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The high cost of electricity and fuel is pushing Jordan’s move to renewables.

شركة فيلادلفيا للطاقة الشمسية تنتج نحو مليون لوح شمسي سنويًا وتصدر منتجاتها إلى 40 دولة حول العالم #اطلاق_الامكانات_لبناء_المستقبل #رؤية_التحديث_الاقتصادي @PhiladelphiaSlr https://t.co/GDZjozBYe7— رؤية التحديث الاقتصادي (@visionjo) July 12, 2022

Jordan’s economic vision is all about creating jobs

Jordan’s economic vision is all about creating jobs, a million over the next decade. The Finance Minister tells CNBC's @_HadleyGamble that means the government has to “get out of the way.” الهدف الرئيس لرؤية التحديث الاقتصادي هو ايجاد فرص عمل للأردنيين #رؤية_التحديث_الاقتصادي @_HadleyGamble https://t.co/l4xFTJHwdu— رؤية التحديث الاقتصادي (@visionjo) July 12, 2022

Jordan lays out 10-year blueprint to revive economy

Jordan unveiled on Monday a major development strategy for the Middle Eastern country up to the next 10 years targeting doubling its growth to help it rejuvenate an economy hit by regional turmoil. The plan was a major plank of reforms pushed by King Abdullah since last year to help the oil importing country reverse a decade of sluggish growth hovering at around 2 percent that was worsened by the pandemic and conflict in neighboring Iraq and Syria. Advertisement For the latest headlines, follow our Google News channel online or via the app. In a ceremony attended by the monarch, the vision aims at attracting $41 billon in funds that will help raise the country’s GDP to 58.1 billion dinars ($82 bln) by 2033 from a current 30.2 billion dinars. Prime Minister Bisher al Khasawneh said he was committed to implementing essential free market reforms that businessmen say previous conservative administrations have long frustrated. “We don’t have the luxury not to empower the private sector or the luxury of putting hurdles in the face of investors,” Khasawneh told the gathering of hundreds of businessmen, civil servants, and politicians who were invited by the palace to brainstorm and lay out the plan. The traditional conservative establishment had long been blamed for obstructing a modernization drive pushed by the Western-leaning monarch, fearing liberal reforms will erode their grip on power. Khaswaneh said the government would also soon unveil a reform plan for a bloated public sector that expanded rapidly as successive governments sought to appease citizens with state jobs to maintain stability. The runaway spending contributed to soaring public debt of $40 billion, equivalent to 90 percent of gross domestic product, which Jordan has been struggling to rein in. Jordan has however in the last two years won praise for a strong performance under a four-year IMF backed program of structural reforms that brought fiscal prudence while avoiding austerity moves that triggered social unrest in past years. The document said a key challenge was to absorb over a million youths in the next 10 years and reverse record unemployment that hit 24 percent in a country where over a third of its 10 million population are under the age of 14. “After 10 years if we don’t find solutions... we will have a million Jordanians without jobs,” Khaswaneh said.

EU envoy: Economic Modernization Vision culminates political reform efforts

Jordan's recently-launched Economic Modernisation Vision culminates His Majesty King Abdullah's and the Jordanian government's political reform efforts, said Maria Hadjitheodosiou, Ambassador of the European Union (EU) on Tuesday. During a meeting held by the Jordan Europe Business Association (JEBA) under the title "Strengthening Jordanian-European Relations and Opportunities," Hadjitheodosiou pointed to the Kingdom's great potential to attract investments, which positively affects economic growth rates and exports. There are promising investment opportunities in Jordan, she added, which can be further developed in cooperation with the countries of the Union, especially in green growth, water, energy, and renewable energy areas.For his part, Minister of Industry, Trade, and Supply Youssef Shamali described the decades-long Jordanian-European relations as "strategic," pointing to a number of agreements that aimed at increasing trade exchange. The minister underscored that there are "great opportunities to work closely with partners in the European Union," to achieve a balance between exports and imports. Imports, he noted, have reached $682 million in the first quarter of the current year, up by 9 percent from the $625 million recorded in the same period of last year. Jordanian exports are "good but limited," he stated, pointing to a national strategy to examine means to diversify exports and find new non-traditional markets. The JEBA's president Ali Murad stated that there are untapped opportunities between Jordan and the European Union, calling for exploring and developing them and upping Jordanian exports to the countries of the Union.

