- Jordan-Turkey trade reached $1 billion in 2024, with a trade imbalance favoring Turkey.
- Leaders urge boosting Jordanian exports and deepening private sector collaboration.
- Joint efforts focus on revitalizing the free trade agreement and expanding investments in key sectors.
Hamdi Tabbaa, the President of the Jordanian Businessmen Association (JBA), emphasized the significance of strengthening economic and investment ties between Jordan and Turkey.
Tabbaa delivered his comments at the Jordanian-Turkish Business Council gathering that was arranged in collaboration with Turkey’s Foreign Economic Relations Board (DEIK), as reported by the Jordan News Agency, Petra. He emphasized the importance of enhancing trade collaboration and reinforcing the council's role in aiding the private sector and encouraging reciprocal investments.
The JBA president highlighted that in 2024, the trade exchange between both nations hit around $1 billion, with Jordanian imports from Turkey amounting to approximately $815 million. He pointed out that exports to Turkey amounted to $106 million, representing 12 percent of the total trade volume, and emphasized the need to correct this imbalance by increasing Jordanian exports to the Turkish market.
Tabbaa encouraged Turkish business leaders to seek investment opportunities in Jordan and enhance collaboration and interaction between the private sectors of both countries. He emphasized Jordan's continuous execution of significant projects under the Economic Modernisation Vision (EMV), creating prospects in essential sectors like ICT, logistics, tourism, industry, agriculture, healthcare, energy, and mining, along with public-private partnership initiatives.
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Levent Birant, the Turkish council leader, highlighted the “strong” economic and trade connections between Jordan and Turkey and reiterated the council's dedication to maintaining the "activation" of the joint free trade agreement. He urged enhancing current collaboration to strengthen business ties between Amman and Ankara.
Yusri Tahboub, the Jordanian council leader, emphasized initiatives to revitalize the FTA with Turkey to align with Jordan’s economic openness objectives.
Tahboub mentioned that the council aims to improve investment incentives and promote the sharing of opportunities in key sectors, particularly in industry, medical tourism, energy, and mining.
Salim Dada, President of the Turkish-Jordanian Businessmen Association, stated that the association was founded two years ago to enhance economic connections and strategic collaboration between the business sectors of both nations. He highlighted Jordan’s role as a "promising" investment center in the area because of its strategic location, political stability, skilled labor force, and potential in renewable energy, tourism, ICT, pharmaceuticals, manufacturing, and logistics.
He remarked that Jordan's competitive benefits and advantageous business climate, supported by free trade agreements with the US, the European Union, Canada, and various Arab and Asian nations, position it as a "gateway" to markets in Iraq and the Gulf.
Dada also emphasized Jordan's "investor-friendly" legal system, which guarantees "equal" treatment for both domestic and international investors while fostering innovation and entrepreneurship.
Turkish Ambassador to Jordan Yakup Caymazoglu announced that the Jordanian-Turkish Joint Economic Committee will meet in Amman this October, creating more opportunities for collaboration and tackling issues faced by entrepreneurs.
Caymazoglu highlighted that both nations and the region encounter "shared" challenges due to escalating costs resulting from events in the Gaza Strip and the West Bank, along with domestic problems in Syria and Iraq. He emphasized that these conditions also offer fresh chances for collaboration, especially considering the political alignment between Jordan and Turkey.
Caymazoglu highlighted recent "positive" changes, such as the removal of US and European sanctions on Syria, which may facilitate collaborative Jordanian-Turkish initiatives aimed at Syrian and regional markets. He conveyed a positive outlook on establishing a "strong" economic partnership, highlighting Jordan’s industrial capabilities, strategic investment areas, and customs benefits that facilitate export access to markets in the US and Canada.