'From Souqs to global markets' trade sector marks as economic cornerstone

AMMAN — President of the Jordan and Amman chambers of commerce Khalil Haj Tawfiq on Saturday said that the sector's “immense achievements” reflect on the 79-year journey of the trade sector into global market.

According to a statement marking Independence Day, this journey has seen the national economy thrives to over 150,000 officially registered commercial and service companies spread across the Kingdom.

"The Gross Domestic Product [GDP] has climbed from mere hundreds of millions at independence to JD36.078 billion in 2023," Haj Tawfiq told the Jordan News Agency, Petra.

"What has been achieved would not have been possible without the genuine partnership between the public and private sectors,” he stressed.

This resilience is evidenced by compelling figures; per capita GDP rose to JD3,228 last year from JD1,278 in 2001. Jordanian exports surged "dramatically" from around JD4 million in 1960 to JD8.579 billion in 2023, while imports grew from about JD43 million to JD19.110 billion over the same period, Haj Tawfiq noted.

The trade and services sector is the "primary" engine of Jordan's economy, as it constitutes about 70 per cent of GDP and employs over half a million of registered workers, he said.

Haj Tawfiq underscored the sector’s role in providing goods and services, creating jobs, enhancing the business environment and strengthening economic ties globally.

He also referred to the sector's “success” in integrating into the world economy through a series of "key" free trade agreements, making Jordan unique among Arab nations in its extensive network of such pacts.

Jordan stands as an attractive hub for trade and investment, thanks to its security and stability, opportunities, economic reforms and major infrastructure projects such as the Aqaba Special Economic Zone Authority (ASEZA), industrial estates and development zones.

Haj Tawfiq stressed the need for unified efforts between the public and private sectors to implement the EMV swiftly.

He stressed the Jordan Chamber of Commerce's commitment to supporting the sector, attracting investment and building robust international networks.