Economic Modernization Vision provides insight to simplify trade, tax regulations

AMMAN — Jordan’s Economic Modernization Vision envisages ways to simplify customs, taxes and shipping regulations for trade and retail business, according to the Jordan News Agency, Petra. The vision was launched by His Majesty King Abdullah on June 6, is set to be implemented in three phases over 10 years. It focuses on the trade sector as a top national priority, in light of its “high” contribution to the GDP, which last year hit 7.9 percent with a value of JD2.4 billion, according to official estimates. Last year’s estimates showed that the trade sector employs 265,000 workers, making up 16.6 percent of the Kingdom’s workforce. Its exports in 2021, however, amounted to JD300 million, representing 3.3 percent of the Kingdom’s total exports. Petra said the proposed regulations was prompted by the trade sector’s lack of e-trade legislation, since it relies to a “large” extent on imports, and suffers from “ineffective” customs, shipping, and taxes laws, in addition to difficulties in obtaining funding and unfair competition. The vision, which was the outcome of panel discussions for three months, drew attention to the direct economic impact that will be reflected on the trade sector after its implementation. Its contribution to the GDP will increase from JD2.4 billion to JD3.8 billion in 2033, Petra said. The number of the sector’s workers are expected to reach nearly 400,000, while exports will increase to JD1.5 billion in 2033. The vision also suggested developing consumer protection legislation, modernizing the port of Aqaba and its warehousing infrastructure, providing support for trade funding, expanding trade partnerships, free trade agreements, and creating a database of traded goods and services. Al-Ghad News said the Economic Modernization Vision envisions a campaign to spread awareness about the financial culture, and lending to micro, small and medium enterprises. It said the vision suggested creating a pre-approved list of donors and lenders to small finance companies, developing the regulatory framework for financial leasing companies, and legislation and regulations, which could meet the needs of the fast growing financial technology sector. The vision is also keen on developing the capital market, speeding up the digital transformation, establishing a local reinsurance company and restructuring the insurance sector, developing a roadmap for the financial sector’s development and detailed strategies for sub-sectors. It also addressed the strategic capabilities, market priorities and financial services, especially the continuing to develop the sector since it is the basis that enhances the economic growth and improves access to finance. It pointed to the sectors’ potentials and priorities, which fall under the market and financial services sector, such as banking through continuous development. The financial leasing sector must also be developed to become a comprehensive source in micro-enterprises, small and medium establishments, according to the vision. Likewise, the sector also prioritizes advancing the microfinance to encourage social and economic growth, and to work on developing capital markets to contribute to investment and financing, so that Jordan becomes a leading regional center and investment destination for financial technologies. The vision forecast that the direct economic impact that will be reflected on the market and financial services sector during the implementation of the vision, will see GDP jump from 2.3 percent in 2021 to 4.6 percent in 2033.

Economic Modernisation Vision to provide 99K jobs in tourism sector

Jordan's recently-launched Economic Modernisation Vision aims to provide 99,000 new full-time job opportunities in the tourism sector over the next decade. The vision's "Destination Jordan" tourism-related economic growth driver seeks to upgrade and manage tourism locations and facilities, develop various tourism products, activate the tourism investment initiative, facilitate travel to and transportation within Jordan, launch low-cost initiatives, and provide services under reasonable prices. Among the proposed initiatives are also a skills development program, digital tourism initiative, and tourism marketing, in addition to connecting Jordan to a wider tourists-attractive network, enhancing the business identity, updating the sector's data, putting in place global-level standards and rules, improving tourism-related laws, simplifying government transactions, and launching an initiative titled "A Clean, Safe, and Secure Jordan." The recently-launched vision, which will be implemented in three phases over 10 years, includes 366 initiatives in various sectors as part of eight national economic growth drivers that focus on unleashing Jordan’s full potential to achieve comprehensive sustainable growth and generate job opportunities. Aimed at meeting the total expected demand for 1 million jobs for Jordanians in the next decade, the vision identifies drivers for employment and economic growth, which will require JD41 million in investments and financing throughout the upcoming decade, the majority of which is expected to come from the private sector, including foreign direct investment and public-private partnership projects.

