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Jordan News
13-07-2025
- Business
- Jordan News
Jordan Encourages Digital Payments as an Alternative to Cheques - Jordan News
Jordan Encourages Digital Payments as an Alternative to Cheques Minister of Justice Dr. Bassam Talhouni stated that the recent amendments to the Penal Code and the Enforcement Law are part of an integrated reform vision aimed at balancing the protection of rights with the creation of a fair legal environment that supports economic and social stability. اضافة اعلان Speaking at a panel discussion organized by the Amman Chamber of Industry on Saturday, titled "Lifting Criminal Protection from Cheques," Talhouni affirmed the government's commitment to supporting the private sector by providing a balanced legislative framework and legal tools that ensure rights are upheld without excessive complexity or hardship. 'We want to assure the private sector that the legal protection tools are available,' he said, emphasizing that the amendments aim to restore confidence in commercial dealings without imposing unjustified burdens or risks. Talhouni noted that a minimum of six months is needed to assess the real impact of these amendments on individuals and businesses, highlighting the importance of dialogue between the public and private sectors when discussing how legislation affects real-world practices. He emphasized that the amendments were not arbitrary but stemmed from extensive studies and consultations with experts, and were a response to growing misuse of debt instruments and practices that undermined trust in commercial transactions. The changes aim to safeguard creditor rights without compromising human dignity or basic livelihoods. Talhouni also referred to the government's broader legal reform efforts, including amendments to the Enforcement Law and the Personal Data Protection Law, alongside digital innovations such as creditworthiness assessment apps that help parties make informed financial commitments. Engineer Fathi Jaghbir, President of both the Jordan and Amman Chambers of Industry, said the chambers had worked since the lifting of criminal protection from cheques to help industrial companies adapt to the legal shift, providing suggested measures tailored to each business sector. He stressed the chamber's efforts to protect financial rights in trade and contract transactions and announced a forthcoming position paper with recommendations to protect cheque users' rights, to be submitted to the Ministry of Justice. The session, moderated by Dr. Eyad Abu Haltam (Amman Chamber of Industry), included participation from: Judge Waleed Kanakriyah, Secretary General of the Ministry of Justice Adnan Naji, Director General of the Jordan Loan Guarantee Corporation Dr. Maher Mahrouq, Director General of the Association of Banks Ahmad Al-Amoudi, Director General of CRIF Jordan Moataz Abu Zanad, Executive Director of the Supervision Department for Finance and Credit Information Companies Key Recommendations and Takeaways: Participants called for: Enhancing civil debt collection systems Improving enforcement mechanisms Encouraging digital payments as an alternative to cheques Using credit scoring and reports to assess a client's repayment ability Modernizing insolvency laws for individuals and companies Promoting negotiation and arbitration tools in financial disputes Engaging the insurance sector to cover default risks They noted that positive impacts of removing criminal protection from cheques include: Improved liquidity and cash flow management Greater reliance on alternative financing tools Reduction of chain-reaction defaults in postdated sales Decreased misuse of cheques Development of modern collection and guarantee mechanisms However, negative consequences include: Difficulty for sectors reliant on postdated sales due to liquidity constraints Higher risk of non-payment among cheque-dependent companies Declining trust in cheques as a means of payment Lack of swift legal enforcement mechanisms to compel repayment Participants stressed the urgent need to: Promote credit evaluations through credit reporting systems Reform the Enforcement Law to introduce a comprehensive non-custodial framework Expand the data sources available to credit information companies Draft civil insolvency legislation for individuals The session concluded with a shared call for coordinated legal and economic reforms to support financial stability and modern commercial practices in Jordan.
