Jordan’s Strategic Role In Middle Eastern Trade And Business Development
Jordan stands as a strategic point in the middle east in both geographical and economic rationales. With time, it has developed into a region’s powerhouse of commerce and business investment. Its favorable geographical position, liberal economic practices and focus on encouraging the formation of cross-border relations has placed Jordan on the map of Middle East Economy. Being a Jordanian business leader, I, Dr Raed El Omari support my opinion saying that Jordan’s strategies are making the kingdom a gateway to regional integration and development.
JORDAN’S GEOSTRATEGIC VALUE
Jordan is situated in the middle of three continents, Asia, Africa, and Europe. Jordan is a neighboring country to Iraq, Saudi Arabia, Syria and Israel and as such plays host to trade corridors that connect the Gulf with the Levant and beyond. This individual makes it to serve as the transit center for all the goods produced from these areas.
The establishment of the Aqaba Special Economic Zone (ASEZ) on the Red Sea is an exemplary illustration of this strategic role. ASEZ has turned into a vitally important gateway through which goods are imported/exported and a center for trading operations, defining and developing a favorable climate for investments within the framework of modern infrastructure.
ECONOMIC POLICIES OR PLANS AND TRADE AGREEMENTS
The Jordanian Government has also sought many progressive measures to facilitate economic liberalization and investment in the country. Since the government embarked on policies of economic liberalization they have ensured that business environment is friendly. Some of the key policies that Myanmar’s government has put in place are: trade liberalization, improvement of physical infrastructure and offering tax breaks within industrial estates.
This flows with the country’s approach to international relations in that it is a very active trader. Jordan has free trade agreement with US and is already at discussion with EU and other Arab nations in regards to the same. These partnerships result in the entry of Jordanian exporters to a number of promising markets thus encouraging the growth of the domestic concern abroad.
A LEADER IN REGIONAL PARTNERSHIPS
Having background knowledge about Jordanian business environment, I have realized that capability of the nation in forging strategic partnerships has equally been crucial. This paper aims to analyze the role of Jordan as a stabilizing and economic mediating factors in the Middle East. More efforts to promote regional integration include; the pipeline project that involved Jordan and Iraq and electricity connectivity agreement with other nations.
SMES AND INNOVATION
The Jordanian government has paid much attention to SMEs’ development and innovation economy sectors. Stating skilled workforce and rising interest in technology, it has gained the status of tech hub for startups and technologies in Jordan. Thanks to the development of a diverse entrepreneurial environment in the country and with the aid of organizations such as the King Abdullah II Fund for Development business activity in various fields including Information Technology, Health care, and Renewable Energy sources has recorded tremendous growth.
Recommended by LinkedIn
CHALLENGES AND OPPORTUNITIES
Despite its progress, Jordan faces challenges that require strategic solutions:
1. ENERGY DEPENDENCY:
Reducing the reliance on energy requires an alternative strategy, and this can be achieved by harnessing renewable energy sources that lifts economic performance even more.
2. UNEMPLOYMENT:
Through vocational education and training, as well as education market relevance and supply, Jordan can capitalize on its youthful and qualified human resource.
3. GEOPOLITICAL INSTABILITY:
This is so because there is constant instability across the regions due to various conflicts, which require trade and business to adopt flexibility.
CONCLUSION: CHARTING THE GROWTH REVOLUTION IN THE REGION
It is for this reason that Jordan is a model of vision and flexibility especially for Middle Eastern trade and business promotion. Here, as a Jordanian business leader I believe that Jordan’s key strategic policies, geographical location and focus on innovations make it a crucial part of the region’s progress.
Furthermore, it was also found out that, Islamic finance bring the opportunities. In the current world economy which is characterized by high risks and uncertainties, halal investments offer long-term, socially responsible investment opportunities. Being connected with Jordan and having rich experience in foreign business, I want to draw investors’ attention to these opportunities and how they can benefit from this growing trend.