UAE Emerges as Jordan's 5th Largest Trading Partner with $4.2 Billion in Trade for 2023

UAE, 07 October, 2024 : Dr. Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, announced that the UAE has ranked as Jordan's fifth-largest global trading partner, with non-oil trade reaching $4.2 billion in 2023. This figure represents a 37.9% increase compared to 2021 and a 47.7% rise since 2019.

During a statement to Emirates News Agency (WAM), Al Zeyoudi emphasized the UAE's commitment to fostering cooperation through its Comprehensive Economic Partnership Agreements (CEPA) program. The recently signed CEPA with Jordan, which will take effect later this year, marks a significant milestone in the two countries' longstanding relationship. It aims to boost bilateral trade to over $8 billion by 2032, benefiting businesses, young entrepreneurs, and startups in both nations.

The UAE is currently the largest foreign investor in Jordan, with mutual investments estimated at around $22.5 billion. By the end of last year, UAE investments in Jordan exceeded $4 billion, accounting for 14% of the Kingdom's total foreign direct investment.

Al Zeyoudi highlighted that the CEPA will strengthen trade and investment relations, accelerate growth in priority sectors, and create jobs, allowing both countries to leverage their global trade networks for mutual benefit. He noted that the UAE and Jordan share expertise in key sectors such as energy, infrastructure, transport, and finance, with promising investment opportunities in tourism, hospitality, renewable energy, and manufacturing.

Source : www.zawya.com