Jordan News
15-06-2025
- Business
- Jordan News
Al-Qudah: Promising Opportunities to Increase Jordanian Exports Across Sectors - Jordan News
Minister of Industry, Trade, and Supply, Eng. Yarub Al-Qudah, affirmed that there are promising opportunities to boost Jordanian exports across various sectors to several countries, noting that Jordan possesses multiple competitive advantages that qualify its industrial products to enter new markets and strengthen their presence in traditional ones. اضافة اعلان During a meeting on Saturday with the boards of Jordan's industrial chambers to discuss issues affecting Jordanian exports in certain markets, Al-Qudah noted that Jordanian exports saw a significant increase in the first quarter of 2025 compared to the same period in 2024. He emphasized that the government has issued several decisions aimed at enhancing the competitiveness of Jordanian industry. He also highlighted ongoing coordination with the industrial sector to resolve any obstacles facing Jordanian products abroad, through follow-ups with the relevant authorities in those countries and taking necessary actions. For his part, Eng. Fathi Al-Jaghbir, President of the Jordan and Amman Chambers of Industry, praised the Ministry's active engagement with industry chambers and private sector representatives to address challenges hindering production and improve the competitiveness of the industrial sector in local and export markets. Al-Jaghbir added that it was agreed during the meeting to hold regular coordination meetings between the Minister of Industry and other relevant ministers with representatives of the industrial sector to address pressing issues. He emphasized that increasing Jordan's exports would help alleviate poverty and unemployment by creating more job opportunities for Jordanians.
Jordan Times
14-04-2025
- Business
- Jordan Times
Industrial sector grows by 4.4% in 2024
AMMAN — The industrial sector achieved a 'real' growth of 4.4 per cent during the past year compared to 2023, with contribution of 40 per cent to the total economic growth realised in the Kingdom. President of the Jordan and Amman Chambers of Industry Fathi Jaghbir said in a statement on Monday that the 'industrial sector has proven its solid position as a key driver of economic growth in the Kingdom, despite regional changes and unprecedented global economic pressures.' He added that industry has become the backbone of the national economy, as it is the main pillar in the Economic Modernisation Vision. Jaghbir said that the growth was driven by positive developments and noticeable growth across various industrial sectors, with the mining sector recording a growth of 5.5per cent, the manufacturing sector 4.2 per cent, and the electricity and water sector 4.8 per cent. He also said that the industrial output at current prices reached JD8.6 billion during 2024, accounting for 23 per cent of the gross domestic product (GDP) directly, making it the highest-contributing economic sector to the national economy as a whole. He expressed hope that the current year will bring further progress and prosperity for Jordanian industry, especially with the government's focus on the optimal implementation of all initiatives under EMV and enhancing its competitiveness. Jaghbir also pointed out that the industry's contribution to the GDP was supported by a 1.4 per cent growth in industrial exports last year compared to 2023, with their total value exceeding JD7.8 billion, making up around 92 per cent of total national exports.
Jordan News
15-03-2025
- Business
- Jordan News
Al-Bakkar: We Are Working to Provide the Necessary Workforce for the Continuity of Production in Industrial Facilities
Minister of Labor Khaled Al-Bakkar confirmed that the ministry's priorities include regulating the labor market through collaboration with the private sector across its various industries. During a meeting with the Chairmen and members of the boards of the Jordan and Amman Chambers of Industry on Thursday, a number of demands from the industrial sector were discussed. اضافة اعلان Al-Bakkar emphasized during the meeting that the ministry's priority is to create job opportunities for Jordanians. However, in line with the ministry's commitment to forming a true partnership with the private sector, it is working to strike a balance between ensuring the sustainability of industrial operations and meeting the need for foreign workers, after studying the requirements of each sector in relation to the commitment to employing Jordanians in these sectors. He pointed out that the ministry understands the importance of the industrial sector in supporting the national economy and providing employment opportunities for Jordanians, and is keen to provide skilled and specialized labor necessary for the continuity of production operations. For his part, the Chairman of the Jordan and Amman Chambers of Industry, Engineer Fathi Al-Jaghbeer, appreciated the Minister of Labor's responsiveness to the chambers' requests regarding the provision of foreign workers for certain sectors. He also commended his dedication to addressing industrial issues related to the ministry's work, emphasizing that the industrial sector gives priority to employing the local workforce. During the meeting, it was agreed to organize job fairs in industrial areas such as Sahab, Al-Muwaqqar, Al-Qastal, and Marka, aimed at networking between factories with available job opportunities and job seekers from those areas.