Qatari ambassador hails Economic Modernization Vision

Amman, June 7 (Petra) -- The Economic Modernization Vision, launched Monday under the patronage of His Majesty King Abdullah II, is "an ambitious Jordanian vision that deserves praise and admiration," said Qatari ambassador Sheikh Saud bin Nasser bin Jassim Al Thani. "It was an honor to attend the launching ceremony of the Economic Modernization Vision," he said, adding that Jordanians are capable of achieving this vision. The vision, which will be implemented in three phases over 10 years, includes 366 initiatives in various sectors as part of eight national economic growth drivers that focus on unleashing Jordan’s full potential to achieve comprehensive sustainable growth and generate job opportunities. Aimed at meeting the expected demand for 1 million jobs for Jordanians in the next decade, the vision identifies drivers for employment and economic growth, which will require JD41 million in investments and financing throughout the upcoming decade, the majority of which is expected to come from the private sector, including foreign direct investment and public-private partnership projects.

UN stands ready to support Jordan’s Economic Modernization Vision

"The process provides an opportunity for aligning priorities under the Cooperation Framework to support with the new Economic Vision." RC a.i. / HC Ghulam M. Isaczai The United Nations in Jordan welcomes the launch of Jordan’s Economic Modernization Vision as part of its socio-economic reform agenda and to accelerate realization of the Sustainable Development Goals. The United Nations has been a long-standing partner for the Government and to the people of Jordan and stands ready to support the Kingdom’s efforts in implementing this 10-year blueprint. "We are currently in the process of developing the new Cooperation Framework for the years 2023-2027 in partnership with the Government of Jordan. The process provides an opportunity for aligning priorities under the Cooperation Framework with the new Economic Vision”, said

Jordanian Ministry of Transport announces five-year public transportation strategy for 2022 to 2027

The ministry stated that it will be forming partnerships with the private sector to close a significant funding gap for transportation projects AMMAN: The Jordanian Ministry of Transport has announced a five-year public transportation strategy for the years 2022 to 2027, Jordan News Agency (Petra) reported on Wednesday. The ministry's goal is to increase the sector's employment by 18 percent and increase its current GDP contribution from 2.6 percent to 7 percent in that time. The ministry also said in a statement that it will collaborate with its partners at the World Bank and the European Union to align its new five-year strategy with the recently released Economic Modernization Vision recommendations. As the strategy sources additional funding, the ministry stated that it will be forming partnerships with the private sector to close a significant funding gap for transportation projects. The strategy also aims to cut down on the use of cars, increase the percentage of people who use public transportation from 12 to 17 percent, and reduce household spending on transportation to 5 percent. It also aims to reduce the cost of losses caused by traffic accidents by 35 percent, the energy used by the transportation industry by 7 percent, and the emissions produced by the industry by 125 percent.

PM directs plan, timetable to implement Economic Modernization Vision document

In a Cabinet session held Wednesday, Prime Minister Dr. Bisher Khasawneh directed the concerned authorities to start setting a “clear” implementation plan and timetable for carrying out the outcomes of the Economic Modernization Vision document. The visions was launched last week at the Dead Sea under His Majesty King Abdullah II’s auspices, presented by national economic workshop that was held at the Royal Hashemite Court. In this regard, the Council of Ministers decided to form a ministerial team for outlining the vision’s executive programs, comprised of ministers of planning and international cooperation, state for prime ministry affairs, finance, state for follow-up and government coordination, digital economy, industry, trade and supply, environment, and investment. The PM stressed the need to develop “clear” executive programs, according to a gradual mechanism over the vision’s ten-year period and timetables over its three phases, divided according to the target sectors to ensure the vision’s implementation. Reiterating the vision’s importance as a “major” national project and a roadmap for the national economy, he stressed the need to highlight its outcomes and follow up their implementation in accordance with “clear and announced” executive programs. On another key reform issue, the PM referred to the work of the Public Sector Modernization Committee, adding that its outcomes should include an executive action plan, according to timetables that will be publicly announced. This future effort should include the measures that will be worked on to improve quality of services provided to citizens and raise their efficiency aimed to make a “qualitative” shift in performance of Jordan’s public employee and institutions, the PM added. With regard to the political modernization system, Khasawneh stressed the need to work on preparing executive programs concerned with empowering youth and women, integrating them into Jordan’s political participation process, and pushing them to form party frameworks. To push this agenda, he directed the relevant ministries and ministerial committees to make “true” effort and continuous work in this field. The PM said: ” These files are large and important, and require continuous and diligent work, and clear mechanisms for implementation, which are announced to all.”//Petra// AG

