Amman, April 23 (Petra) — Jordan’s economic modernization efforts have seen significant strides in the industrial and commercial sectors during the first quarter of 2024, according to the latest report from the Executive Program for the Economic Modernization Vision (2023-2025).
The report highlights the approval of the Industrial Policy Document 2024-2028, a crucial step aimed at outlining the overarching framework to bolster industrial development within Jordan. This document lays the groundwork for the industrial policy’s action plan over the specified period, drawing upon comprehensive analytical evidence and extensive public consultations. Key industries targeted include pharmaceuticals, textiles, chemicals, and engineering, with a focus on enhancing competitiveness, productivity, and value addition.
Furthermore, the program has made strides in supporting the food manufacturing sector and establishing a national food tracking system, with the completion of preparatory documents for this endeavor.
Efforts to enhance market transparency and efficiency have also been notable, with the establishment of a price database for goods and commercial services. This database, serving as a market price observatory at the Central Market and Amman Abattoir, allows commercial entities to input their prices, while plans are underway to develop a complementary quantity observatory.
In a bid to bolster industrial growth, the Jordan Enterprise Development Corporation (JEDCO) has greenlit three industry support programs slated for launch in 2024. These initiatives aim to provide essential support to industrial endeavors within the country.
Moreover, the second phase of the Industrial Support Fund has been initiated, with industrial companies now able to submit applications through a dedicated electronic platform.
On the commercial front, efforts to enhance judicial capacity and expertise in specialized commercial matters have commenced, with a comprehensive training plan in place for judges. Additionally, a series of courses covering practical applications of bankruptcy law, fiduciary contracts, leasing law, corporate law, financial operations, and banking have been organized to further bolster expertise in these areas.
In line with efforts to foster innovation and entrepreneurship, plans are underway to establish business accelerators tailored to e-commerce startups, with tenders expected for the creation of a dedicated e-commerce platform.
In a regulatory update, modifications including the abolition of library licenses have been submitted and approved by the Cabinet, marking a positive step towards streamlining administrative processes.
//Petra// RZ
23/04/2024 11:04:00
