Ministry of Investment’s readiness to provide full support for these investments to ensure their success, especially since the Jordanian government has undertaken many economic reforms aimed at improving the business environment in the Kingdom.

In turn, His Excellency Yousef Al-Shamali, Jordanian Minister of Industry, Trade and Supply, stressed the importance of raising the level of representation of the Omani-Jordanian Joint Committee, as the committee held its eleventh session meetings in Amman in July 2023, during which a number of documents were signed in the fields of industry, education, youth, consumer protection and the environment, in addition to Enhancing cooperation and exchanging experiences in a number of areas of common interest between the two countries.

Al-Shamali called for doubling the volume of trade exchange to benefit from the agreements linking the two countries with most world markets to transfer and localize technology, increase investments in various fields, increase the volume of trade exchange, and create industrial partnerships in line with the ambitions of the two countries and the available productive and export capabilities, especially in sectors of common interest, including sectors. Medicine, food and agricultural products, textiles, clothing, chemical and petrochemical products, as well as encouraging medical tourism.

The meeting was attended by a number of officials from the Omani and Jordanian sides.