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French Version

Business Scene

* Minister of Finance Michel Marto said the Kingdom is considering new plans to enhance its exports to the European countries. Marto noted such plans, which remain draft, first require the European Union's commitment to abolish all custom duties and tariffs hindering the flow of Jordanian and other Arab exports to European markets. The gap between European exports and their Arab counterparts is getting wider, even though the European Union and the Arab Mediterranean countries have shared a partnership agreement since 1995. According to European statistics, Arab exports to the EU are equivalent to about 25 percent of all European exports to regional countries.

* Non-Jordanian investments in local companies reached JD 14.6 million in the first nine months of this year. About JD 11 million of that amount was invested in companies established this year. Statistics from the Ministry of Trade and Industry show that most of the foreign investments were made in the services and commercial sectors. The statistics also revealed that JD 20 million in foreign investment in local companies was withdrawn this year for different reasons.

* The tourism sector earned almost JD 440 million in revenues in the first nine months of 2002. This is an increase of 11 percent from the same period last year. More than 1.2 million tourists entered the Kingdom this year, a 5 percent increase from 2001. About two-thirds of these tourists are Arabs. Last year, the Kingdom made JD 500 million in revenues from the tourism sector. Minister of Tourism Taleb Rifai said the government is facing a challenge to make the best use of these revenues for the social and economic development of Jordan. Investments in local tourism are worth JD 1 billion and provide 150,000 jobs for Jordanians.

* The Greater Amman Municipality's council approved the 2003 budget, worth JD 88.4 million. About 60 percent of the budget will be for capital expenditure, and the other 40 percent for current expenditure. The budget is facing a deficit of JD 6 million, which is expected to be bridged by local and foreign loans. The GAM is also financing Jordanian projects inside and outside the Kingdom.

* Jordan's funds at the Arab Fund for Social and Economic Development have risen by 2 percent since 2001, to JD 348.1 million in August. The Kingdom still has JD 237.2 million in reserved accounts that are expected to be used in aiding local development projects in the coming years. The Arab Fund's loans have supported the government's Social Security package, as well as development projects in the fields of water, health, mining and education.

* The Customs Department foiled an attempt by a Chinese company working in the Al Hassan Industrial Zone in Irbid to export products fabricated in China under the label of "Made in Jordan." These products were coming from Beijing to Jordan for later sale in US markets. Sources in the Customs Department indicated heavy fines had been imposed on the Chinese company. The department has already foiled similar attempts by other companies working in the local Qualified Industrial Zones. According to the QIZ Law, companies subject to this law are not allowed to import ready-made clothes and textiles, but rather should import raw materials and segments to be assembled or fabricated in Jordan.

* Jordanian pharmaceuticals worth $450 million are exported to 63 countries worldwide. Mazen Darwazeh, president of the Jordanian Pharmaceuticals Association, said local production is expected to double over the next three years to $1 billion. Europe, the US, the Far East and Africa are the main importers of Jordanian medicine. Darwazeh indicated the association is working on plans to increase Jordan's exports of pharmaceuticals to Arab countries, which remain below desired levels. Negotiations are under way with the Egyptian government to reduce barriers to local medicine reaching Egyptian markets. Pharmaceutical exports to the Syrian market also remain trifling, estimated at $500,000 a year.

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Some Marks
To see in Jordan
Fairs & Exhibitions
Useful Addresses
Media of 1stjordan
Impact of 1stjordan
The 'First Jordan' Card
Press Book
Exotica - Flowers - Shopping on line
Engineering Consultants Lebanon
Nsouli Jewelry Lebanon
Hotel Beirut Lebanon
Rent Villas France for Holidays, Seasonal Rentals France
Sole Agent for Philips & Whirlpool in Lebanon
Arab Printing Press Lebanon
Hotel Beirut Lebanon
Arabic Music, CD Arabia
Hotels Syria
Groupe PMR