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UAE-Jordan joint economic committee holds inaugural meeting

posted on 09/04/2009: 604 views

The UAE-Jordan joint economic committee has been established with the inaugural meeting held yesterday at the Emirates Palace in Abu Dhabi. His Excellency Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, and His Excellency Amer Al Hadidi, Jordanian Minister of Trade and Industry, opened the first session of the meeting in the presence of senior officials from both countries.

Mr Al Mansouri said: "This meeting marks the beginning of a new era in stronger economic cooperation between the UAE and Jordan. The United Arab Emirates has achieved significant qualitative shifts in the fields of social and economic growth in the last decades, led by the vision of its wise leadership.

"The UAE leaders focus on enhancing the role of the private sector and have introduced legislations and laws to leverage information technology by implementing the latest technologies and raising the standard of supporting services.

"All these factors have assisted in offering a business-friendly environment that attracts major investments from around the world. Additionally, the inception of free zones, zero income taxes, the flexibility and efficiency of the banking sector, and political stability make the UAE a model of pride and glory among Arab countries," he added.

Mr Al Mansouri said that the Ministry is exerting efforts to enhance the investment climate, by preparing a draft law on foreign investment whereby more protection will be granted along with systematic incentives for foreign investors. "We are also preparing a draft law that is set to guarantee a suitable climate for investors to do businesses in a fair and equal opportunity growth environment," he added.

Mr Al Mansouri said that all these have helped the UAE to cushion the impact of the global financial crisis and helped gain local and international confidence, supported further by the government's initiatives such as bank deposit guarantees, financial packages for the banking sector and the formation of a committee to evaluate the crisis.

"We have succeeded in signing a number of agreements and strategic memorandums with Jordan such as the establishment of a free trade zone, commercial and economic cooperation treaty and a number of other agreements in the fields of tourism, aviation, maritime and land transportation, and standardization. Besides, we have strengthened cooperation in the fields of education and training, promoted bilateral investments and attracted qualified workers" Al Mansouri said.

The joint committee will discuss bilateral relations and the ways to enhance economic ties between both countries by exploring opportunities. Huge investments and business projects are also on the agenda of the committee.

Non-oil trade exchange between the UAE and Jordan has increased from US$390 Million in 2003 to US$423 million in 2007. – Emirates News Agency, WAM


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