(MENAFN- Jordan Times) AMMAN – The American Chamber of Commerce in Jordan (AmCham-Jordan) hosted an online seminar titled “Opportunities in the Service Industry in Jordan†with the participation of global decision makers in the service sector, trade, investment and innovations.
Hamid Mamdouh, Senior Legal Adviser, King & Spalding, LLP and former Director of the Trade in Services and Investment Division of the World Trade Organization; Luis Rubalcaba, professor of economics, University of Alcalá; and Roberto Echandi, global investment policy manager of the Investment Climate Unit of the World Bank Group’s Global Trade and Competitiveness Practice, attended the seminar, according to a statement from AmCham-Jordan.
The webinar highlighted the important economic role of the service sector for Jordan, which contributes over 60 percent of GDP and over 70 percent of employment.
The discussion also highlighted the need for targeted reforms and support programs to strengthen specific sectors such as IT, health and tourism.
Speakers agreed that Jordan’s service sector holds “the most promise†for new jobs, especially for young people and women.
For Jordan to take advantage of these gains, more pro-environmental reform and investment-opening firms are needed, as more than 50 percent of trade in services takes the form of foreign direct investment.
Session participants from major Jordanian companies, the region and the United States, stressed the importance of private sector-led reforms that are designed through open dialogue and partnership with the government. , according to the press release.
The session also touched on the services chapter of the US-Jordan Free Trade Agreement, which can help maximize the benefits of free trade.
Further changes are needed to remove barriers that hinder the growth of trade in services so critical to the Jordanian economy, participants said.
The seminar was moderated by Mohammed Bataineh, President of AmCham-Jordan.
This is the sixth event in a series of activities and programs supported by the USIAD Best Practices for Economic Growth in the Middle East project, held throughout 2021 to mark the 20th anniversary of the free trade between Jordan and the United States.
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