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Global Thought Leaders Breakfast
September 21, 2018 @ 8:00 am - 9:30 am$25 – $35
Global Thought Leaders Breakfast
Featuring US Embassy Specialist Ala’ Qaqish
Friday September 21st, 2018
8 – 9:30 am
At The Vine OC – 5151 California Ava, Suite 100, Irvine CA
Cost: $25 for WITOC members, $35 for general public
Learn About Market Opportunities in Jordan
Jordan is strategically positioned at the crossroads of the Middle East-North Africa (MENA) region, centrally located between Europe, Asia, and Africa.
The U.S.-Jordan Free Trade Agreement (FTA), which came into full effect in 2010, continues to create advantages for U.S. exporters, who are able to sell high-quality products at more attractive prices, as tariff barriers on the majority of goods traded between the United States and Jordan have been eliminated. Because of the FTA, bilateral trade has surged ten-fold over the past 14 years.
Jordan’s economy is extremely dependent on imports. The largest exporters to Jordan include: the European Union (20 percent of total imports), Saudi Arabia (20 percent), China (11 percent), and the United States (6 percent).
The following sectors offer the best opportunities for U.S. firms in the Jordanian market:
- Energy/Power, including Renewable Energy:
- The government has authorized a National Energy Strategy FY 2007 – 2020. Under this strategy, renewable energy is major priority.
- The market is open for solar cells and panels, wind turbines and blades, generators, support structures, storage batteries and energy software management
- Healthcare, including Medical Devices, Medical Tourism:
- 10% of Jordan’s GDP goes toward healthcare.
- Jordan’s rate of healthcare expenditures is the 3rd highest in the region.
- The number of new hospitals, both private and public, is expected to grow, as is the demand for medical equipment and pharmaceuticals for the following reasons: equipment will be needed for newly constructed hospitals and for clinics and hospitals that are being renovated; it is expected that there will be a shift from older conventional methods to modern treatment methods; and health insurance coverage is expanding.
- Information Communication Technology (ICT):
- Jordan’s ICT sector remains a success story amidst regional economic downturns, employing 1 percent of the population, but contributing 12 percent to GDP
- The total value of imports of IT equipment in recent years was estimated at USD 261 million. U.S. products account for nearly 12 percent of the IT equipment imports.
- The relocation of the Port of Aqaba will require an upgrade and relocation of the coastal telecommunications station in Aqaba. This project is considered a significant opportunity for U.S. companies seeking to increase their ICT share in the Jordanian market.
- Data segment, broadband, cyber security, Arabic content, mobility and cloud, new media, data mining, and data backup are other areas with opportunities for investmen
- Safety & Security:
- The market is more than USD 60 million, of which U.S. companies hold a 15-20 percent market share.
- The local market demand is driven by the commercial sector and is currently focusing on the following segments:
- Safety and Property Security Systems
- Bank Fraud / Electronic Security
- Public Safety
- In terms of government opportunities, projects include the areas of border security, traffic control, forensic laboratories and emergency and disaster command centers.
- Environmental Technologies/Water:
- The water scarcity in Jordan continuously triggers demand for water conservation technology and management at all levels of use.
- The Millennium Challenge Corporation (MCC), a U.S. Government entity helping to improve Jordan’s water security and environment, invested USD 275 million, as part of the “MCC-Jordan Compact”
- The government has also launched a water use plan spanning 2013 – 2020, aimed at improving the water sector to levels that will help realize the Kingdom’s vision to make it almost infallible by 2020.