October 2002 issue

King and Queen pay a State Visit to Germany 

Their Majesties King Abdullah II and Queen Rania Al-Abdullah paid a State Visit to Germany from 21^st to 24^th October 2002. During the visit King Abdullah II held talks with German Federal President Johannes Rau and Chancellor Gerhard Schroeder and other senior German officials on ways of promoting political, economic and cultural ties. In the course of the visit to the Federal states of Brandenburg and Bavaria and in a meeting with the Minister-President of Lower Saxony, His Majesty discussed ways to strengthen bilateral cooperation in the areas of investment, scientific research and information technology. 

The King also met the Federal Minister for Economic Cooperation and Development and business leaders representing both the private and public sectors for talks on economic and development cooperation as well as investment.  During a business discussion with King Abdullah II, organized by the North Africa and Middle East Initiative of German Business (NMI), His Majesty briefed participants on investment opportunities in the Kingdom. German investors and businessmen were very much interested in knowing more about some vital sectors in Jordan such as energy, water, tourism, and IT. They described steps taken by Jordan to improve economic performance as "wise" and that Jordan's export rate to the European market would increase as the Euro-Jordanian Association Agreement has already come into effect. 

The signing of a debt rescheduling agreement between Jordan and Germany formed part of the visit. The agreement stipulates repayment conditions for around € 97 million. The agreement represents a significant contribution to support Jordan's economic reform process. 

King: Jordan is determined to be ICT hub 

His Majesty King Abdullah II reaffirmed Jordan's determination to become a regional Information and Communications Technology (ICT) hub stating, “I want everybody to know that we are extremely serious in moving IT forward despite regional and global events”. “We have made a move in the right direction... We are determined to make IT succeed here, and not only for those working in this sector, but also to enhance the economy as a whole”, the King reiterated in the opening of Jordan's second ICT Forum. His Majesty, who is considered by foreign and local observers to be Jordan’s IT champion, described Jordanians holding high-profile IT posts abroad as goodwill ambassadors for their country, but “the end-game is to bring them back,” the King said.  “We have a problem of brain-drain, and we want to be able to change that into brain-gain,” he declared. The King has urged the private and public sectors to do more. “A lot has been done on foundations, infrastructure and laws, but we really want companies to seize the moment, to help us build capacity and find ways of cooperation,” the King said. 

The Jordan ICT Forum was a roaring success and showcased Jordan’s efforts and remarkable achievements in building the vibrant industry of ICT.  In the Forum, Dr. Craig Barrett, CEO of Intel, acknowledged and praised the government’s efforts and initiatives at establishing a national e-learning platform, and implementing e-government. According to Barrett “In order to move into a knowledge-based economy, all countries must focus on their education systems, put in place an infrastructure, not just at schools, and embark on programs to demonstrate to citizens and the commercial sectors the advantages of utilizing technology”. For more information about the Forum, please visit the website of Information Technology of Association of Jordan. 

American Jordanian Expo – AJEX 2003 

The American Chamber of Commerce in Jordan (JABA) will organize the second American Jordanian Expo – AJEX 2003 conference and exhibition, from 26 to 29 March 2003 in Amman, Jordan.  The event will focus on two way trade for Jordanian, American and international investors as well as investment opportunities between organizations looking to capitalize on Jordan’s exclusive position as the only Arab country to have a Free Trade Agreement with the United States. Furthermore, AJEX 2003 will explore the various economic opportunities presented through the Aqaba Special Economic Zone and the Qualifying Industrial Zones (QIZ’s). Since the implementation of the FTA between Jordan and the US in end of 2001, Jordanian exports to the US market has grown significantly, rising noticeably in the first seven months of 2002 to 70%, and has continued in this momentum. 

AJEX 2003 will help emphasize the strong business opportunities and benefits of trade between Jordan and the US, through the FTA, with the participation of high-level speakers from the US, Jordan and the region. For more information, please log into http://www.ajex.org. 

Exports rise 16%, economy expected to grow 5.1% 

During the first eight months of 2002, Jordan's exports rose by 16%, with a total value of €1402 million against €1207 million in the corresponding period last year. According to a report by the Department of Statistics, the country's imports fell by 4% and the trade deficit dropped by 20%, reaching €1428 million compared to a deficit of €1789 million in the first eight months of last year. The rise of exports and the positive performances of the economy are clear signs of the efficiency of the government policies in establishing a business-friendly environment and strengthening the pillars of financial and monetary stability. 

Despite the regional problems, the September 11^th attacks and the latest US threats against Iraq, Jordan's exports have steadily increased over the past two years, and the economy is expected to grow by 5.1% by the end of this year. 

EU and Jordan sign € 92 m financing agreements 

Issued by the Commercial Section of the Embassy of the Hashemite Kingdom of Jordan . For further information, please contact Mr. Haitham Abu Alfoul, phone 30-36 99 600 fax 30-36 99 6011, [email protected].