King attends launch of Economic Modernisation Vision

DEAD SEA — His Majesty King Abdullah, accompanied by HRH Crown Prince Hussein, on Monday attended the launch of the Economic Modernisation Vision, which will be a national roadmap across governments.The vision, which will be implemented in three phases over 10 years, includes 366 initiatives in various sectors, as part of eight national economic growth drivers that focus on unleashing Jordan’s full potential to achieve comprehensive sustainable growth and generate job opportunities, according to a Royal Court statement.The vision, which aims to meet the expected demand for one million jobs for Jordanians in the next decade, identifies drivers for employment and economic growth, which will require JD41 million in investments and financing throughout the upcoming decade, the majority of which is expected to come from the private sector, including foreign direct investment and public-private partnership projects.Speaking at the launch ceremony, held at the King Hussein Bin Talal Convention Centre at the Dead Sea, Prime Minister Bisher Khasawneh said the Economic Modernisation Vision is a national project that the government will adopt and implement.The prime minister said the government will also present to Parliament, in its next session, a draft law that regulates the investment environment, adding that the outcomes of the committee to modernise the public sector will be ready this month.The launch event featured a screening of two videos depicting the participatory national effort upon which the vision was built over several months, starting from sessions held by the Jordan Strategy Forum (JSF) and continuing at the National Economic Workshop held at the Royal Hashemite Court upon Royal directives.The videos also covered the vision’s eight economic growth drivers: High-Value Industries, Future Services, Destination Jordan, Smart Jordan, Sustainable Jordan, Vibrant Jordan, Green Jordan, and Invest Jordan.The vision highlights innovation and entrepreneurship as key to achieving development and bolstering efficiency and productivity, and stresses the importance of stepping up cooperation with Jordan’s development partners in a more effective manner to direct their expertise and resources towards promising fields.The vision, in line with comprehensive national modernisation efforts across the political, economic, and administrative tracks, aims to improve Jordan’s standing on global economic indices and enhance the standard of living for Jordanians.The vision’s two main pillars focus on unleashing Jordan’s economic potential to achieve comprehensive sustainable growth, and improving the quality and standard of living for all Jordanians, by enhancing various services such as education, healthcare, transport and infrastructure.The launch ceremony also included a panel discussion that featured JSF Chairman Abdul Ilah Khatib, Manaseer Group Chairman Ziad Manaseer, Founding Chairman and Managing Director of Classic Fashion Apparel Industry Sanal Kumar, and Wa'ed Al Hawamdeh, country director at Webhelp Jordan.The session covered the importance of public-private partnerships in implementing the vision and expanding investments in food security, the textile industry, ICT and new industries, and the impact of these investments on creating job opportunities and increasing exports.Senior officials and officers, members of Parliament, and diplomats attended the ceremony.Earlier, Crown Prince Hussein attended one of the panel discussions that took place ahead of the launch of the Economic Modernisation Vision, and covered its eight growth drivers.Khasawneh said that the government is working to achieve the goals and outcomes of the Economic Modernisation Vision through partnerships with the private sector.“The government is committed to setting executive frameworks for the vision,” he said during his speech.According to the prime minister, Jordan has an infrastructure that is close to that of developed countries.“Jordan has entered the bicentennial with a surplus of human capabilities which not only built the Kingdom, but also built and contributed to many neighbouring countries,” he added.Khasawneh emphasised targeting foreign investment in Jordan, and empowering the national investors and entrepreneurs as well creating job opportunities.He indicated that the government "will finance within the limits of what it is currently financing, as the vision was based on a figure that the government is committed to for 10 years, every year in its budget within the limits of the number that the Jordanian government spends today in its financial space to be able to reach this foundation."“The government will do whatever is necessary despite the challenges facing Jordan. The plan and vision are feasible and it is everyone’s responsibility, whether the government or the private sector,” Khasawneh added.

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