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Jordan

Jordan  is the 27th largest economy (by GDP) among the 57 OIC (Organization of Islamic Cooperation) member countries. It ranks 9th on the Global Islamic Economy Development Indicator, which evaluates quality of the overall Islamic economy ecosystem a country has relative to its size.  

Among the Islamic economy pillars, Jordan is most competitive in Travel (#5), Pharma/cosmetics (#5) and Halal food (#7.)  

It is a major global tourism destination with its numerous Islamic heritage destinations attracting a high number of travellers.  Jordan's pharma sector is globally competitive; Hikma Pharmaceuticals, for example, is now a major multinational pharmaceutical listed on the London Stock Exchange. 

Jordan is an Upper Middle Income World Bank designated country.  Its main sectors include pharmaceuticals, phosphate mining, fertilizers, and tourism.   The economy is under tremendous pressure from the refugee influx from the Syria and Iraq political crisis.

This has also disrupted its trade routes and lowered tourism inflows. King ABDALLAH, during the first decade of the 2000s, implemented significant economic reforms, such as opening up foreign trade and privatizing state-owned companies that attracted foreign investment and contributed to average annual economic growth of 8% for 2004 through 2008. The global economic slowdown and regional turmoil since, however, reduced the average annual growth rate to 2.6% for the 2010-2013 period and hurt export-oriented sectors, construction, and tourism.

Jordan's finances have been strained by a series of natural gas pipeline attacks in Egypt, causing Jordan to substitute more expensive diesel imports, primarily from Saudi Arabia, to generate electricity. To diversify its energy mix, Jordan is currently exploring nuclear power generation, exploitation of abundant oil shale reserves and renewable technologies, as well as the import of Israeli offshore gas.

In August 2012, to correct budgetary and balance of payments imbalances, Jordan entered into a $2.1 billion, three year International Monetary Fund Stand-By Arrangement. In 2014, fiscal reform measures enacted in the previous few years continued to boost government revenues and reduced the budget deficit even as an influx of over 620,000 Syrian refugees since 2011 put additional pressure on expenditures. (Source: Central Intelligence Agency)

GIEI Ranking9
Halal Ranking8th in Global Muslim Travel Index (GMTI 2015)/ Crescentrating
Major Industries

 

MAJOR EXPORTSMAJOR IMPORTS

Clothing

Fertilizers

Potash

Phosphates

Vegetables

Pharmaceuticals

Crude Oil

Refined Petroleum Products

Machinery

Transport Equipment

Iron

Cereals

 Source: Central Intelligence Agency

 

 

 

Halal-related agencies Intro

Royal Scientific Society, Jordan Standards and Metrology Organization, Scientific Food Center

Halal compliance guidelines Intro

Jordan ranks 2nd in meat exports to OIC countries (Source: Global Islamic Economy Report 2014-2015)

Halal-related trade and trading

Jordan ranks very high both in the Halal Food, Travel and Pharmaceutical and Cosmetics sectors. Considering the size of Jordan’s economy and population, it is a very important exporter of food, pharmaceutical and cosmetic products to OIC countries. Jordan ranks very high in those sectors because tourism is a major contributor to its employment. (Source: State of the Global Economy Report 2014/2015)

Investment and Export Promotion Agencies Intro

Jordan has realized that an effective legislative framework enhances the private sector and encourages business through strong incentives for entrepreneurial initiatives. King Abdullah has increased investment as a national goal in order to attract foreign and domestic investors to establish sustainable economic development through the Investment Promotion Foundation in 1995, and he had implemented other practical steps intended to enhance the investment environment. Jordan has opened its economy, liberalized trade, and initiated an ambitious privatization program in the quest to integrate Jordan into the global economy.

Investment and Export Promotion Agencies Names Jordan Investment Commission
Trade Agreement

WTO, Jordan has FTA's with the United States, Canada, Singapore, Malaysia, the European Union, Tunisia, Algeria, Libya, Turkey[10] and Syria. More FTA's are planned with Iraq, the Palestinian Authority, the GCC, Lebanon, and Pakistan. Jordan is a member of the Greater Arab Free Trade Agreement, the Euro-Mediterranean free trade area, the Agadir Agreement, and also enjoys advanced status with the EU

Company ownership limits
(foreign and local)

Jordan is expanding its privatization program and invites investors across many sectors.