JBA, SIBA sign memo to advance Jordanian-Syrian economic relations

JBA, SIBA sign memo to advance Jordanian-Syrian economic relations

Jordanian Businessmen Association (JBA) and Syrian International Business Association (SIBA Jordan) signed a framework memorandum of understanding (MoU) Sunday to support prospects of economic relations between the two countries’ businesspeople.

The memo, which was signed by JBA President, Hamdi Tabba’a, and SIBA Chairman, Mohammad Sha’er, aims to enhance Jordanian-Syrian cooperation and exchange expertise in various economic and investment fields.

According to a JBA statement, the memo seeks to boost joint cooperation in holding events, conferences and forums that serve advancement of bilateral economic relations, document contact channels and provide possible facilitations.

The MoU also encourages and facilitates the two sides’ transfer of available expertise and information on opportunities for advancing various economic sectors and establishing “strategic” partnerships at the local, Arab and regional levels.

Under the MoU, the two sides cooperate in holding bilateral business meetings, conducting joint studies, research, statistics and reports in various economic fields and holding workshops.

Tabba’a said arrangements are underway for a Jordanian delegation to visit Syria in the coming period to explore cooperation opportunities, especially in the education, banking, health, information technology, insurance, construction and transportation sectors.

Tabba’a stressed the importance of working to activate Jordan-Syria “transit route” to contribute to stimulating bilateral trade flow.

Meanwhile, Sha’er stressed the importance of developing bilateral relations in many economic, investment and commercial sectors, adding that the memo would enhance cooperation and exchange expertise in various fields, in light of the “diverse” opportunities at the commercial and investment level.

Noting development of bilateral trade relations, he said over 300 Jordanian trucks crossed in one week, and more than 85 vegetable lorries were exported to Syria.

Sha’er stressed the need for Jordanian investments in Syria to benefit from current opportunities, especially reconstruction projects and harness Jordan’s expertise to support economic sectors and development projects.

Since 2011, he noted volume of Syrian investments in Jordan has reached more than $1.5 billion, adding that Syrain investors have establsihed more than 380 industrial facilities and 1,400 commercial businesses in the Kingdom.