Business forum held on increasing Jordan-Ukraine economic relations

AMMAN - A business forum, organised by the Jordanian Businessmen Association (JBA), the Ukrainian-Arab Business Council and the Ukrainian League of Industrialists and Entrepreneurs (ULIE), on Tuesday discussed means of enhancing Jordanian-Ukrainian economic relations.

The virtual event highlighted the available investment opportunities in both countries and discussed the prospects of establishing joint projects and increasing trade exchange.

During the forum, the JBA and ULIE signed a memorandum of understanding to boost economic, trade and investment relations, as well as business networking.

Jordan Investment Commission Acting Chairman Faridon Hartouqa, deputising for Minister of Industry, Trade and Supply Maha Al Ali, said that the Kingdom believes in involving the private sector in decision making towards improving the economic cycle, according to the Jordan News Agency, Petra.

Jordan and Ukraine enjoy distinguished relations, but the volume of trade exchange is still “below the desired levels”, as Jordanian exports to Ukraine in 2019 reached approximately $14 million while imports from Ukraine hit $184 million, Hartouqa said.

He also added that the volume of investment that benefitted from the Investment Law increased by 26.4 per cent in 2020 despite the pandemic, pointing out that a total of 376 new projects and expansions, at a total value of $870 million, were registered in the previous year.

The JIC has developed a list of 80 investment opportunities at an approximate value of some $4.6 billion, he added.

Hartouqa also highlighted the Kingdom’s improvement on the Doing Business 2020 index as Jordan jumped 29 ranks.

Board member of the JBA Mohammed Al Balbisi said that Jordanian investments in Ukraine reach nearly $18 million, noting that 28 memos have been signed between the two countries covering various sectors including education, economy, trade, culture, customs, health and tourism, calling for activating the signed agreements.

President of the ULIE Anatoliy Kinakh stressed the need to continue holding meetings between businesspeople from both countries towards furthering bilateral economic relations, highlighting his country’s promising investment opportunities, notably in the field of food industries.