Amman: Jordan's industrial sector has witnessed substantial progress under the guidance of King Abdullah II, according to the president of the Jordan and Amman Chambers of Industry, Fathi Al-Jaghbir. Al-Jaghbir emphasized the King's commitment to establishing a self-reliant national economy capable of competing on a global scale.
According to Jordan News Agency, Al-Jaghbir highlighted that King Abdullah II has prioritized the creation of a competitive investment climate through the implementation of investment-friendly regulations. This commitment has been pivotal in advancing Jordan's foreign trade, particularly through the country's accession to the World Trade Organization (WTO) at the turn of the 21st century. This move necessitated key legislative reforms, including updates to intellectual property laws, consumer protection policies, and customs laws, aligning them with WTO standards.
Al-Jaghbir pointed out that joining the WTO was a significant step in opening global markets to Jordanian products, granting them access to over 150 countries. He further noted that the industrial sector has been a central focus for King Abdullah, who envisions Jordanian industries as a regional hub for strategic and high-value industries.
Since King Abdullah's ascension, Jordan's industrial exports have expanded remarkably, with products reaching 148 markets and serving over 1.5 billion consumers. From the late 20th century to 2022, the value of industrial exports increased from approximately JD993 million to over JD7.9 billion, with JD5.9 billion achieved in the first three quarters of 2023.
The added value of the industrial sector rose from JD1 billion in 1998 to JD7.33 billion in 2022, contributing 21.7% to Jordan's GDP. Industrial investments have also doubled, reaching JD15 billion, and the number of industrial enterprises has grown from around 4,000 in 1999 to over 18,000 today.
Jordan's early establishment of vocational and technical training centers has supported the growth of an industrial workforce, now employing 268,000 workers, most of whom are Jordanian. This accounts for more than 21% of the labor force, up from 140,000 workers in 1999.
Al-Jaghbir praised the industrial sector's resilience during the COVID-19 pandemic, highlighting its capability to meet domestic demand for essential goods and achieve self-sufficiency in some products.
He also mentioned the king's recent economic modernization vision, launched last year, which aims to drive economic growth and improve living standards over the next decade. The vision includes creating one million new jobs, enhancing quality of life, and establishing comprehensive social and economic frameworks. It emphasizes the industrial sector as a crucial component of sustainable economic growth, with targets to create 314,000 new jobs and attract JD10.2 billion in foreign investments by 2033.
Additionally, the vision seeks to expand the sector's output from JD5.3 billion to JD11.1 billion and increase industrial exports from JD4.8 billion in 2021 to JD19.8 billion by 2033.