Jordan - Market OverviewJordan - Market Overview
Top reasons to do business in Jordan:
- Jordan is strategically positioned to serve as a platform for firms supplying regional markets.
- U.S. - Jordan Free Trade Agreement (FTA) is fully implemented, enabling duty-free exports of U.S. products.
- Major infrastructure projects are in development, including: the Aqaba Port expansion, desalination and water supply investments, as well wind and solar projects
- Jordan’s political stability and security create a comparative advantage within the region.
- Excellent bilateral relations are favorable for U.S. business development.
- Reliance upon imports offers opportunities for U.S. exporters
- U.S. products, technology, and brands are well-regarded.
- Jordan is ideally situated for U.S. firms to access reconstruction efforts in Iraq and Syria as they materialize.
- Jordan is centrally located in the Middle East, strategically positioned to serve as a platform for U.S. firms supplying regional markets, such as Iraq.
Jordan is the first Arab country to have signed a FTA with the United States, a reflection of the openness of the Jordanian economy and the level of market access available to U.S. companies. The U.S.-Jordan FTA, which was fully implemented in 2010, creates significant advantages for U.S. exporters. U.S. suppliers are now able to sell products at more attractive prices, as nearly all tariff barriers on goods traded between the United States and Jordan have been eliminated. Following the entry into force of the FTA, bilateral trade surged ten-fold over the past 14 years. The Hashemite Kingdom of Jordan is also one of only two Arab countries to have concluded a peace agreement with Israel.
With a semi-arid climate and historic sites such as the Dead Sea, Petra, and Wadi Rum, Jordan remains a prominent tourist destination in the Middle East. The development of Jordan’s port city of Aqaba holds significant promise for tourism-related infrastructure projects, including hotel construction and management, as well as other commercial opportunities. The port expansion project and relocation of the main port to south of the city center also affords opportunities in infrastructure development.
Jordan is a haven of stability for business interests and continues to serve as a commercial hub in the region. Jordan has strong, cooperative relations with its neighbors and the international business community.
Nevertheless, the economy is heavily reliant upon imports. Jordan’s leading imports include: mineral fuels and crude oil, industrial machinery, transportation equipment including automobiles, food and agricultural products, textiles, manufactured goods such as rubber products, paper and cardboard, yarns, chemicals, clothing and footwear. In 2016, Jordan sourced its imports as follows: Saudi Arabia (15 percent), China (13 percent), and the United States (6 percent). In 2017, U.S. goods exports to Jordan exceeded $2.0B nearly equaling the all-time high of $2.1B (2014).
Market Overview: Web Resources
Jordan Vision 2025:
Jordan Economic Growth Plan 2018-2022