Jordan, Egypt to boost ties, joint investment

(MENAFN - Jordan Times) Jordan and Egypt will hold an investment forum during the first quarter of next year to provide a larger pool of information on investment opportunities available in the two countries.

The decision was made during the meetings of the Joint Jordanian-Egyptian Higher Committee, which commenced on Sunday and were co-chaired by Prime Minister Nader Dahabi and his Egyptian counterpart, Ahmad Nazif, according to the Jordan News Agency, Petra.

Jordan and Egypt are scheduled to sign several agreements and memoranda of understanding today as well as minutes of the two-day meetings. The agreements will cover several areas, including trade, agriculture, energy, education, scientific research, media and tourism.

In his address, Nazif was quoted as underlining the great strides made in investment cooperation between the two countries over the past few years. At the end of September, Jordanian investments in Egypt totaled around $303.5 million, he indicated.

These are distributed among 986 companies operating in the fields of industry, services, agriculture, construction, information technology and telecommunications as well as finance, he added.

Nazif also said Egyptian investments in Jordan totaled more than $800 million at the end of August 2008, distributed among several industrial, agricultural, transport, water, gas and oil distribution companies.

Dahabi said around $300 million of Egyptian investments have so far benefited from the Investment Promotion Law. Foremost of these is the Jordanian-Egyptian Al Fajr for Gas Transmission and Distribution Company, he said.

Highlighting the importance of the joint panel meetings, Dahabi said the 2008 meetings helped expand commercial exchange between the Kingdom and Egypt as the two sides eliminated impediments that hindered the flow of goods between them.

As a result, the volume of trade exchange reached $828 million in 2008 and $634 million during the first three quarters of this year, the premier said, adding that the two sides have a joint responsibility to maintain and improve these figures.

The premier said the committee has greatly contributed to enhancing and developing economic and commercial agreements between the two countries, underlining the two nations' joint commitment to holding these meetings regularly.

Last year, Jordan and Egypt signed several agreements and executive programs to boost cooperation between them in various areas.

Yesterday, the two sides underlined the need to adopt a follow-up mechanism for Jordanian-Egyptian agreements.

They agreed to draw up a timetable for the implementation of bilateral agreements and ensure the execution of each decision or recommendation issued by the higher committee. Accordingly, the two sides will be able to set dates of the sub-committees' meetings.

They also highlighted the need to finalize setting up the Jordanian-Egyptian Customs Federation to lead towards the establishment of the planned Arab Customs Union.