PM Modi proposes to double India-Jordan trade to USD 5 bn in next 5 years

Amman: Prime Minister Narendra Modi on Tuesday sought to double India-Jordan bilateral trade to USD 5 billion over the next five years, as he invited Jordanian companies to take advantage of the country's high economic growth and reap handsome returns.

Modi arrived in Jordan's capital, Amman, on Monday for a two-day visit at the invitation of King Abdullah II. Jordan is the first leg of the Prime Minister's four-day, three-nation tour, which will also take him to Ethiopia and Oman.

On Tuesday, Prime Minister Modi and King Abdullah II addressed the India-Jordan Business Forum here. It was also attended by Crown Prince Hussein and Jordan's Minister of Trade and Industry and Minister of Investment.

The two leaders acknowledged the importance of increasing business-to-business ties between the two countries, and called upon the industry captains from both sides to convert the potential and opportunities into growth and prosperity.

King Abdullah II noted that Jordan’s free trade agreements and India’s economic power could be combined to create an economic corridor between South Asia and West Asia and beyond.

Addressing the gathering, Modi said India's success as the fastest-growing major economy, which is on course to become the third-largest economy in the world, offers immense business opportunities for its partners in Jordan and across the globe.

"The relationship between India and Jordan is one where historical trust and future economic opportunities come together," he noted.

Modi invited Jordanian companies to partner with India and reap the benefits of its 1.4 billion consumer market, strong manufacturing base, and stable, transparent, and predictable policy environment.

Referring to the over 8 per cent growth of the Indian economy, he said India's high GDP numbers are due to productivity-driven governance and innovation-led growth policies.

Noting that India is Jordan’s third-largest trading partner, the Prime Minister said that in the universe of business, numbers matter.

The Prime Minister further said that he was not here merely to count on numbers, but to build long-term, trusted partnerships that extend beyond statistics.

Jordan and India share a vibrant contemporary partnership, built on the strong edifice of their close civilisational ties, Modi added.

He also proposed doubling bilateral trade with Jordan to USD 5 billion over the next five years.

Modi highlighted opportunities for India-Jordan business collaboration in the fields of digital public infrastructure, IT, fintech, health-tech and agri-tech and invited start-ups from both nations to join hands in these areas.

Talking about India's strength in the pharma and medical devices sectors and Jordan’s geographical advantage, he said the two nations can complement each other and make Jordan a reliable hub for West Asia and Africa in these fields.

He also underlined business opportunities for the two sides in the areas of agriculture, cold chain, food parks, fertilisers, infrastructure, automobile, green mobility and heritage and cultural tourism.

Speaking about India's green initiatives, the Prime Minister suggested greater India-Jordan business collaboration in the fields of renewable energy, green financing, desalination and water recycling.

Business leaders from both countries in the fields of infrastructure, health, pharma, fertiliser, agriculture, renewable energy, textile, logistics, automobile, energy, defence, and manufacturing participated in the forum.

The delegation also comprised representatives of Ficci and the Jordan Chamber of Commerce, who have an existing MoU to promote trade and economic cooperation between the two countries.