Ammon News - AMMONNEWS - Under the umbrella of the Jordan Investment Commission, 51 Jordanian companies are expected to take part in the Baghdad International Fair in November, in cooperation with the Jordan Chamber of Industry (JCI), chamber President Fathi Jaghbir said on Sunday.

The JCI is aiming to boost the benefits gained from agreements signed between Jordan and Iraq, especially those signed during Prime Minister Omar Razzaz’ recent visit to Baghdad.

Jaghbir said that this is accomplished through regular visits to the Iraqi market and exploring new opportunities as well as making connections.

“Iraq is one of the vital traditional markets that Jordan relies on to increase exports,” Jaghbir told The Jordan Times, noting that the quality and variation of Jordan’s products meet the demands of the Iraqi markets.

“At the fair, we aim to promote local products and increase their numbers in the Iraqi market as well as keep in touch with Iraqi traders and businesspeople for continuous cooperation in commerce,” Jaghbir said.

In light of a new law that enables Iraqi trucks to enter the Kingdom empty and load products directly from factories, as well as the Iraqi Cabinet’s decision to exempt 344 Jordanian products from customs fees, the JCI president expects an increase in national exports to Iraq.

“Production costs in other countries in the region are 30 per cent less than in Jordan,” Jaghbir said, pointing out that these high costs are the biggest challenge facing the national industry, taking a toll on competition inside and outside the Kingdom.

The government needs to take quick action to reduce these costs, especially in regards to energy bills, which constitute over 40 per cent of the production costs in some sectors, Jaghbir said.

He also said that the government should treat countries that hinder the entry of national products into their markets in the same manner.

Jordan’s exports to the Iraqi market increased by 3.74 per cent during the first two months of this year, Spokesperson for the Ministry of Industry, Trade and Supply Yanal Barmawi said in May.

In January alone, national exports to Iraq grew by 9.5 per cent, Barmawi said at the time.

He added that the overall national exports to the Iraqi market amounted to JD59 million in the January-February period, compared with JD56.86 million in the same period of 2018.

*Live Trading News