Jordan News
11-03-2025
- Business
- Jordan News
Jordan's Exports to the Arab Region Rise - Jordan News
Jordan's Exports to the Arab Region Rise Jordan's national exports to the Arab Free Trade Area saw significant growth in the past year, increasing by 15.9% (488 million dinars) to reach 3.564 billion dinars, compared to 3.076 billion dinars in 2023. اضافة اعلان Exports to the Arab Free Trade Area accounted for 42% of Jordan's total exports last year, up from 37% in 2023. Meanwhile, the Kingdom's imports from Arab countries increased by 8.2%, reaching 5.078 billion dinars, compared to 4.693 billion dinars in 2023. Key Drivers of Export Growth The President of the Jordan and Amman Chambers of Industry, Engineer Fathi Al-Jaghbir, stated that the increase in national exports to Arab countries was driven by rising demand in these markets for Jordanian products, which are known for their high competitiveness and quality. He highlighted that Jordan's efforts to expand exports to key neighboring markets, particularly Iraq and Saudi Arabia, played a crucial role in promoting Jordanian products across the Arab world. Exports to Iraq grew by 42.5%, reaching 905 million dinars, while exports to Saudi Arabia increased by 14.3%, totaling 1.1 billion dinars. Sectoral Growth in Exports According to Al-Jaghbir, the key sectors that witnessed export growth included: Engineering industries (cables and wires) Construction materials (building units and prefabricated structures) Food industries (processed foods, tea, and tobacco) Chemical industries, packaging, plastics, and furniture Among the top exported products were fertilizers and cleaning products, while petroleum products, plastics, pearls, and jewelry were among the leading imports to Jordan. Strategic Steps to Enhance Exports Al-Jaghbir emphasized the need for strategic measures to further boost Jordanian exports, including: Enhancing Arab economic integration by fully implementing the Arab Free Trade Agreement, eliminating trade barriers, and simplifying export procedures. Reducing production costs, particularly by supplying industrial zones with natural gas to lower energy expenses and increase competitiveness. Expanding export opportunities by targeting underutilized markets, with potential exports exceeding $2 billion to countries such as: Saudi Arabia: $650 million UAE: $270 million Kuwait: $136 million Qatar: $135 million Egypt: $120 million Call for Stronger Arab Trade Cooperation Al-Jaghbir stressed the urgent need for stronger Arab trade cooperation, noting that intra-Arab trade accounts for only 12% of the region's total foreign trade. He urged Arab countries to: Remove trade restrictions Facilitate labor movement and investments Improve logistics and commercial shipping Jordan's Economic Stability and Export Potential Assistant Secretary-General of the Union of Arab Businessmen, Tareq Hijazi, highlighted that Jordan's free trade agreements and geopolitical stability position it as a gateway for trade and investment in the region. He pointed out that increasing demand for Jordanian products in Arab markets is driven by: Economic growth in some Arab countries Recovery from past economic crises High-quality Jordanian products that meet regional standards Key Recommendations for Sustainable Export Growth Economic expert Dr. Adli Qandah outlined several strategies to sustain Jordan's export growth: Diversify export products by expanding into technology and high-value services Improve quality standards to build consumer trust Upgrade logistics infrastructure (ports, roads, storage facilities) Encourage foreign investment in export-driven industries Leverage e-commerce and digital marketing to access new markets Reduce production costs through government support for energy prices and easier access to financing Enhance customs efficiency to streamline trade with Arab partners Conclusion With the right policies and investments, Jordan has the potential to achieve sustained export growth, strengthen its position in Arab markets, and contribute to broader regional economic integration. (Petra News Agency)
