JEDCO launches new programme to support industrial SMEs

AMMAN — The Jordan Enterprise Development Corporation (JEDCO) on Sunday launched the "Supporting Industrial Companies for Export" programme aimed at providing technical and financial support to small- and medium-sized target companies to upscale their administrative and productive capacities.

During the launch ceremony, attended by representatives from the public and private sectors, Minister of Industry, Trade and Supply Tareq Hammouri stressed that the national economy is battling diverse challenges, primarily the high rates of unemployment and debt, as well as the slow pace of economic growth and the lack of funding sources for medium and small enterprises active in the field of industry.

Hammouri added that the programme is a government pilot project to support exports of industrial companies, urging to concentrate on products with high added value in light of the aggressive competition, the Jordan News Agency, Petra, reported.

He pointed out that the programme contributes to solving some of the challenges facing the national economy, such as finding new markets, developing the industrial companies' international quality requirements and increasing their technical capacity.

JEDCO's CEO Omar Qaryouti said the programme aims to develop the products of the target companies, facilitate their exports to the international markets, increase their contribution to the local economic development and achieve high competitiveness among the industrial companies, especially that the industrial sector contributes to 25 per cent of the Gross Domestic Product and 90 per cent of the total exports, as well as the 20 per cent of employment of the local workforce.

The programme provides targeted companies with financial grants and technical consultations to enhance administrative and productive capacities, in order to facilitate exporting a maximum of JD50,000, 40 per cent of which to raise administrative capacities and 60 per cent to raise productive capacities.

JEDCO is the national umbrella for the development of economic projects in the Kingdom, including start-up and innovative projects, as well as supporting the development of these enterprises and enhancing their competitiveness.