Jordanian and Algerian businesspeople agreed to establish a new vision for the two countries’ economic relations to open broad prospects for joint trade and investment cooperation, according to the Jordan News Agency, Petra.
In a joint investment forum on Saturday organized by the Jordanian Businessmen Association (JBA), in cooperation with the National Confederation of Algerian Employers, the two sides called for developing action mechanisms, which would contribute to overcoming difficulties facing their trade exchange.
They also agreed to intensify meetings and exchange visits to get acquainted with available economic opportunities.
Despite the deep-rooted bilateral relations at various levels, the two countries’ trade exchange remains modest. The Kingdom’s exports to Algeria amounted to $94 million in 2020, while it imported $125 million from Algeria, according to official data.
Addressing the meeting, JBA Secretary-General Abdul Rahim Al-Beqai said Jordan has the requirements to become a regional business center and a gateway to enter the region’s markets. He said the Jordanian position is supported by the country’s competitive advantages and promising commercial and investment opportunities, in addition to agreements with various global economic blocs. He called on the Algerians to benefit from the privileges.
Many Jordanian industrial sectors have the necessary requirements to enter the Algerian market, especially the pharmaceutical, clothing, chemical and fertilizer, plastic, rubber and metal industries, which all represent untapped export opportunities, he said.
Stressing the need to work on overcoming difficulties that impede optimally benefiting from both sides’ available opportunities, Beqai said this effort should focus on activating the bilateral trade agreement signed between the two countries in 1997 and jumpstarting the role of the joint technical trade committee.
Beqai also urged a road map to diversify the base of exchanged goods and reduce customs and non-tariff obstacles to facilitate the flow of goods, especially since the volume of trade and investment is “still less than the desired level.”
Additionally, he stressed the need to hold more joint business meetings and launch a joint data base, which would provide details of interest to Jordanian and Algerian investors, including legislation, regulations, and investment opportunities.